Reference no: EM133188868
Question - Withdrawal of a Partner - The following information is available for the CCG Partnership at December 31, 2021.
A. Chase, Capital $70,000
N. Gilbert, Capital 45,000
R. Godfrey, Capital 20,000
A. Chase, Drawings 50,000
N. Gilbert, Drawings 28,000
R. Godfrey, Drawings 35,000
Income Summary Shared equally among partners 180,000
Godfrey wishes to withdraw from the partnership January 1, 2022.
1. Prepare the Statement of Partners' Equity as of December 31, 2021
2. Prepare the January 1, 2022 entry to record Godfrey's withdrawal under each of the following INDEPENDENT circumstances.
1. Chase and Gilbert each pay Godfrey $10,000 out of their personal accounts and each receives half of Godfrey's equity.
2. Godfrey is paid $40,000 out of partnership cash.
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