Withdrawal of a Partner 2) The following information is available


Withdrawal of a Partner

2) The following information is available for the CCG Partnership at December 31, 2021.

A. Chase, Capital                               $70,000

N. Gilbert, Capital                               45,000

R. Godfrey, Capital                             20,000

A.Chase, Drawings                             50,000

N. Gilbert, Drawings                           28,000

R. Godfrey, Drawings                          35,000

Income Summary Shared equally among partners 180,000

Godfrey wishes to withdraw from the partnership January 1, 2022.

a)Prepare the Statement of Partners’ Equity as of December 31, 2021

                                                      Statement of Partner’s Equity

Balance, Jan. 1    
Add: Investments    
Add: Net Income    
Less: Drawings    
Balance, Dec. 31    

b) Prepare the January 1, 2022 entry to record Godfrey’s withdrawal under each of the following INDEPENDENT circumstances.

    i) Chase and Gilbert each pay Godfrey $10,000 out of their personal accounts and each receives half of Godfrey’s equity.

    ii) Godfrey is paid $40,000 out of partnership cash.

Date 2022ParticularsPRDebitCredit

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