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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
The partnership of Addie and Bal is adding a new partner, Cathy, and its assets and equities at book value and fair value just prior to her admission to the partnership on January 1, 2011, are as follows:
On January 2, 2011, Addie and Bal take Cathy into the partnership of Addie, Bal, and Cathy for a 40 percent interest in capital and profits.
REQUIRED
1. Prepare journal entries for the admission of Cathy into the partnership for an investment of $150,000 assuming that assets (including any goodwill) are revalued.
2. Prepare a balance sheet for the Addie, Bal, and Cathy partnership on January 2, 2011, just after the admission of Cathy.
Hel-----------lo -----------Sir-----------/Ma-----------dam-----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g o-----------ur -----------web-----------sit-----------e a-----------nd -----------acq-----------uis-----------iti-----------on -----------of -----------my -----------pos-----------ted----------- so-----------lut-----------ion-----------.Pl-----------eas-----------e p-----------ing----------- me----------- on-----------cha-----------t I----------- am----------- on-----------lin-----------e o-----------r i-----------nbo-----------x m-----------e a----------- me-----------ssa-----------ge -----------I w-----------ill----------- be-----------