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Komok [63]
3 years ago
9

Able, Baker, and Carter have partnership capital account balances of $600000 each. Income and losses are shared equally. Carter

agrees to sell three-fourths of his ownership interest to Able for $525000 and one-fourth to Baker for $187500. Able and Baker will use personal assets to purchase Carter’s interest. The partnership's entry to record Carter’s withdrawal from the partnership would be
Business
1 answer:
poizon [28]3 years ago
4 0

Answer and Explanation:

The Journal entry is shown below:-

Carter's Capital Dr $600,000

                 To Able's Capital $450,000    (3 ÷ 4 × $600,000)

                To Baker's Capital $150,000

(Being Carter’s withdrawal from the partnership is recorded)

For recording this we debited the carter capital as it shows the withdrawn amount and credited the able capital and baker capital so that the total withdrawn collected from these partners could come

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