On December 31, 2020 the capital balances and profit/loss ratios in the GBC Partnership are as follows:

Partner Capital Balance Profit/Loss Ratio

L. Greguric $80,000 50%

M. Belfry 40,000 30%

M. Coome 30,000 20%

Instructions:

Prepare the journal entries to record the withdrawal of Coome under each of the following independent assumptions:

a) Each of the remaining partners agrees to pay $17,000 in cash from personal funds to purchase Coomes partnership equity. Each receives 50% of Coomes equity. (3 marks)

b) Coome is paid $38,000 from partnership assets. (2 marks)

c) Coome is paid $26,000 from partnership assets. (2 marks)

b) Debit Credit Date Accounts I b) Accounts Debit Date Credit Page 5 c Date Accounts Debit Credit CALCULATIONS