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5. Sharmila Sajjad and Jimmy Heartthrob wish to add a new partner to their partnership. Moonias Melbourne wants to join, and the current partners
5. Sharmila Sajjad and Jimmy Heartthrob wish to add a new partner to their partnership. Moonias Melbourne wants to join, and the current partners decide to give a 22.5% interest in the company, for a cash investment of $24,600. Any bonus/deficit on admitting Moonias will be split by Sharmila and Jimmy in direct ratio to their capital accounts. Additional information: Partner equity, Sharmila Sajjad: $47,600 Jimmy Heartthrob: $28,800. Required: Show the calculations to add Moonias Melbourne to the partnership and the journal entry to record the transaction. (15 marks) Q5 Adding/Removing a partner Calculation Space General Journal Date Account Title & Explanation Debit Credit
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