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Partners April,Melissa,and Valerie Share Profits and Losses in a 3:1:2

Question 109

Multiple Choice

Partners April,Melissa,and Valerie share profits and losses in a 3:1:2 ratio,respectively.Melissa wishes to leave the partnership,so the assets are revalued and are found to be overvalued by $60,000.If each partner had a capital balance of $100,000 prior to Melissa's notification of withdrawal,the entry to record the Melissa's withdrawal is:


A) Partners April,Melissa,and Valerie share profits and losses in a 3:1:2 ratio,respectively.Melissa wishes to leave the partnership,so the assets are revalued and are found to be overvalued by $60,000.If each partner had a capital balance of $100,000 prior to Melissa's notification of withdrawal,the entry to record the Melissa's withdrawal is: A) B) C) D)
B) Partners April,Melissa,and Valerie share profits and losses in a 3:1:2 ratio,respectively.Melissa wishes to leave the partnership,so the assets are revalued and are found to be overvalued by $60,000.If each partner had a capital balance of $100,000 prior to Melissa's notification of withdrawal,the entry to record the Melissa's withdrawal is: A) B) C) D)
C) Partners April,Melissa,and Valerie share profits and losses in a 3:1:2 ratio,respectively.Melissa wishes to leave the partnership,so the assets are revalued and are found to be overvalued by $60,000.If each partner had a capital balance of $100,000 prior to Melissa's notification of withdrawal,the entry to record the Melissa's withdrawal is: A) B) C) D)
D) Partners April,Melissa,and Valerie share profits and losses in a 3:1:2 ratio,respectively.Melissa wishes to leave the partnership,so the assets are revalued and are found to be overvalued by $60,000.If each partner had a capital balance of $100,000 prior to Melissa's notification of withdrawal,the entry to record the Melissa's withdrawal is: A) B) C) D)

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