A summary balance sheet for the Sissy,Jody,and Buffy partnership on December 31,2014 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 1,2015.Any payments exceeding Buffy's capital balance are treated as a bonus from partners Sissy and Jody.
Assets
Equities
Required:
Prepare the journal entry to reflect Buffy's retirement.
Definitions:
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