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Partner A Partner B Partner C Capital Balances $50,000 $60,000 $70,000 Profit and Loss Percent 60% 30% 10% Percent interest in Capital 33.3% 33.3% 33.3%
| Partner A | Partner B | Partner C |
Capital Balances | $50,000 | $60,000 | $70,000 |
Profit and Loss Percent | 60% | 30% | 10% |
Percent interest in Capital |
33.3% |
33.3% |
33.3% |
Assume A is selling her interest to remaining partners for $56,000. The correct entry would:
- Debit all partners' capital accounts
- Credit all partners' capital account
- Debit Partners A capital for $56,000 and credit remaining partners' capital
- Debit Partner A capital for $50,000
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