Question
22. X is anxious to leave the XYZ Partnership. At this time her capital account is $52,000. The remaining partners, Y and Z, agree to
22. X is anxious to leave the XYZ Partnership. At this time her capital account is $52,000. The remaining partners, Y and Z, agree to pay X $60,000 in cash. Prepare the journal entry to record the withdrawal. Assume the partners have no agreement for sharing profits and losses.
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Accounting The Basis For Business Decisions
Authors: Robert F. Meigs, Jan R. Williams, Susan F Haka, Mark S. Bettner
International 11th Edition
007115809X, 978-0071158091
