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Edward, Brian, and Anthony have partnership capital account balances of $97000 each. Profit and losses are shared on a basis of 3:2:1 for Edward, Brian,
Edward, Brian, and Anthony have partnership capital account balances of $97000 each. Profit and losses are shared on a basis of 3:2:1 for Edward, Brian, and Anthony respectively. Anthony agrees to sell three-fourths of his ownership interest to Edward for $58000 and one-fourth to Brian for $18000. Edward and Brian will use personal assets to purchase Anthony's interest. The partnership's entry to record Anthony's withdrawal from the partnership would be Anthony, Capital Edward, Capital Brian Capital Anthony, Capital Edward, Capital Brian Capital 97000 72750 24250 76000 58000 18000 Anthony, Capital 76000
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