Following are the capital account balances and profit and loss percentages (indicated parenthetically) for the Alden, Boyd,
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Question:
Following are the capital account balances and profit and loss percentages (indicated parenthetically) for the Alden, Boyd, and Carmel partnership:
Alden (40%) | $ 290,000 |
---|---|
Boyd (40%) | 240,000 |
Carmel (20%) | 220,000 |
Required:
Del Mar invests $330,000 in cash for a 30 percent ownership interest. The money goes to the business. No goodwill or other revaluation is to be recorded. After the transaction, compute Boyd's capital balance.
Related Book For
Fundamentals Of Advanced Accounting
ISBN: 9781266268533
9th International Edition
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
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