Gary,Peter,and Chris Own a Firm as Partners

question 101

Multiple Choice

Gary,Peter,and Chris own a firm as partners.Gary has a capital balance of $22,000;Peter a capital balance of $42,000;and Chris has a capital balance of $32,000.As per the partnership agreement,Gary gets a profit share of 2/9;Peter has 4/9;and Chris has 3/9.Which of the following is true,if Gary withdraws from the partnership by receiving $22,000?

• A)Peter,Capital and Chris,Capital will be credited for $11,000 each.
• B)Gary,Capital will be debited for $22,000.
• C)Cash is debited for $22,000.
• D)Peter,Capital will be credited for $22,000.

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