Basem, Tamer and Sameer are partners in a partnership firm sharing profits and losses on the basis of 40:35:25 respectively and their capital balances are $100,000, $80,000& $40,000 respectively. The journal entry for the withdrawal of Sameer by payment of $55,000 cash from the partnership assets is: O a. Debit Cash 55,000 and credit each of Sameer capital 40,000, Basem Capital 8,000 and Tamer capital 7,000 O b. Debit each of Sameer capital 40,000, Basem Capital 9,000 and Tamer capital 6,000 and credit cash 55,000 O c. Debit Sameer capital 55,000 and credit each of Cash 40,000, Basem Capital 8,000 and Tamer capital 7,000 O d. Debit each of Sameer capital 40,000, Basem Capital 8,000 and Tamer capital 7,000 and credit cash 55,000
Basem, Tamer and Sameer are partners in a partnership firm sharing profits and losses on the basis of 40:35:25 respectively and their capital balances are $100,000, $80,000& $40,000 respectively. The journal entry for the withdrawal of Sameer by payment of $55,000 cash from the partnership assets is: O a. Debit Cash 55,000 and credit each of Sameer capital 40,000, Basem Capital 8,000 and Tamer capital 7,000 O b. Debit each of Sameer capital 40,000, Basem Capital 9,000 and Tamer capital 6,000 and credit cash 55,000 O c. Debit Sameer capital 55,000 and credit each of Cash 40,000, Basem Capital 8,000 and Tamer capital 7,000 O d. Debit each of Sameer capital 40,000, Basem Capital 8,000 and Tamer capital 7,000 and credit cash 55,000
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...
Related questions
Question
9)
ACCOUNTING PRINCIPLES II course
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,