A, B, and C are partners who share profits and losses in a ratio of 3:1:2, respectively. C's Capital account has a $50,000 balance. A and B have agreed to let C take $62,000 of the company's cash when she retires. Prepare an entry in journal form without explanation to record C's exit, including the recognition of a bonus to C.

Question

A, B, and C are partners who share profits and losses in a ratio of 3:1:2, respectively. C's Capital account has a $50,000 balance. A and B have agreed to let C take $62,000 of the company's cash when she retires. Prepare an entry in journal form without explanation to record C's exit, including the recognition of a bonus to C.
A, B, and C are partners who share profits and losses in a ratio of 3:1:2, respectively. C's Capital account has a $50,000 balance. A and B have agreed to let C take $62,000 of the company's cash when she retires. Prepare an entry in journal form without explanation to record C's exit, including the recognition of a bonus to C.

Quizplus · Accepted Answer

The Answer of A, B, and C are partners who share profits and losses in a ratio of 3:1:2, respectively. C's Capital account has a $50,000 balance. A and B have agreed to let C take $62,000 of the company's cash when she retires. Prepare an entry in journal form without explanation to record C's exit, including the recognition of a bonus to C.

A, B, and C Are Partners Who Share Profits and Losses