Gary,Peter and Chris Are Partners

question 91

Multiple Choice

Gary,Peter and Chris are partners.Their capital balances are,$25,000;$39,000;and $33,000,respectively.As per the partnership agreement,Gary gets a profit share of 2/9;Peter has 4/9;and Chris has 3/9.Gary withdraws from the partnership by receiving $25,000.What will be the impact of this transaction on the journal entries?

• A)Peter,capital will be debited for $2286.
• B)Cash will be debited for $25,000.
• C)Gary,capital will be debited for $25,000.
• D)Chris,capital will be credited for $2286.

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