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 > Management Posted 12 Jan 2018 My Price 9.00

ABCD Partnership

The ABCD Partnership has the following balance sheet at January 1, 20X0, prior to the admission of new partner, E.

Cash and current assets $39,000 Liabilities $52,000
Land 234,000 A’s capital 26,000
Building and equipment 130,000 B’s capital 52,000
    C’s capital 117,000
    D’s capital 156,000
Total assets $403,000 Total liabilities and capital $403,000




E contributed $124,000 in cash to the business to receive a 20% interest in the partnership. Goodwill was to be recorded. The four original partners shared all profits and losses equally.

Required:

(A) Prepare the journal entries necessary to record goodwill.

(B) After goodwill has been recorded, what were the individual capital balances of the original partners?

(C) Prepare the journal entry necessary to record E's contribution.

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Jan 2018 10:01 PM My Price 9.00

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