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worty [1.4K]
3 years ago
12

Lopez, Cruz, and Perez are partners and share net income and loss in a 7:3:1 ratio (in ratio form: Lopez, 7/11; Cruz, 3/11; and

Perez, 1/11). On December 31, Perez withdraws from the partnership when the equities of the partners are: Lopez, $3,100; Cruz, $1,900; and Perez, $1,300. Prepare journal entries to record Perez’s withdrawal under each separate situation: Perez is paid for her equity using partnership cash of (1) $1,300; (2) $1,750; and (3) $750.
Business
1 answer:
Debora [2.8K]3 years ago
3 0

Answer:

31 Dec

Dr Perez capital 1300

Cr Cash 1300

31 Dec

Dr Perez Capital 1300

Dr Lopez Capital 315

Dr Cruz Capital 135

Cr Cash 1750

31 Dec

Dr Perez Capital 1300

Dr Lopez Capital 385

Dr Cruz Capital 165

Cr Cash 750

Explanation:

31 Dec

Dr Perez capital 1300

Cr Cash 1300

31 Dec

Dr Perez Capital 1300

Dr Lopez Capital (1750-1300/10×7)315

Dr Cruz Capital (1750-1300/10×3) 135

Cr Cash 1750

31 Dec

Dr Perez Capital 1300

Dr Lopez Capital (1300-750/10×7)385

Dr Cruz Capital (1300-750/10×3) 165

Cr Cash 750

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