Question: Data pertaining to Pelmar Co. are presented in BE12.9. Instead of payment from personal assets, assume that Fernetti receives 24,000 from partnership assets in withdrawing

Data pertaining to Pelmar Co. are presented in BE12.9. Instead of payment from personal assets, assume that Fernetti receives €24,000 from partnership assets in withdrawing from the firm. Journalize the withdrawal of Fernetti.

BE12.9

Capital balances in Pelmar Co. are Lango $40,000, Oslo $30,000, and Fernetti $20,000. Lango and Oslo each agree to pay Fernetti $12,000 from their personal assets. Lango and Oslo each receive 50% of Fernetti’s equity. The partners share income equally. Journalize the withdrawal of Fernetti.

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