Fernetti equity. partnership assets in withdrawing from firm

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Reference no: EM131251015

Capital balances in pelmar co are lango 40,000,oslo 30,000 and fernetti 20,000. lango and oslo each agree to pay fernetti 12,000 from their personal assets . Lango and oslo each received 50% of fernetti equity. the partners share income equally journalize the withdrawal of fernetti. data pertaining to pelmar co. are presented .instead of payment from personal assets assume that fernetti receives 24,000 from partnership assets in withdrawing from the firm. journalize the withdrawal of fernetti .

Reference no: EM131251015

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