A partnership known in the market as xyz' partnership is a private farm made up of three partners; x,y and z, with the capital balances of $60,000, $100,000 and $40,000 respectively. The business main activity is the sale of livestock both poultry and cattle to prospective suppliers. During the last monthly meeting among partners, x informed the remaining partners that he will be leaving the business. Assuming that the partners share profits and losses in the ratio of 3:1:1: a) Prepare journal entries to Record the withdrawal of x assuming that partners y and z will each take half of x's share in the business and in return they will each be paying x an amount of $35,000 cash. b) Prepare T-accounts to record the capital accounts of all partners based on your answers in 'a' above. c) Prepare journal entries to record the withdrawal of x, given that x will leave the partnership and in return will be awarded a sum of $55,000 cash and a patent valued at $25,000 from the partnership. d) Prepare T-accounts to record the capital of all partners based on your answers in 'c'above. e) Prepare journal entries to record the withdrawal of x, given that x leaves the company and is awarded $50,000 cash from the partnership. f) Prepare T-accounts to record the capital of all partners based on your answers in'e' above. g) After x leaves the partnership, a new partner David is admitted into the partnership, after much debate it was agreed that David will pay partner y a total of $50,000 cash in return for half of his interest in the partnership, partner z refused to give David any part of his capital. Prepare journal entries to record the admission of David into the partnership based on your answers in 'f above. h) Prepare T-accounts to record the capital of all partners based on your answers in gabove. A partnership known in the market as xyz' partnership is a private farm made up of three partners; x,y and z, with the capital balances of $60,000, $100,000 and $40,000 respectively. The business main activity is the sale of livestock both poultry and cattle to prospective suppliers. During the last monthly meeting among partners, x informed the remaining partners that he will be leaving the business. Assuming that the partners share profits and losses in the ratio of 3:1:1: a) Prepare journal entries to Record the withdrawal of x assuming that partners y and z will each take half of x's share in the business and in return they will each be paying x an amount of $35,000 cash. b) Prepare T-accounts to record the capital accounts of all partners based on your answers in 'a' above. c) Prepare journal entries to record the withdrawal of x, given that x will leave the partnership and in return will be awarded a sum of $55,000 cash and a patent valued at $25,000 from the partnership. d) Prepare T-accounts to record the capital of all partners based on your answers in 'c'above. e) Prepare journal entries to record the withdrawal of x, given that x leaves the company and is awarded $50,000 cash from the partnership. f) Prepare T-accounts to record the capital of all partners based on your answers in'e' above. g) After x leaves the partnership, a new partner David is admitted into the partnership, after much debate it was agreed that David will pay partner y a total of $50,000 cash in return for half of his interest in the partnership, partner z refused to give David any part of his capital. Prepare journal entries to record the admission of David into the partnership based on your answers in 'f above. h) Prepare T-accounts to record the capital of all partners based on your answers in gabove
