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Exercise 19.11 Recording sale of a part interest. LO 19-7 Nelson Ellis and Hank Tollls are partners who share profits and losses in the ratio
Exercise 19.11 Recording sale of a part interest. LO 19-7 Nelson Ellis and Hank Tollls are partners who share profits and losses in the ratio of 60 to 40 percent, respectively. The balances of their capital accounts on December 31, 2018, are Ellis, $195,000, and Tollis. $215,000. With Tollis's agreement, Ellis sells one-half of his interest in the partnership to Kate Cantu for $145,000 on January 1, 2019 What will the capital account balances for each of the three partners be after this sale? Ellis Cantu New capital account balances Beginning balance Transfer of capital New balances Tollis 215,000 $ 195,000 $ $ 195,000 S 215,000 $
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