Homework Answers
Admission of new partner means taking in new partners. The new partners bring in additional capital either through cash or buying the existing shares of partners at the firm. The admission of partner needs accounting adjustment as done here below :
|
Date |
Particulars |
Debit ($) |
Credit ($) |
|
a.1. |
Jonathan Faber, Capital (150,000 * 20%) |
30,000 |
|
|
Faheem Ahmad, capital (110,000 * 25%) |
27,500 |
||
|
Lauren Wells, capital |
57,500 |
||
|
(To record the admission of Lauren Wells) |
|||
|
Cash |
70,000 |
||
|
a.2 |
Rachel Lee, capital |
70,000 |
|
|
(To record admission of Rachel Lee) |
|||
b.
|
Jonathan Faber, Capital (150,000 -30,000) |
$ 120,000 |
|
Faheem Ahmad, capital (110,000 – 27,500) |
$ 82,500 |
|
Lauren Wells |
$ 57,500 |
|
Rachel Lee Capital |
$ 70,000 |
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Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry and Tim Chou have balances of $177,000 and $127,600, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry’s interest for $40,700 and one-fourth of Chou’s interest for $28,100. Clarke contributes $43,200 cash to the partnership, for which she is to receive an ownership equity of $43,200. a1. Journalize the entry to record the admission of...
Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry and Tim Chou have balances of $145,500 and $104,800, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry's interest for $33,500 and one-fourth of Chou's interest for $23,100. Clarke contributes $35,500 cash to the partnership, for which she is to receive an ownership equity of $35,500. al. Journalize the entry to record the admission of...
Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry and Tim Chou have balances of $188,500 and $135,600, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry's interest for $43,400 and one-fourth of Chou's interest for $29,800. Clarke contributes $46,000 cash to the partnership, for which she is to receive an ownership equity of $46,000. al. Journalize the entry to record the admission of...
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