Question: After the partnership has been operating for a year the Capital

After the partnership has been operating for a year, the Capital accounts of Bob and Kim are $15,000 and $10,000, respectively. Sonia buys a one-fourth interest in the partnership by investing cash of $5,000. What will be the capital account balances of the partners in the new Bob, Kim, and Sonia partnership, assuming that the new partner receives a bonus and that Bob and Kim share income and losses equally? Prepare the entry in journal form to record the transfer of ownership on the partnership books.




Sale on SolutionInn
Sales1
Views197
Comments
  • CreatedFebruary 23, 2012
  • Files Included
Post your question
5000