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Journalize sandys withdrawal from the partnership

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Reference no: EM13527485

Accounting for withdrawal of a partner

On March 31, Sandy retires from the partnership of Sandy, Bob, and Tim. The partner capital balances are Sandy, $39,000; Bob, $47,000; and Tim, $18,000. The partners have the assets revalued to current market values. The appraiser reports that the value of the inventory should be decreased by $7,000, and the land should be increased by $27,000. The profit-and-loss ratio has been 5:3:2 for Sandy, Bob, and Tim, respectively. In retiring from the firm, Sandy receives $55,000 cash.

Requirements

1. Journalize the asset revaluations.

2. Journalize Sandy's withdrawal from the partnership.

Reference no: EM13527485

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