1. Mann, Haney and Young are partners. Haney, who has a capital balance of $140 000, has decided to retire. On February 1, Mann offers Haney $137 000 for his equity, and Haney accepts. Record the entry to record Haney's departure.
1. Mann, Haney and Young are partners. Haney, who has a capital balance of $140 000, has decided to retire. On February 1, Mann offers Haney $137 000 for his equity, and Haney accepts. Record the entry to record Haney's departure.
2. The book value of the automobile brought into the partnership (cost minus
3. Assume that Chantel Bertran and Steve Davey have a partnership, and each have $90 000 in their capital account. Lisa Dupuis offers to pay $66000, or $33 000 to each existing partner, for a one third interest in the partnership. Lisa is offering more than the $60 000 it would normally cost, because Chantel and Steve have built a successful business and Lisa feels it is worth an extra $6 000. The entry to record Lisa's admission to the partnership is:
4.S. Mann purchases 50% of R. Cameron's equity in the Williams-Cameron Partnership for $20000. The Capital balances of Williams-Cameron are $40000 and $30000 respectively. What will be the capital balance of incoming partner Mann?
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