Journal entries to record Benson's withdrawal in below assumptions:
Debit Credit
(a) Benson sells her interest to North for $ 1,60,000
Benson's Capital Account $1,19,000
Cash Account $ 41,000
North's Capital Account $1,60,000
(b) Benson gives her interest to a Son-in-law Schmidt
Benson's Capital Account $1,19,000
Schmidt's Capital Account $1,19,000
(c) Benson is paid $1,19,000 in partnership cash for her equity
Benson's Capital Account $1,19,000
Cash Account $1,19,000
(d) Benson is paid in partnership cash $1,57,000 of her equity
Benson's Capital Account $1,19,000
Meir's Capital Account $6,333.33
Lau's Capital Account $31666.67
Cash Account $1,57,000
(e) Benson is paid $15,500 in cash and Equipments of $35,500 and accumulated depreciation of $11,600
Benson's Capital Account $1,19,000
Cash Account $15,500
Equipments ($35500- $11600 Accumulated Depreciation) $23,900
Meir's Capital Account $13,266.67
Lau's Capital Account $66,333.33
Required information Problem 12-5A Partner withdrawal and admission LO P3, P4 [The following information applies to...
Problem 12-5A Partner withdrawal and admission LO P3, P4 [The following information applies to the questions displayed below.] Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $28,000; Benson, $119,000; and Lau, $153,000. Benson decides to withdraw from the partnership. Problem 12-5A Part 1 1. Prepare the journal entry to record Benson's withdrawal under each independent assumptions....
Required information Problem 12-5A Partner withdrawal and admission LO P3, P4 [The following information applies to the questions displayed below.] Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $28,000; Benson, $119,000; and Lau, $153,000. Benson decides to withdraw from the partnership. Problem 12-5A Part 2 2. Assume that Benson does not retire from the partnership described...
Problem 12-5A Partner withdrawal and admission LO P3, P4 [The following information applies to the questions displayed below.] Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $28,000; Benson, $119,000; and Lau, $153,000. Benson decides to withdraw from the partnership. Problem 12-5A Part 2 2. Assume that Benson does not retire from the partnership described in Part...
Problem 12-5A Partner withdrawal and admission LO P3, P4 [The following information applies to the questions displayed below.] Meir, Benson, and Lau are partners and share income and loss in a 3:2:5 ratio (in percents: Meir, 30%; Benson, 20%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $88,000; Benson, $59,000; and Lau, $153,000. Benson decides to withdraw from the partnership. Problem 12-5A Part 1 1. Prepare the journal entry to record Benson's withdrawal under each independent assumptions....
Required information Problem 12-5A Partner withdrawal and admission LO P3, P4 [The following information applies to the questions displayed below.] Meir, Benson, and Lau are partners and share income and loss in a 2:3:5 ratio. The partnership's capital balances are as follows: Meir, $88,000; Benson, $134,000; and Lau, $228,000. Benson decides to withdraw from the partnership, and the partners agree not to have the assets revalued upon Benson's retirement. Problem 12-5A Part 1 Prepare the journal entry to record Benson's...
Required information Problem 12-5A Partner withdrawal and admission LO P3, P4 [The following information applies to the questions displayed below.] Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $28,000; Benson, $119,000; and Lau, $153,000. Benson decides to withdraw from the partnership. Problem 12-5A Part 2 2. Assume that Benson does not retire from the partnership described...
part 1 and 2 please Problem 12-5A Partner withdrawal and admission P3 P4 Part 1. Meir, Benson, and Lau are partners and share income and loss in a 3:2:5 ratio in percents: Meir. 30%; Benson, 20%; and Lau, 50%). The partnership's capital balances are as follows: Meir. $168.000; Benson. $138.000; and Lau, $294,000. Benson decides to withdraw from the partnership. Prepare journal entries to record Benson's February 1 withdrawal under each separate assumption: a. Benson sells her interest to North...
Please answer in this format please Required information Problem 12-5A Partner withdrawal and admission LO P3, P4 [The following information applies to the questions displayed below.] Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $33,000; Benson, $139,000; and Lau, $178,000. Benson decides to withdraw from the partnership. Problem 12-5A Part 2 2. Assume that Benson does...
Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $33,000; Benson, $139,000; and Lau, $178,000. Benson decides to withdraw from the partnership. 1. Prepare the journal entry to record Benson's withdrawal under each independent assumptions. (Do not round intermediate calculations.) (a) Benson sells her interest to North for $160,000 after North is approved as a partner; (b)...
1. Meir, Benson, and Lau are partners and share income and loss in a 2:3:5 ratio (in percents: Meir, 20%; Benson, 30%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $78,000; Benson, $119,000; and Lau, $203,000. Benson decides to withdraw from the partnership. 1. Prepare the journal entry to record Benson's withdrawal under each independent assumptions. (Do not round intermediate calculations.) (a) Benson sells her interest to North for $160,000 after North is approved as a partner;...