F. Yang withdraws from a partnership with five other partners. Yang agrees to take $10,000 cash in settlement of her capital balance of $8,000. The remaining $2,000 will be debited to the remaining partners' capital accounts.
What is a partnership meaning?
A partnership is a contract that requires two or more people to manage a business together and share earnings. Different types of partnership agreements exist. Particularly, in a partnership business, all partners share profits and liabilities equally, however in other circumstances, partners may have limited liability.
What happens if one partner wants to leave the partnership?
The partnership typically ends when one partner decides to depart. In the event of dissolution, the partners are required to finish off any unfinished operations, settle all debts, and divide any leftover assets and earnings among themselves.
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