Question
Batool plans to withdraw from BRF Partnership. The recorded balance of Batool's capital account is $60,000. The remaining partners, Reem and Arah, agreed to pay
Batool plans to withdraw from "BRF Partnership". The recorded balance of Batool's capital account is $60,000. The remaining partners, Reem and Arah, agreed to pay Batool cash of $58,000. The partners share income and loss equally.
Required
Prepare the journal entry to record the above withdrawal transaction.
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Survey of Accounting
Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi
3rd Edition
978-1259683794, 77490835, 1259683796, 9780077490836, 978-0078110856
