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Assessment 4: Partnerships 2 Exercise 1 Worksheet: Partnership Operations The balance sheet shown below is that of a partnership of attorneys 4 Cash and current assets 5 Land 60,000 Liabilities $ 360,000 L, capital 6 Building and equipment (net) S200,000 M, capital N, capital O, capital 80,000 40,000 80,000 $ 180,000 S 240,000 $620,000 9 Totals $620,000Totals 10 Calculate partnership capital balances in each of the situations described in parts 1-5 below Part 1: How much money should P invest in the partnership to acquire a 25% interest? Goodwill or bonus will not be recorded. Use the space provided below for your calculations 12 Part 2: P invests $72,000 cash in the partnership to acquire a 10% interest. Goodwill will be recorded. Profits and losses were split previously, as follows L-30% M-10% -N-40% 0-20% Determine the individual capital balances after P's investment. Use the spaces provided below for your calculations 13 14 15 16 17 18