--March 13-- Sold to D. Altman, 127 Wright St. 1 pr. women's 4.00 1 pr. children's 2.50 1 pr. children's 2.00 ------ 8.50 --March 13-- Sold to D. Alton, 46 Eastern Av. 1 pr. men's 5.00 1 pr. women's 3.50 ------ 8.50 --March 13-- Sold for cash Men's 67.00 Women's 52.00 Children's 29.00 ------ 148.00 --March 13-- Paid clerk hire 9.00 Henry Kemp wishes to retire from the business. His partners, Benton and Douglas, agree to pay him cash for his interest. To close the books, each partner is credited with one-half a month's salary, and the amount is charged to expense. The inventory shows the stock to be: INVENTORY Men's shoes $759.75 Women's 835.75 Children's 519.00 -------- $2,114.50 [Illustration: Journal Showing Opening Entries for a Partnership] [Illustration: Cash Book with Center Column for Particulars] [Illustration: Departmental Sales Book] [Illustration: Departmental Sales and Purchase Books] [Illustration: Classified Ledger Accounts] [Illustration: Classified Ledger Accounts] [Illustration: Classified Ledger Accounts] [Illustration: Classified Ledger Accounts] [Illustration: Classified Ledger Accounts] [Illustration: Classified Ledger Accounts] [Illustration: Classified Ledger Accounts] [Illustration: Classified Ledger Accounts] [Illustration: Classified Ledger Accounts] EXERCISE =38.= 1. Submit a trading and a profit and loss account as shown by the books at the close of business March 13. 2. What errors do you find in these books? 3. Submit a balance sheet. 4. Submit the journal entries to be used in apportioning the profits, and in closing partner's personal account. Show partners' capital accounts after final closing. 5. Submit proper entries when Kemp's interest is purchased, assuming that he is paid by check from the funds in hand. 6. Submit trial balance of ledger of Benton & Douglas as the accounts appear after the purchase of Kemp's interest. Remember that no additional capital is invested.