Question
Mace and Bowen are partners and share any profits or losses equally. Mace's current principal balance is $180,000 and Bowen's is $157,500. Mace and Bowen
Mace and Bowen are partners and share any profits or losses equally. Mace's current principal balance is $180,000 and Bowen's is $157,500. Mace and Bowen agree to take Kent in for a 30% interest in the partnership. Kent invests $160,000 in the partnership.
What is the balances in the capital accounts of Mace and Bowen after the admission of the new partner ?
Mace and Bowen are partners and share any profits or losses equally. Mace's current principal balance is $168,000 and Bowen's is $147,500. Mace and Bowen agree to take Kent in for a 30% interest in the partnership. Kent invests $148,000 in the partnership.
What is the amount credited to Kent's capital account?
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For the first question Before Kents admission the total capital balance of the partners...
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Introduction To Financial Accounting
Authors: Anne Marie Ward, Andrew Thomas
9th Edition
1526803003, 978-1526803009
