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 13 Jul 2017 My Price 10.00

Fax and Bel partnership

The capital accounts of the Fax and Bel partnership on September 30, 2011, were:
Fax capital (75% profit percentage) ….. $140,000
Bel capital (25% profit percentage) ……. 60,000
Total capital ………………………….. $200,000
On October 1, Rob was admitted to a 40 percent interest in the partnership when he purchased 40 percent of each existing partner’s capital for $120,000, paid directly to Fax and Bel.
REQUIRED
1. Determine the capital balances of Fax, Bel, and Rob after Rob’s admission to the partnership if goodwill is not recorded.
2. Determine the capital balances of Fax, Bel, and Rob after Rob’s admission to the partnership if goodwill is recorded, assuming that the book value and fair value of recorded assets are equal.

Answers

Maurice Tutor
(5)
Status NEW Posted 13 Jul 2017 07:07 AM My Price 10.00

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