Simonsen,Paulson and Richardson Are Partners in a Firm with the Following

Simonsen,Paulson and Richardson are partners in a firm with the following capital account balances:
$$\begin{array} { | l | l | } \hline \text { Simonsen } & \$ 50,000 \\\hline \text { Paulson } & 150,000 \\\hline \text { Richardson } &80,000 \\\hline\end{array}$$
The profit-and-loss-sharing ratio among Simonsen,Paulson and Richardson is 1:3:2,in the order given.Paulson is retiring from the partnership on 31 December 2017.Paulson's capital account is settled at book value.Journalise the cash payment to Paulson upon retirement.

A) $$\begin{array} { | c | l | l | } \hline \text { Paulson, capital } & \$ 150,000 & \\\hline \text { Cash } & & 90,000 \\\hline \text { Simonsen, capital } & & 20,000 \\\hline \begin{array} { c } \text { Richardson, } \\\text { capital }\end{array} & & 40,000 \\\hline\end{array}$$
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