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Part B Kenya, Libya and Malta are partners who share profit and loss in...

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Accounting

Part B
Kenya, Libya and Malta are partners who share profit and loss in a 2:3:4 ratio. At the end of 2023, their capital balances were Kenya $140,000, Libya $180,000 and Malta $230,000, respectively. Kenya decided to withdraw from the partnership and all partners agreed the partnership would pay $200,000 cash to Kenya for settlement of his capital balance. Required:Prepare journal entry to record Kenya's withdrawal. Show detailed calculation processes where necessary. (Explanation is not necessary.)
Part C
Mr. Tokelau has been running his own business as sole proprietorship for many years. Because of his talents in business, his best friend, Mariana, wants to form a partnership with him. He is anxious and seeks your advice on what characteristics of a partnership business he should pay attention to.Please briefly discuss three main characteristics of a partnership
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