Jamie Holley and Riley Roger share equally in partnership profits. Holley’s partnership capital balance is $120,000, and Roger’s balance is $180,000. Hooper Hook contributes cash directly to the business of $150,000 to purchase a one-third interest of the company. The three partners will share equally in partnership profits. What is Hooper Hook Capital?
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.
Jamie Holley and Riley Roger share equally in partnership profits. Holley’s partnership capital balance is $120,000, and Roger’s balance is $180,000. Hooper Hook contributes cash directly to the business of $150,000 to purchase a one-third interest of the company. The three partners will share equally in partnership profits. What is Hooper Hook Capital?
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