Question

Highrise partnership has a total partnership equity of $490,000, which is made up of Susan, Capital, $210,000

Question 13 Highrise partnership has a total partnership equity of $490,000, which is made up of Susan, Capital, $210,000 and Joe, Capital, $280,000. The partners share profit/losses in a ratio 30% to Susan and 70% to Joe. On April 30, 2020, Jackie was admitted to the partnership and given a 20% interest in equity. Prepare the journal entries under the following unrelated assumptions, in which Jackie invests cash of: a) $100,000 (4 marks) b) $160,000 (4 marks) (Type debit account name in column C, Credit account name in Column D) Account Name Debit Date Credit

Answer 1

1. Journal entry for question number a:- Jackie's Capital by cash $ 100,000

Date	Account Name	Debit $	Credit $
April 30, 2020	Cash a/c	100000
	To Jackie Capital a/c		100000
	(Being Jackie's capital brought in to account by cash)

2.  Journal entry for question number b:- Jackie's Capital by cash $ 160,000

Date	Account Name	Debit $	Credit $
April 30, 2020	Cash a/c	160000
	To Jackie Capital a/c		160000
	(Being Jackie's capital brought in to account by cash)