Gunnar & Dietar Consulting showed the following partners equity at August 31, 2014: Gunnar Schwiede, Capital................................................................................... $

Question:

Gunnar & Dietar Consulting showed the following partners’ equity at August 31, 2014:
Gunnar Schwiede, Capital................................................................................... $ 50,000
Dietar Loris, Capital ............................................................................................. 195,000

Gunnar and Dietar share net incomes and losses in a 2:3 ratio respectively. On September 1, 2014, Wil Court is admitted to the with a cash investment of $105,000.

Required
Prepare the journal entry to record the admission of Wil under each of the following unrelated assumptions, where he is given:
a. A 30% interest in equity
b. A 20% interest in equity
c. A 50% interest in equity

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...