Question: Conway Kip and Zack are partners with capital balances as

Conway, Kip, and Zack are partners with capital balances as follows: Conway, $367,200; Kip, $122,400; and Zack, $244,800. The partners share incomes and losses in a 1:2:1 ratio. Young is admitted to the partnership on November 30 with a 20% equity. Prepare General Journal entries to record the entry of Young under each of the following unrelated assumptions:
a. Young invests $183,600.
b. Young invests $129,600.
c. Young invests $295,200.


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  • CreatedJanuary 08, 2015
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