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Janice Knowles (JK) and Mary Norman (MN) are partners who share income and losses in the ratio of 3:2, respectively. On May 31, their capital
Janice Knowles (JK) and Mary Norman (MN) are partners who share income and losses in the ratio of 3:2, respectively. On May 31, their capital balances were: JK $220,000 and MN $150,000. On that date, they agree to admit Samuel Torres (ST) as a partner with a one quarter (1/4) capital interest. ST invests $180,000 in the partnership:
What is JKs capital balance after STs admittance?
What is MNs capital balance after STs admittance
What capital amount is recorded for ST
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