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the profit-sharing percentages of partners jones, jackson, and jolly are 40%, 40%, and 20%, respectively. their captial account balances are 40,000, 30,000, and 20,000 respectively.
the profit-sharing percentages of partners jones, jackson, and jolly are 40%, 40%, and 20%, respectively. their captial account balances are 40,000, 30,000, and 20,000 respectively. jones withdraws from the partnership and received 36,000 from the partnership in settlement of his withdrawal. as a result of this transaction: the capital account of jackson is credited for 2668, the capital account of jackson is debited for 1000, the capital account of jackson is credited for 1000, the capital account of jackson is not affected
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