X,Y,and Z are partners who share profits and losses in a ratio of 1:2:3,respectively.Z's Capital account has a $60,000 balance.X and Y have agreed to let Z take $78,000 of the company's cash when he retires.Prepare an entry in journal form without explanation to record Z's exit,including the recognition of a bonus to Z

Question

X,Y,and Z are partners who share profits and losses in a ratio of 1:2:3,respectively.Z's Capital account has a $60,000 balance.X and Y have agreed to let Z take $78,000 of the company's cash when he retires.Prepare an entry in journal form without explanation to record Z's exit,including the recognition of a bonus to Z
X,Y,and Z are partners who share profits and losses in a ratio of 1:2:3,respectively.Z's Capital account has a $60,000 balance.X and Y have agreed to let Z take $78,000 of the company's cash when he retires.Prepare an entry in journal form without explanation to record Z's exit,including the recognition of a bonus to Z

Quizplus · Accepted Answer

The Answer of X,Y,and Z are partners who share profits and losses in a ratio of 1:2:3,respectively.Z's Capital account has a $60,000 balance.X and Y have agreed to let Z take $78,000 of the company's cash when he retires.Prepare an entry in journal form without explanation to record Z's exit,including the recognition of a bonus to Z

X,Y,and Z Are Partners Who Share Profits and Losses in a Ratio