On november 30capital balances are gast 120000cook 100000, Ask an Expert

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On November 30,capital balances are Gast $120,000,Cook $100,000 and Irving $100,000. The income ratios are 20%,20%and 60%respectively. Gast decides to retire from the partnership. The partnership pays Gst $100,000 cash for her partnership interest. After Gast's retirement ,what was is the balance of Irving's capital account ?

A) $88,000

B) $100,000

C) $112,000

D) $115,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M971927

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