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Prepare journal entries to record zarcus february withdrawal

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Question - 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, $33,000; Zarcus, $139,000; and Ross, $178,000. Zarcus decides to withdraw from the partnership, and the partners agree to not have the assets revalued upon Zarcus's retirement.

Requirement: Prepare journal entries to record Zarcus's February 1 withdrawal from the partnership under each of the following separate assumptions

(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

(c) Zarcus is paid $139,000 in partnership cash for her equity

(d) Zarcus is paid $177,000 in partnership cash for her equity

(e) Zarcus is paid $12,000 in partnership cash plus equipment recorded on the partnership books at $32,000 less its accumulated depreciation of $11,600

Reference no: EM131817944

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