Brown pays $90,000 to the Tripper Sprung Partnership in exchange for 30% ownership. Before the admission of
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Brown pays $90,000 to the Tripper Sprung Partnership in exchange for 30% ownership. Before the admission of Brown, the other partners had the following capital accounts and profit and loss sharing percentages:
Tripper: $70,000 (60%)
Sprung : $50,000 (40%)
Using the bonus method, what will be the balance in Sprungs capital account after the admission of Brown.
Related Book For
Accounting Principles Volume 2
ISBN: 9781119786634
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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