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AlexFokin [52]
3 years ago
13

Mary, Ann, and Beth are partners. Their capital balances​ are, ​; ​; and ​, respectively. As per the partnership​ agreement, Mar

y receives a profit share of​ 2/9; Ann has​ 4/9; and Beth has​ 3/9. Beth withdraws from the partnership by receiving . What will be the impact of this transaction on the journal​ entries?
Business
1 answer:
77julia77 [94]3 years ago
5 0

Complete Question:

Mary, Ann, and Beth are partners. Their capital balances are $23,000, $41,000 and $30,000 respectively As per the partnership agreement Mary receives a profit share of 2/9, Ann has 4/9, and Beth has 39 Beth withdraws from the partnership by receiving $23.000 What will be the impact of this transaction on the journal entries?

A. Cash will be debited for $30,000

B. Mary. Capital will be debited for S 7,000

C. Ann, capital will be credited for $7,000

D. Beth, Capital will be debited for $30,000

Answer:

D. Beth, Capital will be debited for $30,000

Explanation:

The entry would be reduction in capital by $30,000 because his investment is sold for $23,000 and the remainder $7,000 would be profit for two remaining partners and would be shared with their respective ownership.

The entry is as under:

Dr Beth Capital Account $30,000

Cr               Mary Capital A/c              $2,333            (1/3) of $7,000

Cr               Ann Capital A/c                $4,667            (1/3) of $7,000

Cr              Cash Account                    $23,000

Hence the option D is correct here.

Option A is incorrect because cash wasn't debited with.

Option B is incorrect because Mary capital wasn't debited, it was credited.

Option C is also incorrect because Ann's capital was credited but with (2/3) share.

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