Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

29 PARTNERSHIP PARTB NOTE: CONSIDER THIS PART INDEPENDENT OF PART A. On 1 May 2018, Mario and Luigi agreed to admit Toad into their partnership.

image text in transcribed
image text in transcribed
image text in transcribed
29 PARTNERSHIP PARTB NOTE: CONSIDER THIS PART INDEPENDENT OF PART A. On 1 May 2018, Mario and Luigi agreed to admit Toad into their partnership. At that time, Mario has a capital balance of $60000 and Luigi has a capital balance of $69000. Mario and Luigi share profits in the ratio of 3:6. Required: Fill out the journal entries below to admit Toad to the partnership based on each the following independent agreements: 1. Toad invests $47775 cash into the partnership for a 20% interest. Toad invests $44100 cash into the partnership for a 30% interest. Round all amounts to the nearest dollar. 2 Instructions: 1. Include only the number in your answer. No comma separators or dollar signs. Otherwise, your answer will be deemed incorrect. Example of an answer: 12345 2. If an account is not relevant, that is should not be debited or credited: please type 0 as your answer. 1. Toad invests $47775 cash into the partnership for a 20% interest, DEBIT CREDIT MacBook Pro ter website name 0 0 T 1. Toad invests $47775 cash into the partnership for a 20% interest. DEBIT CREDIT Dr Cash at Bank S Dr Mario, Capital $ Dr Luigi, Capital $ Dr Toad, Capital Cr Cash at Bank Cr Mario, Capital $ Cr Luigi, Capital $ Cr Toad, Capital 2. Toad invests $44100 cash into the partnership for a 30% interest CREDIT DEBIT $ Dr Cash at Bank Dr Mario, Capital $ Dr Luigi, Capital $ Dr Toad, Capital $ Cr Cash at Bank MacBook Pro enter website name 0 U Dr Toad, Capital Cr Cash at Bank Cr Mario, Capital Cr Luigi, Capital Cr Toad, Capital 2. Toad invests $44100 cash into the partnership for a 30% interest. DEBIT CREDIT Dr Cash at Bank $ Dr Mario, Capital $ Dr Luigi, Capital $ Dr Toad, Capital $ Cr Cash at Bank Cr Mario, Capital Cr Luigi, Capital Cr Toad, Capital MacBook Pro er website name o

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Latest Certified Quality Auditor Certification Actual Questions

Authors: Pass For Life

1st Edition

108127705X, 978-1081277055

More Books

Students also viewed these Accounting questions

Question

discussion about innovative ideas on how to provide growth for H&M

Answered: 1 week ago

Question

The company has fair promotion/advancement policies.

Answered: 1 week ago