Question
On December 31, 2021, capital balances of the partners in Manitoba Maple are R. Neepawa $45,150; S. Altona $33,200; and T. Morden $24,910. The partners
On December 31, 2021, capital balances of the partners in Manitoba Maple are R. Neepawa $45,150; S. Altona $33,200; and T. Morden $24,910. The partners share profit in a 5:3:2 ratio, respectively. Morden decides that she is going to leave the partnership. Journalize the withdrawal of Morden assuming:
Neepawa and Altona both pay Morden $17,405 from their personal assets to each receive 50% of Morden's equity. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) |
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
Dec. 31 | select an account title to record withdrawal of partner on December 31 R. Neepawa, CapitalT. Morden, CapitalCashT. Morden, DrawingsS. Altona, Capital | enter a debit amount | enter a credit amount |
select an account title to record withdrawal of partner on December 31 CashT. Morden, CapitalS. Altona, CapitalR. Neepawa, CapitalT. Morden, Drawings | enter a debit amount | enter a credit amount | |
select an account title to record withdrawal of partner on December 31 S. Altona, CapitalCashR. Neepawa, CapitalT. Morden, CapitalT. Morden, Drawings | enter a debit amount | enter a credit amount | |
(To record withdrawal of partner.) |
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