On December 31, the capital balances and profit and loss ratios in VKD Company are as follows:

Instructions
Journalize the withdrawal of Dixon under each of the following independent assumptions:
(a) Khan agrees to purchase Dixon's ownership interest for $45,000 cash.
(b) Dixon is paid $47,500 from partnership assets.
(c) Dixon is paid $29,500 from partnership assets.
TAKING IT FURTHER
Assume that, instead of any of the above options, Dixon withdraws from the partnership by selling her interest to S. Meyers. Do Vuong and Khan need to approve it? Why or why not?

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Capital Balance Profit and Loss Ratio 50% 30% 20% Partner B. Vuong G. Khan R. Dixon $72,000 50,000 35,000