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Question - accounting for withdrawal of a partner

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Question - Accounting for withdrawal of a partner

Jaden, Sophia, and Clement each have a $350,000 capital balance. They share profits and losses as follows: 1:1:2 to Jaden, Sophia, and Clement, respectively. Suppose Clement is withdrawing from the business.

Requirements -

1. Journalize the withdrawal of Clement if the partnership agrees to pay Clement $350,000 cash.

2. Journalize the withdrawal of Clement if the partnership agrees to pay Clement $200,000 cash.

Reference no: EM132625579

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