Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in...
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Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $36,000; Benson, $151,000; and Lau, $193,000. Benson decides to withdraw from the partnership. Problem 11-8A Part 1 1. Prepare journal entries to record Benson's February 1 withdrawal under each separate assumption: (Do not round intermediate calculations.) 1. Benson sells her interest to North for $160,000 after North is approved as a partner. 2. Benson gives her interest to a son-in-law, Schmidt, and Schmidt is approved as a partner. 3. Benson is paid $151,000 in partnership cash for her equity. 4. Benson is paid $189,000 in partnership cash for her equity. 5. Benson is paid $24,000 in partnership cash plus equipment that is recorded on the partnership books at $56,000 less accumulated depreciation of $17,920. Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $36,000; Benson, $151,000; and Lau, $193,000. Benson decides to withdraw from the partnership. Problem 11-8A Part 1 1. Prepare journal entries to record Benson's February 1 withdrawal under each separate assumption: (Do not round intermediate calculations.) 1. Benson sells her interest to North for $160,000 after North is approved as a partner. 2. Benson gives her interest to a son-in-law, Schmidt, and Schmidt is approved as a partner. 3. Benson is paid $151,000 in partnership cash for her equity. 4. Benson is paid $189,000 in partnership cash for her equity. 5. Benson is paid $24,000 in partnership cash plus equipment that is recorded on the partnership books at $56,000 less accumulated depreciation of $17,920.
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Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
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