A Summary Balance Sheet for the Ash,Brown,and Curly Partnership on December

question 41

Essay

A summary balance sheet for the Ash,Brown,and Curly partnership on December 31,2014 is shown below.Partners Ash,Brown,and Curly allocate profit and loss in their respective ratios of 2:1:1.The partnership agreed to pay partner Brown $135,000 for his partnership interest upon his retirement from the partnership on January 1,2015.The partnership financials on January 1,2015 are:
Assets
Equities
Required:
Prepare the journal entry to reflect Brown's retirement from the partnership:
1.Assuming a bonus to Brown.
2.Assuming a revaluation of total partnership capital based on excess payment.
3.Assuming goodwill equal to the excess payment is recorded.

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Definitions:

Self-Disclosure

The act of revealing personal information to others, which can build intimacy and trust in relationships.

More Conflict

Refers to an increase in disagreement, competition, or discord between individuals or groups, often characterized by tension and opposition.

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A positive attitude held by one person toward another person.

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Refers to an individual's views and preferences about political parties, policies, and issues, which can influence voting behavior and political activities.