The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have capital balances of $45,000 each. Prepare a schedule showing how the bonus should be divided if Ashanti joins the partnership with a $69,000 investment. The partner's new agreement will share profit and loss in a 1:3 ratio.

Total capital of Tasha and Bill	$fill in the blank 1
Investment by new partner, Ashanti	fill in the blank 2
Total capital of new partnership	$fill in the blank 3
Ashanti's capital credit	$fill in the blank 4
Total bonus to Tasha and Bill	$fill in the blank 5

Allocation of bonus to old partners:
Tasha	$fill in the blank 6
Bill	$fill in the blank 7

Answer rating: 100% (QA)

Solution New Partners Capital Credit 13 x 159000 New ... View the full answer