ountin X file:///C:/Users/Estudiante/Documents/Fundamental%20Accounting%20Principles%20Version%2022.pdf Chapter 12 Accounting for Partnerships 525 Part 1. Meir, Benson, and Lau are partners and share income and loss in a 3:2:5 ratio. The partnership's Problem 12-4A capital balances are as follows: Meir, $168,000; Benson, $138,000; and Lau, $294,000. Benson decides Partner withdrawal and to withdraw from the partnership, and the partners agree not to have the assets revalued upon Benson's retirement. Prepare journal entries to record Benson's February 1 withdrawal from the partnership under admission P3 each of the following separate assumptions: Benson (a) sells her interest to North for $160,000 after Meir and Lau approve the entry of North as a partner; (b) gives her interest to a son-in-law, Schmidt, and there- after Meir and Lau accept Schmidt as a partner; (c) is paid $138,000 in partnership cash for her equity; (d) is paid $214,000 in partnership cash for her equity; and (e) is paid $30,000 in partnership cash plus equipment recorded on the partnership books at $70,000 less its accumulated depreciation of $23,200. Check (1e) Cr. Lau, Part 2. Assume that Benson does not retire from the partnership described in part 1. Instead, Rhode is Capital, $38,250 admitted to the partnership on February 1 with a 25% equity. Prepare journal entries to record Rhode's (2c) Cr. Benson, entry into the partnership under each of the following separate assumptions: Rhode invests (a) $200,000; Capital, $9,300 (b) $145,000; and (c) $262,000. Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have decided to liquidate Problem 12-5A their partnership. On the day of liquidation their balance sheet appears as follows. Liquidation of a partnership KENDRA, COGLEY, AND MEI P4 Balance Sheet May 31 Assets Liabilities and Equity Cash $180,800 Accounts payable $245,500 Inventory . ..... . . . 537.200 Kendra, Capital 93,000 Copley. Capital 212,500