Bale, Heller, and Winrow share income and losses in a ratio of 3:2:5, respectively. The capital account balances of the partners are as follows:
Instructions
Prepare the journal entry on the books of the partnership to record the withdrawal of Winrow under the following independent circumstances:
1. The partners agree that Winrow should be paid $280,000 by the partnership for his interest.
2. The partners agree that Winrow should be paid $180,000 by the partnership for his interest.
3. Bale agrees to pay Winrow $180,000 for one-half of his capital interest and Heller agrees to pay Winrow $180,000 for one-half of his capital interest in a personal transaction among the partners.

Question

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The Answer of Bale, Heller, and Winrow share income and losses in a ratio of 3:2:5, respectively. The capital account balances of the partners are as follows:
Instructions
Prepare the journal entry on the books of the partnership to record the withdrawal of Winrow under the following independent circumstances:
1. The partners agree that Winrow should be paid $280,000 by the partnership for his interest.
2. The partners agree that Winrow should be paid $180,000 by the partnership for his interest.
3. Bale agrees to pay Winrow $180,000 for one-half of his capital interest and Heller agrees to pay Winrow $180,000 for one-half of his capital interest in a personal transaction among the partners.

Bale, Heller, and Winrow Share Income and Losses in a Ratio