need help with this question just can\'t get it in one picture shot Problem 12-5

Question

need help with this question just can't get it in one picture shot

Problem 12-5A On December 31, the capital balances and income ratios in TEP Company are as follows. Trayer Emig $55,000 37,500 30,500 50% 30% 20% ada lournalize the withdrawal of Posada under each of the followino assumptions. (Credit account titles are automa (1) Each of the continuing partners agrees to pay $19.200 in cash from personal funds to purchase Posada's own Emig agrees to purchase Posada's ownership interest for $24,400 cash (3) Posada is paid $33,700 from partnership assets, which indudes a bonus to the (4 Posada is paid $21.060 from partnership asset retiring partner i ts, and bonuses to th e remaining partriers are recognized.

Explanation / Answer

Answer: Journal entry:

1. Posada , capital A/C Dr. $30500

To Trayer capital A/C $15250

To Emig capital A/C $15250

2.

Posada , capital A/C Dr. $30500

To Emig capital A/C $30500

3. Posada , capital A/C Dr. $30500

Emig capital A/C Dr. $1200

Trayer capital A/C Dr. $2000

To cash A/C $33700

4.

Posada , capital A/C Dr. $30500

To Emig capital A/C $3540

To Trayer capital A/C $5900

To cash A/C $21060

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