Q4-assign 1

Q4 (25 marks) Jan 2, Year 1 Abert, Bill, Charlie formed a partnership by signing an agreement that stated that all profits would be shared 2:3:5 ratio and by making the following investments: Dec 31, Year 1 The partnership reported net income of $53,500 for the year. June 7, Year 2 Albert and Charlie agreed that Bill could sell his share of the partnership to Doug for $75,000. The new partners agreed to keep the same profitsharing arrangement ( 2:3:5 for Albert, Doug, Charlie) Dec 31, Year 2 The partnership reported a loss of $67,000 for the year. Jan 3, Year 3 The partnership agreed to liquidate the partnership. On this date the balance sheet showed the following items with all accounts having their normal balances: Albert and Doug both have personal assets, but Charlie does not. Required Journalize all the transactions for the partnership