Meir benson and lau are partners and share income and loss, Accounting Basics

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Meir benson and lau are partners and share income and loss

Meir, Benson, and Lau are partners and share income and loss in a 2:3:5 ratio. The partnership's capital balances are as follows: Meir, $68,000; Benson, $104,000; and Lau, $178,000. Benson decides to withdraw from the partnership, and the partners agree to not have the assets revalued upon Benson's retirement.

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