Nazarov, Osin and Panarin are partners with capital accounts of $300,000, $180,000 and $210,000 respectively. Income is shared in a 4:3:3 ratio. Osin resigns from the partnership and receives $201,000 in partnership cash. All partnership net assets are currently reported at fair value.
Required
Record Osin's resignation on the partnership books, using:
a. The bonus method
b. The partial goodwill approach
c. The total goodwill approach

Question

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The Answer of Nazarov, Osin and Panarin are partners with capital accounts of $300,000, $180,000 and $210,000 respectively. Income is shared in a 4:3:3 ratio. Osin resigns from the partnership and receives $201,000 in partnership cash. All partnership net assets are currently reported at fair value.
Required
Record Osin's resignation on the partnership books, using:
a. The bonus method
b. The partial goodwill approach
c. The total goodwill approach

Nazarov, Osin and Panarin Are Partners with Capital Accounts of $300,000