Question
A and B with a capital balances on 1/1/2020 :40,000 for A , 60,000 for B . A and B share profits and losses equally.
A and B with a capital balances on 1/1/2020 :40,000 for A , 60,000 for B . A and B share profits and losses equally. At that date C is admitted as a new partner, he purchases 50% interests from each for 60,000 paid directly to A and B. Make journal entry to record the admission of C ?
A and B with a capital balances on 1/1/2020 :40,000 for A , 60,000 for B . A and B share profits and losses equally. At that date C is admitted as a new partner, he purchases 50% interests from each for 60,000 paid directly to A and B. Make journal entry to record the admission of C ?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Advanced Financial Accounting
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
10th edition
78025621, 978-0078025624
