Reference no: EM132796102
Mark ,Johnny and Lucas are existing partners with capital balances as of January 1, 2020:
Mark 100,000
Johnny 150,000
Lucas 200,000
Problem 1: They share profits and losses on the ratio of 5:3:2, respectively. On September 1, 2020, Mark withdraw from the partnership. Partners agreed that at the time of withdrawal, assets should be revalued to a net increase of $20,000. The partnership net income for eight months is $140,000. Partners agreed to pay Mark for $195,000 for this interest and remaining partners' capital accounts. Immediately after Mark's withdrawal, what are the capital balances of Johnny and Lucas, respectively?
Option a. 192,000 ; 228,000
Option b. 198,000 ; 232,000
Option c. 191,000 ; 226,000
Option d. 150,000 ; 200,000
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