Anne,Barb,and Cathy are partners who share profits and losses in a ratio of 3:1:2,respectively.Cathy's Capital account has a $100,000 balance.Anne and Barb have agreed to let Cathy take $124,000 of the company's cash when she retires.Prepare an entry in journal form without explanation to record Cathy's exit,including the recognition of a bonus to Cathy.

Question

Anne,Barb,and Cathy are partners who share profits and losses in a ratio of 3:1:2,respectively.Cathy's Capital account has a $100,000 balance.Anne and Barb have agreed to let Cathy take $124,000 of the company's cash when she retires.Prepare an entry in journal form without explanation to record Cathy's exit,including the recognition of a bonus to Cathy.
Anne,Barb,and Cathy are partners who share profits and losses in a ratio of 3:1:2,respectively.Cathy's Capital account has a $100,000 balance.Anne and Barb have agreed to let Cathy take $124,000 of the company's cash when she retires.Prepare an entry in journal form without explanation to record Cathy's exit,including the recognition of a bonus to Cathy.

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The Answer of Anne,Barb,and Cathy are partners who share profits and losses in a ratio of 3:1:2,respectively.Cathy's Capital account has a $100,000 balance.Anne and Barb have agreed to let Cathy take $124,000 of the company's cash when she retires.Prepare an entry in journal form without explanation to record Cathy's exit,including the recognition of a bonus to Cathy.

Anne,Barb,and Cathy Are Partners Who Share Profits and Losses in a Ratio