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On April 1, 2019, Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Contribution Profit sharing Comeau Lavoi $324,800 cash $198,000 land $133,900 building
On April 1, 2019, Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Contribution Profit sharing Comeau Lavoi $324,800 cash $198,000 land $133,900 building $164, 600 salary allowance 5% of original 5% of original capital investments capital investments 40% of remaining 60% of remaining $115,600 Cash withdrawal March 20, 2020 a Net Income during the year was $588,000 and was in the Income Summary account. On April 1, 2020 Travis Roberts invested $150,400 and was admitted to the partnership for a 20% interest in equity. Required: 1. Prepare journal entries for the following dates. d. April 1, 2020 View transaction list Journal entry worksheet 1 > Record the admission of Wilems for a 20% interest. a Note: Enter debits before credits. 2. Calculate the balance in each partner's capital account immediately after the April 1, 2020, entry. Comeau, capital Lavoi, capital Roberts, capital
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