Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 18 Aug 2017 My Price 7.00

original partners

The ABCD Partnership has the following balance sheet at January 1, 2012, prior to the admission of new partner, Eden.

 

Cash and current assets $39,000 Liabilities $52,000
Land $234,000 Adams, capital $26,000
Building and equipment $130,000 Barnes, capital $52,000
    Cordas, capital $117,000
    Davis, capital $156,000
Total $403,000 Total $403,000

Eden contributes $49,000 into the partnership for a 25% interest, The four original partners share profits and losses equally. Using the bonus method, determine the balances for each of the five partners after Eden joins the partnership and post journal entries. Eden's contribution of $49,000 into the partnership raises the total partnership net assets to $400,000. Eden's capital account is credited, by agreement, for 25% of the partnership's total tangible assets, or $100,000

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Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 03:08 PM My Price 7.00

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