Maurice Tutor

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  • MCS,PHD
    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 3.00

retail business and divide profits

Bow and Mon are partners in a retail business and divide profits 60 percent to Bow and 40 percent to Mon. Their capital balances at December 31, 2011, are as follows:
Bow capital ………. $90,000
Mon capital ………... 90,000
Total capital …….. $180,000
Partnership assets and liabilities have book values equal to fair values. The partners agree to admit Joh into the partnership. Joh purchases a one-third interest in partnership capital and profits directly from Bow and Mon (one-third of each of their capital accounts) for $75,000.
REQUIRED: Prepare journal entries for the admission of Joh into the partnership, assuming that partnership assets are revalued.

Answers

Maurice Tutor
(5)
Status NEW Posted 13 Jul 2017 08:07 AM My Price 3.00

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