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Prepare the journal entries required

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Question - M. Szyslak, B. Gumble and C. Wiggum open a day care centre together. The partners share profits and losses equally and their Capital account balances are as follows: Szyslak $15 000; Gumble $20 000 and Wiggum $25 000.

Prepare the journal entries required under each of the following scenarios:

a) Szyslak leaves the partnership and receives $14 000 in cash from the partnership.

b) Szyslak leaves the partnership and receives $16 500 in cash from the partnership.

c) Szyslak receives $8 000 from Gumbel and $8 000 from Wiggum. The payments are made in cash from personal funds.

Reference no: EM132973270

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