Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 06 Aug 2017 My Price 4.00

Tyler, Eddy, & Carter

Tyler, Eddy, & Carter are partners with capital balances of $90,000, $225,000 and $145,000, respectively. Profits and losses are shared in a 5:2:3 ratio. Eddy decided to withdraw and the partnership revalued its assets. The value of inventory was decreased by $20,000 and the value of land was increased by $45,000. Tyler and Carter then agreed to pay Eddy $21,000 for his withdrawl from the partnership.

 

Prepare the journal entry to record Eddy’s withdrawl under the

a) bonus method

b) full goodwill method

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Aug 2017 12:08 PM My Price 4.00

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