Barrett and Pickering run a market stall together as a partnership. On 30 November 2016, Barrett withdrew
Question:
Barrett and Pickering run a market stall together as a partnership. On 30 November 2016, Barrett withdrew $12 000 cash. Pickering withdrew $8000 on 20 December 2016. On 31 March 2017 Pickering withdrew $15 000 of her capital investment in cash to meet unexpected medical expenses for her son.
Required
Prepare the journal entries for the above transactions for the year ended 30 June 2017 using both method 1 and method 2.
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Barrett Pickering Method 1 Variable capital balances Method 2 Fixed capital ba...View the full answer
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Related Book For 
Accounting
ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett
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