Jaime Keller has a $37,720 capital balance in a partnership. She sells her interest to Sam Parmenter for $41,400 cash. What entry is made by the partnership for this transaction? (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

Jaime Keller has a $37,720 capital balance in a partnership. She sells her interest to Sam Parmenter for $41,400 cash. What entry is made by the partnership for this transaction? (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter23: Accounting For Partnerships

Section23.3: Dissolving A Partnership

Problem 1WT

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Current Attempt in Progress Jaime Keller has a $37,720 capital balance in a partnership. She sells her interest to Sam Parmenter for $41,400 cash. What entry is made by the partnership for this transaction? (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
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SECTION: PROFESSOR: Problem #14 Admission by Investment of Assets On Jan. 31, 2019, Partners Abad, Ramos and Cammayo had the following loan and capital account balances (after closing entries for Jan.): Loan receivable from Abad P 20,000 dr 60,000 cr Abad payable to Cammayo Abad, Capital Ramos, Capital Cammayo, Capital 30,000 dr 120,000 cr 70,000 cr The partnership's income-sharing ratio was Abad, 50%; Ramos, 20%; and Cammayo, 30%. On Jan. 31, 2019, Gonzales was admitted to the partnership for a 20% interest in total capital of the partnership in exchange for an investment of P40,000 cash. Prior to Gonzales's admission, the existing partners agreed to increase the carrying amount of the partnership's inventories to current fair value, a P60,000 increase. Required: Prepare the journal entries the increase in inventories and the admission of Gonzales.
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