Business, 07.04.2020 00:51 chelsie47

Meir, Benson and Lau are partners and share income and loss in a 3:2:5 ratio. The partnership's capital balances are as follows: Meir, $168,000; Benson, $138,000; and Lau, $294,000. Benson decides to wothdraw 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 withdrawal from the partnership under the following separate assumptions.

(a) Benson sells her interest to North for $160,000 after North is approved as a partner;
(b) Benson gives her interest to a son-in-law, Schmidt, and Schmidt is approved as a partner;
(c) Benson is paid $138,000 in partnership cash for her equity;
(d) Benson is paid $214,000 in partnership cash for her equity; and
(e) Benson is paid $30,000 in partnership cash plus equipment recorded on the parnership books at $70,000 less its accumulated depreciation of $23,000.

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Meir, Benson and Lau are partners and share income and loss in a 3:2:5 ratio. The partnership's capi...

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