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Journalize the withdrawal of sally

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Question - On January 31, Sally retires from the partnership of Sally, Bill, and Trent. The partner capital balances are Sally, $ 32000; Bill $ 53000; and Trent, $ 23000. The? profit-and-loss-sharing ratio has been? 5:3:2 for Sally, Bill, and Trent, respectively.

Required -

1. Journalize the withdrawal of Sally assuming she receives $ 50000 cash.

2. Journalize the withdrawal of Sally assuming she receives $ 10000 cash.

Reference no: EM133100461

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