On April 1 , 2 0 2 2 , Guy Comeau and Amelie Lavoi formed a partnership
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Question:
On April Guy Comeau and Amelie Lavoi formed a partnership in Ontario.
Comeau Lavoi
Contribution $ cash $ land
$ building
Profit sharing $ salary allowance
of original capital investments of original capital investments
of remaining of remaining
Cash withdrawal March $
Net Income during the year was $ and was in the Income Summary account.
On April Travis Roberts invested $ and was admitted to the partnership for a interest in equity.
Required:
Prepare journal entries for the following dates.
a April Record the formation of partnership.
b March Record the withdrawal by partner.
c March Record the closing of profit to capital.
d April Record the admission of Travis Roberts for a interest.
Calculate the balance in each partners capital account immediately after the April entry.
Related Book For
Fundamental Accounting Principles Volume 2
ISBN: 9781260881332
17th Canadian Edition
Authors: Kermit D. Larson, Heidi Dieckmann, John Harris
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