The HR Partnership has total partners equity of $760,000, which is made up of Hall, Capital, $600,000

Question:

The HR has total partners’ equity of $760,000, which is made up of Hall, Capital, $600,000 and Reynolds, Capital, $160,000. The partners share net incomes and losses in a ratio of 75% to Hall and 25% to Reynolds. On July 1, Morris is admitted to the and given a 20% interest in equity.

Required
Prepare the journal entry to record the admission of Morris under each of the following unrelated assumptions, in which Morris invests cash of:
a. $190,000
b. $230,000
c. $110,000

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...