Meir zarcus and ross are partners and share income and loss

Reference no: EM13602996

Meir, Zarcus, and Ross are partners and share income and loss in a 1:4:5 ratio. The partnership's capital balances are as follows: Meir, $43,000; Zarcus, $179,000; and Ross, $228,000. Zarcus decides to withdraw from the partnership, and the partners agree to not have the assets revalued upon Zarcus's retirement.

Requirement 1:

Prepare journal entries to record Zarcus's February 1 withdrawal from the partnership under each of the following separate assAumptions (Round your answers to the nearest dollar amount. Omit the "tiny_mce_markerquot; sign in your response.):

(a) Zarcus sells her interest to Garcia for $160,000 after Meir and Ross approve the entry of Garcia as a partner

(b) Zarcus gives her interest to a son-in-law, Fields, and thereafter Meir and Ross accept Fields as a partner

Reference no: EM13602996

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