A summary balance sheet for the Sissy,Jody,and Buffy partnership on December 31,2011 is shown below.Partners Sissy,Jody,and Buffy allocate profit and loss in their respective ratios of 3:4:6.The partnership agreed to pay Buffy $360,000 for her partnership interest upon her retirement from the partnership on January 1,2012.Any payments exceeding Buffy's capital balance are treated as a bonus from partners Sissy and Jody.
Required:
Prepare the journal entry to reflect Buffy's retirement.
Definitions:
Low-Income Groups
Populations earning significantly below the median income level, often facing economic hardship and limited access to resources.
Mental Disorders
Health conditions characterized by alterations in thinking, mood, or behavior associated with distress or impaired functioning.
Feminist Critique
Feminist critique involves analyzing literature, media, and societal norms through a feminist lens, focusing on how these areas perpetuate gender inequalities and seeking ways to challenge and change them.
Medical Science
The branch of science focused on the study, diagnosis, treatment, and prevention of diseases and the promotion of human health.
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