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After allocating net income and closing the partners? drawing accounts,

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After allocating net income and closing the partners? drawing accounts, assume the partners? capital accounts have credit balances as follows: Adams $20,000, Bell $30,000, and Cooley $45,000. Partners share profits and losses as follows: Adams 20%, Bell 30%, and Cooley 50%. If Cooley retires and withdraws $40,000 in settlement of her equity and settlements are allocated according to capital interests, the amount entered in Adam?s capital account would be a

 

Paper#27718 | Written in 18-Jul-2015

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