Reference no: EM132795273
Problem 1: Wright retire from his partnership with edwards and lee. The partners shares profit and losses in the ratio of 3:2:5. Wright's capital balance as 1,600,000 and he receives 1,850,000 in final settlement. What is the effect on the capital accounts of edwards and lee?
A. Edwards capital increases by 150,000
B. Edwards capital decreases by 250,000
C. Lee's capital decreases by 250,000
D. Edwards capital decreases by 150,000
Problem 2: Charles pays 1,500,000 to steven to acquire steven's 750,000 interest in a partnership. Which is the correct journal entry to record this transaction.
A. Dr Charles, Capital 750,000; Cr. Steven, Capital 750,000
B. Dr Steven, Capital 750,000; Cr Charles Capital 750,000
C. Dr steven, capital 2,250,000; Cr charles capital 2,250,000
D. Dr steven, capital 1,500,000; Cr charles capital 1,500,000
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