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Meir, Zarcus, and Ross are partners and share income and loss in a 1:4:5 ratio. The partnership's capital balances are as follows: Meir, $43,000; Zarcus, $179,000; and Ross, $228,000. Zarcus decides to withdraw from the partnership, and the partners agree to not have the assets revalued upon Zarcus's retirement.

If Zarcus is paid $215,000 in partnership cash for her equity, how much will be debited to Meirs Capital account and Ross's capital account in the general journal?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9973792

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