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Question - On December 31, a partnership has total partnership capital as follows:

Partner #1, capital                           100,000

Partner #2, capital                           150,000

Partner #3, capital                           200,000

Total partnership capital               450,000

The partners allocate income and losses 20% to partner #1, 30% to partner #2 and 50% to partner #3. On December 31, Partner #3 retires from the partnership and is paid $225,000 in PARTNERSHIP cash to settle his interest in the partnership. Please help prepare the necessary journal entries on the books of the partnership on December 31.  journal entries on the books of the partnership on December 31.

Accounting Basics, Accounting

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