Bobbi and Stuart are partners. The partnership capital of Bobbi is $41,400 and that of Stuart...
Bobbi and Stuart are partners. The partnership capital of Bobbi is $41,400 and that of Stuart is $74,700. Bobbi sells his interest in the partnership to John for $63,900. The journal entry to record the admission of John as a new partner would include a credit to
a.Stuart's capital account for $58,050
b.John's capital account for $63,900
c.John's capital account for $41,400
d.John's capital account for $41,400 and a credit to Stuart's capital account for $74,700
Homework Answers
| The journal entry to record the admission of John as a new partner would include a credit to |
| John's capital account for $41,400 |
| The capital account of retiring partner is debited and Capital account of new partner is credited. |
| Option C is correct |
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