Maurice Tutor

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Category > Accounting Posted 06 Aug 2017 My Price 5.00

Wine and Yates

Wine and Yates are partners whose capital balances are $150,000 and $50,000 and who share profits 3:2. Due to shortage of cash, Wine and Yates agree to admit Zale to the firm.

 

Prepare the journal entries required to record Zale’s admission under each of the following assumptions:

 

a) Zale invests $75,000 for a ¼ interest. The total firm capital is to be $275,000.

b) Zale invests $80,000 for a ¼ interest. Goodwill is to be recorded.

c) Zale invests 42,500 for a 1/5 interest. Goodwill is to be recorded.

d) Zale purchases a ¼ interest in the firm, with ¼ of the capital of each old partner transferred to the account of the new partner. Zale pays the partners cash of $65,000, which they divide between themselves.

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Aug 2017 12:08 PM My Price 5.00

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