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Brislin, Humphreys, and Watkins share income and losses in a ratio of 3:2:5, respectively. The capital account balances of the partners are as follows: Instructions
Brislin, Humphreys, and Watkins share income and losses in a ratio of 3:2:5, respectively. The capital account balances of the partners are as follows: Instructions Prepare the journal entry on the books of the partnership to record the withdrawal of Watkins under the following independent circumstances: (Include explanation for each journal entry) The partners agree that Watkins should be paid $280,000 by the partnership for his interest. The partners agree that Watkins should be paid $220,000 by the partnership for his interest. Brislin agrees to pay Watkins $180,000 for one-half of his capital interest and Heller agrees to pay Watkins $180,000 for one-half of his capital interest in a personal transaction among the partners
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