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On April 1, 2019, Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Contribution Profit sharing Comeau Lavoi $298,000 cash $200,000 land $138,000 building
On April 1, 2019, Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Contribution Profit sharing Comeau Lavoi $298,000 cash $200,000 land $138,000 building $168,000 salary allowance 5% of original 5% of original capital investments capital investments 40% of remaining 60% of remaining $118,000 Cash withdrawal March 20, 2020 Net Income during the year was $560,000 and was in the Income Summary account. On April 1, 2020 Travis Roberts invested $138,000 and was admitted to the partnership for a 20% interest in equity. Required: 1. Prepare journal entries for the following dates. a. April 1, 2019 View transaction list View journal entry worksheet General Journal Debit Credit No 1 Date April 01, 2019 Cash Building Land Guy Comeau, capital Amelie Lavoi, capital 298,000 138,000 200,000 298,000 338,000 View transaction list Journal entry worksheet 1 > Record the withdrawal by partner. Note: Enter debits before credits. Credit Date General Journal Mar 20, 2020 Amelie Lavoi, withdrawals Cash Debit 118,000 118,000 Record entry Clear entry View general journal c. March 31, 2020 View transaction list Journal entry worksheet Record the closing of profit to capital. Note: Enter debits before credits. General Journal Debit Credit Date Mar 31, 2020 Record entry Clear entry View general journal d. April 1, 2020 View transaction list Journal entry worksheet Record the admission of Wilems for a 20% interest. Note: Enter debits before credits. General Journal Debit Credit Date April 01, 2020 Record entry Clear entry View general journal 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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