Martha Wheaton, Bess Chen, and Sam Smith were partners in an urban Calgary tea shop called Wake and showed the following account balances as of December 31, 2023: Account balances December 31, 2023 Due to difficulties, the partners decided to liquidate the partnership. The land and building were sold for $697,000 on January 1, 2024. The partners share any profit (loss) in the ratio of 2:1:1 for Wheaton, Chen, and Smith, respectively. Capital deficiencies at liquidation are absorbed by the remaining partners in Wake according to their profit (loss) ratio. Martha Accum. Deprec. Building Accounts Wheaton, Payable Capital Bess Chen, Capital Sam Smith, Capital Building Land Cash $190,000 $836,000 $486,000 $214,000 $134,000 $325,000 $(58,000) $350,000 Required: Complete the schedule. Prepare the entry to distribute the remaining cash to the partners. (Negative answers should be indicated by a minus sign.) Account balances December 31, 2023 Sale of land and building Balance Payment of labities Balance Absorption of deficiency Balance Accum. Deprec.. Building $ 190,000 $ 836,000 $ 480,000 $ 214,000 $ 134,000 $ 328,000 $ Cash Building Land Accounts Payable Martha Wheaton, Capital Bess Chen, Capital (58,000) $ Sam Smith, Capital 350,000

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Partnership Accounting

A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc. 

Partner Admission and Withdrawal

A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.