Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. edward, brian, and anthony have partnership capita

Edward, Brian, and Anthony have partnership capital account balances of $97000 each. Profit and losses...

70.2K

Verified Solution

Question

Accounting

image
Edward, Brian, and Anthony have partnership capital account balances of $97000 each. Profit and losses are shared on a basis of 3:2:1 for Edward, Brian, and Anthony respectively. Anthony agrees to sell three-fourths of his ownership interest to Edward for $58000 and one-fourth to Brian for $18000. Edward and Brian will use personal assets to purchase Anthony's interest. The partnership's entry to record Anthony's withdrawal from the partnership would be Anthony, Capital Edward, Capital Brian Capital Anthony, Capital Edward, Capital Brian Capital 97000 72750 24250 76000 58000 18000 Anthony, Capital 76000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students