Capital balances and profit- and loss-sharing ratios for the Nix, Man, and Per partnership on December 31, 2011, just before the retirement of Nix, are as follows:
Nix capital (30%) | $128,000 |
Man capital (30%) | $140,000 |
Per capital (40%) | $160,000 |
On January 2, 2012, Nix is paid $170,000 cash on his retirement.
REQUIRED : Prepare the journal entry or entries to record Nix’s retirement assuming that goodwill, as implied by the payment to Nix, is recorded on the partnership books.
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.