Peter and Paul are partners; they share profits and losses equally. Their capital balances are $192 and $132 respectively (all figures are in thousands of dollars). They admit Mary to a 25 per cent share of the partnership.
a Prepare the journal entry or entries if Mary pays $108 to become a partner.
b Prepare the journal entry or entries if Mary pays $128 to become a partner.
c Prepare the journal entry or entries if Mary pays $38 to become a partner

Answer rating: 100% (QA)

Account Titles and Explanation Debit Credit in 000s a Ca... View the full answer