P12-3A Lost Pines Escape is a partnership, and its owners are considering admitting Victor Lampe as a
Question:
P12-3A Lost Pines Escape is a partnership, and its owners are considering admitting Victor Lampe as a new partner. On July 31 of the current year, the capital accounts of the three existing partners and their shares of profits and losses are as follows:
Capital Profit-and-Loss Ratio Eric Runyan... Sara Braden $48,000 1/6 64.000 1/3 Ken Maness. 88.000 1/2 Required Journalize the admission of Lampe as a partner on July 31 for each of the following independent situations: 1. Lampe pays Maness $114.000 cash to purchase Maness's interest. 2. Lampe invests $50,000 in the partnership, acquiring a one-fifth interest in the business. 3. Lampe invests $50,000 in the partnership, acquiring a one-eighth interest in the business. 4. Lampe invests $30,000 in the partnership, acquiring an 18% interest in the business.
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