Linda desires to purchase a one-fourth capital and profit and loss interest in the partnership of Hank, Greg, and Jim. The three partners agree to sell Linda one-fourth of their respective capital and profit and loss interests in exchange for a total payment of $100,000. The payment is made directly to the individual partners. The capital accounts and the respective percentage interests in profits and losses immediately before the sale to Linda follow Capital Accounts $168,000 104,000 48,000 $320,000 Percentage Interests in Profits and Losses 50% 35 Hank Greg Jim Total 15
Linda desires to purchase a one-fourth capital and profit and loss interest in the partnership of Hank, Greg, and Jim. The three partners agree to sell Linda one-fourth of their respective capital and profit and loss interests in exchange for a total payment of $100,000. The payment is made directly to the individual partners. The capital accounts and the respective percentage interests in profits and losses immediately before the sale to Linda follow Capital Accounts $168,000 104,000 48,000 $320,000 Percentage Interests in Profits and Losses 50% 35 Hank Greg Jim Total 15
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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