Homework Answers
Solution:
As this is particular transaction between two partners to sell interest of one partner to another partner, therefore transaction price does not have any relevance.
| Journal Entries | |||
| Event | Particulars | Debit | Credit |
| a | Elter's capital Dr ($172,500*1/3) | $57,500.00 | |
| To Davis Capital | $57,500.00 | ||
| (To record admission of new partner) | |||
| b | Elter's capital Dr ($172,500*1/3) | $57,500.00 | |
| To Davis Capital | $57,500.00 | ||
| (To record admission of new partner) | |||
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B) what entry is required by the partnership if the sales
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