Maurice Tutor

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About Maurice Tutor

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Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 6 Days Ago
Questions Answered: 66690
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 06 Aug 2017 My Price 11.00

Distance Plus partnership

The Distance Plus partnership has the following capital balances at the beginning of the current year:

Tiger (40% of profits and losses) $ 170,000
Phil (40%)   140,000
Ernie (20%)  

155,000

Each of the following questions should be viewed independently.
a.

If Sergio invests $210,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the bonus method is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
  • Record the admission of new partner under bonus method.

Transaction General Entry Debit Credit

 

 

 

b.

If Sergio invests $175,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the bonus method is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
  • Record the admission of new partner under bonus method.

Transaction General Entry Debit Credit

 

 

 

c.

If Sergio invests $204,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the goodwill method is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
  • Record the entry for goodwill allocation, during the admission of a new partner.
  • Record the investment made by the new partner in the business.
  • Transaction General Entry DebitCredit

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Aug 2017 08:08 PM My Price 11.00

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