Jolly is a partner in the HoHoHo Partnership. The articles of partnership states that Jolly's share of partnership income include 10% of his weighted average capital. he may withdraw $12,000 before withdrawals are offset against his capital balance. His capital activity is as follows: What is the weighted average balance of Jolly's capital account?

Question

Jolly is a partner in the HoHoHo Partnership. The articles of partnership states that Jolly's share of partnership income include 10% of his weighted average capital. he may withdraw $12,000 before withdrawals are offset against his capital balance. His capital activity is as follows:  What is the weighted average balance of Jolly's capital account?

Quizplus · Accepted Answer

11eb11de_92b0_94fc_ad38_37128b2013c5_TB2014_00 Note that the withdrawals are not included in the calculation until they exceed $12,000, and then, only to the extent they exceed $12,000.

Jolly Is a Partner in the HoHoHo Partnership