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Prepare general journal entries to record the november

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Problem 1: Derek, Mariana and Katherine are partners of Carpet Master, a carpet cleaning company with capital balances as follows: Derek, $244,800, Mariana, $81,600; and Katherine, $163,200. The partners share profit/(losses) in a 3:2:3 ratio. Katherine decides to withdraw from the partnership. Prepare general journal entries to record the November 30 withdrawal of Katherine from the partnership under each of the following unrelated assumptions:

a. Katherine sells her interest to Muhammad for $86,840 after Derek and Mariana approve the entry of Muhammad as a partner.
b. Katherine is paid $163,200 in partnership cash for her equity.
c. Katherine is paid $206,400 in partnership cash for her equity.
d. Katherine is paid $141,000 in partnership cash for her equity.

Reference no: EM132697791

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