Question
Violet and Mary have partnership capital balances of $576,000 and $432,000, respectively. Mary negotiates to sell her partnership interest to Laura for $504,000. Violet agrees
Violet and Mary have partnership capital balances of $576,000 and $432,000, respectively. Mary negotiates to sell her partnership interest to Laura for $504,000. Violet agrees to accept Laura as a new partner. The partnership entry to record this transaction is
a. Cash....................................................................................... 504,000
Laura, Capital................................................................ 504,000
b. Mary, Capital.......................................................................... 504,000
Laura, Capital................................................................ 504,000
c. Cash....................................................................................... 72,000
Mary, Capital.......................................................................... 432,000
Laura, Capital................................................................ 504,000
d. Mary, Capital.......................................................................... 432,000
Laura, Capital................................................................ 432,000
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Practical Audit Quality Improvement Ensuring Effective Performance Of Internal Audit Functions
Authors: Joyce Gacheru
1st Edition
6138950577, 978-6138950578
