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Determine the capital balance of shrek after the retirement

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Reference no: EM132768916

Problem 1: The partners' capital (income-sharing ratio in parenthesis) of Fiona, Shrek, Donkey and Puss on May 31, 2014, was as follows: Fiona (20%), 60,000; Shrek (20%), 80,000; Donkey (20%), 70,000; Puss (40%), 40,000. On May 31, 2014, with the consent of Fiona, Shrek and Puss, Donkey retired from the partnership and was paid 50,000 cash in full settlement of his interest in the partnership. Determine the capital balance of Shrek after the retirement of Donkey assuming the bonus approach.

Reference no: EM132768916

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