A local dental partnership has been liquidated and the final capital balances are: Atkinson, capital (40% of all profits and losses) . . . . . . . . $ 70,000Kaporale, capital (30%) . . . . . 30,000Dennsmore, capital (20%) . . . (42,000)Rasputin, capital (10%) . . . . . (58,000) If Rasputin contributes additional cash of $20,000 to the partnership, what should happen to it?
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
A local dental
Atkinson, capital (40% of all
Kaporale, capital (30%) . . . . . 30,000
Dennsmore, capital (20%) . . . (42,000)
Rasputin, capital (10%) . . . . . (58,000)
If Rasputin contributes additional cash of $20,000 to the partnership, what should happen to it?
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