In the RST partnership, Ron’s capital is $80,000, Stella’s is $75,000, and Tiffany’s is $50,000. … Assignment Help


In the RST partnership, Ron’s capital is $80,000, Stella’s is$75,000, and Tiffany’s is $50,000. They share income in a 3:2:1ratio, respectively. Tiffany is retiring from the partnership. Eachof the following questions is independent of the others.Refer to the above information. Tiffany is paid $60,000, and nogoodwill is recorded. In the journal entry to record Tiffany’swithdrawal:A. Tiffany, Capital will be credited for $60,000.B. Ron, Capital will be debited for $5,000.C. Stella, Capital will be debited for $4,000.D. Cash will be debited for $60,000.

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