Reference no: EM132721139
Question - Cavalier Accountants is a partnership with three partners. On February 28, 2018, the three partners, L. James, K. Irving, and K. Love, have capital balances of $85,000, $72,000, and $43,000 respectively. The profit and loss ratio is 4:3:1. On March 1, 2018, Irving withdraws from the partnership and they agree to pay him $90,000 cash from the partnership assets.
After Irving leaves, James and Love agree to a 4:2 profit ratio. During the year ended February 28, 2019, the partnership earns a profit of $24,000. Neither James nor Love makes any withdrawals because the partnership is short of cash after paying Irving. On March 1, 2019, James and Love agree to admit J. Cole to the partnership with a 45% interest for $75,000 cash. After Cole is admitted, the new profit ratio will be 4:2:5 for James, Love, and Cole, respectively.
Why would the remaining partners agree to pay a bonus to a partner who is withdrawing from the partnership? Explain two possible scenarios in detail.
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