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Prepare the journal entry to record withdrawal of partner

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Reference no: EM132526150

On Jan 6, 2018 Bells plans to leave the XYZ partnership. Her capital balance is $88,000. The remaining partners Flannigan and Rue agree to pay her $96,000 cash. The partners sharing ratio is Bells 1: Flannigan 2: Rue 3 (1:2:3)

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Question 1: Prepare the journal entry to record the withdrawal of the partner.

Reference no: EM132526150

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