Abby and Bailey are partners who share income in the ratio of 2:1 and have capital...
Abby and Bailey are partners who share income in the ratio of 2:1 and have capital balances of $69,100 and $30,600, respectively. With the consent of Bailey, Sandra buys one-half of Abby's interest for $43,400. For what amount will Abby's capital account be debited to record admission of Sandra to the partnership?
a.$30,600
b.$43,400
c.$34,550
d.$69,100
Homework Answers
Answer:
Option c is correct. i.e $34,550.
Abby's capital account is 69,100. She sells half of her interest, which is $34,550. The amount actually paid for her interest is not recorded by the partnership.
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