Layla, Sameera, and Jana are partners in LSJ partnership. They share income/ loss in a ratio of 50% : 30%: 20% respectively. On 1/1/2021, a new partner (Dana) was admitted into the partnership, forming a new LSJD partnership. To join, Dana invested cash in the business and was given a 32% interest in the new partnership. Based on her investment, Dana's capital account was credited for $64,000. If you know that the total capital for LSJ partnership was $150,000 (before Dana was admitted), and Jana's capital became $27,200 after the transaction.

Layla, Sameera, and Jana are partners in LSJ partnership. They share income/ loss in a ratio of 50% : 30%: 20% respectively. On 1/1/2021, a new partner (Dana) was admitted into the partnership, forming a new LSJD partnership. To join, Dana invested cash in the business and was given a 32% interest in the new partnership. Based on her investment, Dana's capital account was credited for $64,000. If you know that the total capital for LSJ partnership was $150,000 (before Dana was admitted), and Jana's capital became $27,200 after the transaction.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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