NCT partnership had net income of $10,000 for the month ended November 31, 2020.

Lucas purchased an interest in the NCT partnership of Mark and Johnny by paying Mark $34,000 for half of her capital and half of her 50% percent profit sharing interest on December 1, 2020. On December 1, 2020, Mark capital balance was $28,000 and Johnny capital balance was $56,000. Mark should receive a debit to her capital account of?

Answer rating: 100% (QA)

To determine the debit to Marks capital account we need to calculate her capital balance af... View the full answer