Accountants is a partnership with three partners. On February 29, 2024, the three partners, M. Anderson, H. White, and A. Martin, have capital balances of $80,940, $68,520, and $40,800, respectively. The profit and loss ratio is 4: 3:1. On March 1, 2024, White withdraws from the partnership and the remaining partners agree to pay him $85,680 cash from the partnership assets. After White leaves, Anderson and Martin agree to a 4:2 profit ratio. During the year ended February 28, 2025, the partnership earns a profit of $22,860. Neither Anderson nor Martin makes any withdrawals because the partnership is short of cash after paying White. On March 1, 2025, Anderson and Martin agree to admit C. Clark to the partnership with a 45% interest for $71,400 cash. After Clark is admitted, the new profit and loss ratio will be 4:2:5 for Anderson, Martin, and Clark, respectively. Journalize the withdrawal of White from the partnership
Sandhill Accountants is a partnership with three partners. On February 29, 2024, the three partners, M. Anderson, H. White, and A. Martin, have capital balances of $80,940, $68,520, and $40,800, respectively. The
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