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Exercise #4 (20 pts) Tony, Milu and Pallvi are partners in TMP Partnership. Income ratio is respectively 4:3:2 Their Respective Begining Capital balances are 40,000$

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Exercise #4 (20 pts) Tony, Milu and Pallvi are partners in TMP Partnership. Income ratio is respectively 4:3:2 Their Respective Begining Capital balances are 40,000$ , 36,000 $ and 30,000 $. Pallvi decides to retire from the partnership receiving 34,000$ from the partnership. Question A: Journalize the withdrawal of Pallvi from the Partnership. 10pts Question B: What are the new Capital balances for the remaining partners? 5pts Question C. What is the new Total equity? 5 pts

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