Question
If Ted and Tom both have a $50,000 interest in a partnership, and Tim buys Teds share for $60,000, what partnership entry is made? DR
If Ted and Tom both have a $50,000 interest in a partnership, and Tim buys Teds share for $60,000, what partnership entry is made?
DR - cash $60,000 DR capital-Tim $60,000
DR - capital-Ted $50,000 CR capital-Tim $50,000
DR - capital-Ted $60,000 CR capital-Tim $60,000
none of the above
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Frank Woods Business Accounting Volume 2
Authors: Frank Wood, Alan Sangster
13th Edition
1292085053, 9781292085050
