Question
The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have capital balances of $45,000 each. Prepare a
The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have capital balances of $45,000 each. Prepare a schedule showing how the bonus should be divided if Ashanti joins the partnership with a $69,000 investment. The partner's new agreement will share profit and loss in a 1:3 ratio.
Total capital of Tasha and Bill | $fill in the blank 1 |
Investment by new partner, Ashanti | fill in the blank 2 |
Total capital of new partnership | $fill in the blank 3 |
Ashanti's capital credit | $fill in the blank 4 |
Total bonus to Tasha and Bill | $fill in the blank 5 |
Allocation of bonus to old partners: | |
Tasha | $fill in the blank 6 |
Bill | $fill in the blank 7 |
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Advanced Accounting
Authors: Debra C. Jeter, Paul Chaney
5th Edition
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