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Prepare journal entry on january to record ron withdrawal

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On January 5, 2023, Ron decides to leave the partnership. At the time of the withdrawal, each partner had the following balances in their capital accounts:

Ron, Capital - $80,000

Hermione, Capital - $200,000

Harry, Capital - $165,000

Ron agrees to accept $100,000 cash from the partnership upon his departure. According to the partnership agreement, any bonuses to the remaining partners should be divided 50:50.

Required:

Problem 1. Prepare the journal entry on January 5, 2023 to record Ron's withdrawal from the partnership.

Reference no: EM132968733

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