Problem

On December 31, 2011, the total partnership capital (assets less liabilities) for the Bir,...

On December 31, 2011, the total partnership capital (assets less liabilities) for the Bir, Cag, and Den partnership is $186,000. Selected information related to the pre-closing capital balances follows:

 

Bir Capital

Cag Capital

Den Capital

Total Capital

Balance January

1 $60,000

$45,000

$70,000

$175,000

Investments 2011

 

10,000

10,000

20,000

Withdrawals 2011

(15,000)

 

(15,000)

(30,000)

Drawings 2011

(5,000)

(5,000)

(5,000)

(15,000)

 

$40,000

$50,000

$60,000

$150,000

REQUIRED: Prepare a statement of partnership capital for the Bir, Cag, and Den partnership at year-end

2011, assuming that no specific profit- or loss-sharing agreement exists.

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Solutions For Problems in Chapter 16