Ace, Bell, and Cole have partnership capital account balances of $ 90,000 each. Profit and losses are shared on a basis of 3:2:1 for Ace, Bell, and Cole, respectively. Cole agrees to sell three-fourths of his ownership interest to Ace for $ 55,000 and one-fourth to Bell for $ 20,000. Ace and Bell will use personal assets to purchase Cole's interest. The partnership's entry to record Cole's withdrawal from the partnership would be

Question

Quizplus · Accepted Answer

The Answer of Ace, Bell, and Cole have partnership capital account balances of $ 90,000 each. Profit and losses are shared on a basis of 3:2:1 for Ace, Bell, and Cole, respectively. Cole agrees to sell three-fourths of his ownership interest to Ace for $ 55,000 and one-fourth to Bell for $ 20,000. Ace and Bell will use personal assets to purchase Cole's interest. The partnership's entry to record Cole's withdrawal from the partnership would be

Ace, Bell, and Cole Have Partnership Capital Account Balances of