Accounting for the admission of a new partner
Stephanie Stouse has a capital balance of $28,000; Emerson St. Paul’s balance is $22,000. Edward Haskell pays $120,000 to purchase St. Paul’s interest in the Stouse & St. Paul partnership. St. Paul gets the full $120,000.
Requirements
1. Journalize the partnership’s transaction to admit Haskell to the partnership.
2. Must Stouse accept Haskell as a full partner? What right does Haskell have after purchasing St. Paul’s interest in the partnership?
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