Financial Accounting for a partnershipHu-Kang-Lo Oriental Design is a partnership owned by three individuals. The partners share
profits and losses in the ratio of 30\% to Hu, 40\% to Kang, and 30\% to Lo. At December 31,
2012, the firm has this balance sheet:
Hu withdraws from the partnership on this date.
Record Hu’s withdrawal from the partnership under the following independent plans:
1. In a personal transaction, Hu sells her equity to Win, who pays Hu $110,000 for her
interest. Kang and Lo agree to accept Win as a partner.
2. The partnership pays Hu cash of $5,000 and gives her a note payable for the remainder of
her book equity in settlement of her partnership interest.
3. The partnership pays Hu $50,000 for her book equity.
4. The partners agree that the equipment is worth $146,000 and that accumulated
depreciation should remain at $39,000. After the revaluation, the partnership settles with
Hu by giving her cash of $10,000 and inventory for the remainder of her book equity.
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