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Jack and Jill agree to admit Wilson to the partnership. Wilson makes $30,000 cash contribution to the partners in the partnership to receive 25% of
Jack and Jill agree to admit Wilson to the partnership. Wilson makes $30,000 cash contribution to the partners in the partnership to receive 25% of total capital. Before Wilson is admitted to the partnership, capital balances of Jack's and Jill's and their share of profit or loss are as follows. Partner Capital Balance Share in Profit or Loss Jack Jill 50,000 30,000 Total S 80,000 60% 40% 100% a) Prepare a journal entry for the admission of Wilson to the partnership. (3 points)
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