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Problem IV - PARTNER ADMISSION Pepo Partnership allows partner Pedro to sell her $ 1 0 0 , 0 0 0 equity in the partnership
Problem IV PARTNER ADMISSION
Pepo Partnership allows partner Pedro to sell her $ equity in the partnership to Juan. Juan pays Pedro $
Instructions: Record the partnership's journal entry for the sale of Pedro's interest to Papo on Sept
Problem Solution IV
tableDATEACCOUNT DESCRIPTION,DEDIT,CREDITsep,,,
Problem V PARTNER ADMISSION
The Struter Partnership has total partners' equity of $ which is made up of Main, Capital $ and Frist, Capital, $ The partners share net income and loss in a ratio of to Main and Frist. On November Adison is admitted to the partnership and given a interest in equity and a share in any income and loss.
Instructions: Prepare the journal entry to record the admission of Adison under each separate assumption. Adison invest cash of $; $; and $
Problem Solution V
tableDATEACCOUNT DESCRIPTION,DEDIT,CREDITInterest sold to Adison:
Problem V PARTNER RETIREMENT
Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a :: ratio in percents: Hunter, ; Folgers, ; and Tulip On January the date Tulip retires form the partnership, the equities of the partners are Hunter, $; Folgers, $; and Tulip, $
Instructions: Prepare journal entries to record Tulip's retirement under each separate assumption where Tulip is paid for her equity partnership cash of $; $; and $
Problem Solution V
tableDATEACCOUNT DESCRIPTION,DEDIT,CREDIT
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