partnership

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, $33,000; Zarcus, $139,000; and Ross, $178,000. Zarcus decides to withdraw from the partnership, and the partners agree to not have the assets revalued upon Zarcus’s retirement. rev: 02-28-2011 1. value: 100 points Requirement 1: Prepare journal entries to record Zarcus’s February 1 withdrawal from the partnership under each of the following separate assumptions (Round your answers to the nearest dollar amount. Omit the “$” sign in your response.): (a) Date Zarcus sells her interest to Garcia for $160,000 after Meir and Ross approve the entry of Garcia as a partner General Journal Debit Credit Feb. 1 (b) Date Zarcus gives her interest to a son-in-law, Fields, and thereafter Meir and Ross accept Fields as a partner General Journal Debit Credit Feb. 1 Zarcus is paid $139,000 in partnership cash for her equity (c) Date General Journal Debit Credit Feb. 1 Zarcus is paid $177,000 in partnership cash for her equity (d) Date General Journal Debit Credit Feb. 1 (e) Zarcus is paid $12,000 in partnership cash plus equipment recorded on the partnership books at $32,000 less its accumulated depreciation of $11,600 Date General Journal Feb. 1 Debit Credit