Jimmy Johnny, and Joey are partners in the 33 Company sharing profits and losses equally...
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Jimmy Johnny, and Joey are partners in the 33 Company sharing profits and losses equally Joey has decided to leave the partnership After all accounts have been updated the capital balances of the parties are cuently $90,000, $120,000, and $70,000, respectively. Assume Jimmy and Johnny agree to continue with the same sharing-profit and loss ratio of equally Assume Joey takes $100,000 in cash. The entry to record his withdrawal from the partnership includes a j OA. debt to Johnny, Capital for $15,000 OB. debit to Joey, Capital for $100,000 OC. credit to Johnny. Capital for $15,000 OD. debit to Jimmy, Capital for $30.000
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