Clark and Douglas admit Evans to their partnership, with Evans paying ($ 50,000) more than the book
Question:
Clark and Douglas admit Evans to their partnership, with Evans paying \(\$ 50,000\) more than the book value of her equity in the new business. Clark and Douglas have no formal profit-and-loss agreement. What effect does admitting Evans to the partnership have on the capital balances of Clark and Douglas?
a. Cannot be determined because there's no profit-and-loss ratio
b. Credit the Clark and Douglas capital accounts for \(\$ 25,000\) each
c. Credit the Clark and Douglas capital accounts for \(\$ 50,000\) each
d. Debit the Clark and Douglas capital accounts for \(\$ 25,000\) each
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