Mr. Snchez, Mr. Gonzlez and Mr. Prez share income in your society on the basis of 5:
Question:
Mr. Sánchez, Mr. González and Mr. Pérez share income in your society on the basis of 5: 3: 2. They have principal balances of $ 34,000, $ 26,000, and $ 21,000 respectively. Then Mr. Navarro is accepted as a fourth partner in the partnership.
-Prepare the records in the Journal when the new partner, Mr. Navarro, is accepted as a fourth partner in the partnership under the following three scenarios,
- (a) Purchase of 50% of Sánchez's capital for $ 19,000.
- (b) Purchase of 50% of González's capital for $ 12,000.
- (c) Purchase of 33 1/3% of Pérez's capital for $ 9,000.
-Present the records in the Journal when the new partner, Mr. Navarro, is accepted as a fourth partner in the partnership and invested under the three scenarios described above.
Expert Answer:
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