Question
Simonset, Paulson, and Richardson are partners in a firm with following capital account balances: Simonsen-$50,000, Paulson- $160,000, Richardson-$100,000. The profit-and-loss-sharing ratio is 1:3:2, in the
Simonset, Paulson, and Richardson are partners in a firm with following capital account balances: Simonsen-$50,000, Paulson- $160,000, Richardson-$100,000. The profit-and-loss-sharing ratio is 1:3:2, in the order given. Paulson is retiring from the partnership on December 31, 2013. Paulson's capital account is settled at book value. Journalize the cash payment to Paulson up retirement.
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Total Quality Auditing
Authors: Amanda Jo Erven
1st Edition
1733784306, 978-1733784306
