At Dec, 31, 2020, the capital statement showed: 

                         A                      B Beg. 

Capital         $ 100,000          80,000 

Investments 30,000             40,000 

Withdrawals 10,000               20,000 

The partners agreed to admit X as a new partner, and X invested $120,000 cash to get one- third of capital.

Required; 

1- Record the entry of admission , income ratio equally. 

2- Prepare the balance sheet after admissions.

Answer rating: 100% (QA)

1 In this question we need to first record the entry for admission of new p... View the full answer