Question: Smith, Brown andEaston(S, B & E) are partners with capital balances of $5 000, $4 000 and $2 000 respectively and S, B &E share

Smith, Brown andEaston(S, B & E) are partners with capital balances of $5 000, $4 000 and $2 000 respectively and S, B &E share profits and losses50 per cent, 25 per cent and 25 per cent respectively.

BeforeEastonswithdrawal the assets are revalued downwards by $100. The journal entry to account for the downward revaluation would include:

a.debit Brown, capital $33.33

b.credit cash $100

c.debit Easton, capital $25.00

d. credit Smith, capital $50.00

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