Question: Need help with part 2, please! Thank you! Chapter 12 Accounting for Partnerships d Lau are partners and share income and loss in a 3:2:5
Chapter 12 Accounting for Partnerships d Lau are partners and share income and loss in a 3:2:5 ratio. The partner- ship's capital balances are as follows: Meir, $168.000; Benson, $138,000; and Lau, $294,000. Benson decides to withdraw from the partnership, and the partners agree not to have the assets revalued upon Benson's retirement. Prepare journal entries to record Benson's February 1 with nership under each of the following separate assumptions: Benson (a) sells her interest to North for $160,000 after Meir and Lau approve the entry of North as a partner; (b) gives her interest to a son in-law, Schmidt, and thereafter Meir and Lau accept Schmidt as a partner; (c) is paid $138,000 in partnership cash for her equity; (d) is paid $214,000 in partnership cash for her equity; and (e) is paid drawal from the part- a$30,000 in partnership cash plus equipment recorded on the partnership books at $70,000 less its tal, accumulated depreciation of $23,200. Part 2. Assume that Benson does not retire from the partnership descri admitted to the partnership on February 1 bed in part 1. Instead, Rhode is with a 25% equity. Prepare journal entries to record Rhode's artnership under each of the following separate assumptions: Rhode invests (a) $200,000; (b) $145,000; and (c) $262,000. Kendra, Cogley, and Mei share income and loss in a l 2.1
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