Razul and Amy decided to start a partnership called SA Consulting on January 1, 2020. Each of them contributed a number of items to the partnership, which are listed below. All tangible assets are listed at their market value.

Razul			Amy
Cash	$55,600		Cash		$75,800
Equipment	188,600		Furniture		88,700
Bank Loan	93,000		Accounts Payable		44,000

On March 1, Razul and Amy added a new partner to the business, Sheila. Sheila will contribute $84,000 and receive a 31% share of the business. Use the capital balances from January 1 to determine any bonuses. Assume the existing partners will split any bonus evenly.

During the year, Razul and Amy withdrew $23,800 and $19,200 respectively and the business reported a net income of $472,000. Their partnership agreement provided for sharing of net income (loss) on the following basis:

1. Salary of $68,500 is allocated to Razul, $53,000 to Amy, and $21,600 to Sheila.
2. Interest is allocated at 8% of each partner's opening capital balance.
3. Remainder is shared where Razul gets 36%, Amy gets 30%, and Sheila gets 34%.

Using the information above :

d) Prepare the journal entry to record the partner withdrawals of cash.						3 Marks	0
Date	Account Title and Explanation					Debit	Credit