Pike, Quinn, and Reed are forming a partnership On March 31 of the current year, the capital accounts of the three existing partners and their shares of profits and losses are as follows:   Pike, Quinn, and Reed are considering adding Shipp as a new partner on April 31 Shipp in $200,000 in the partnership, acquiring a one-fourth interest in the business. Journalize admission of Shipp as a partner on March 31 (20 p.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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 Pike, Quinn, and Reed are forming a partnership

On March 31 of the current year, the capital accounts of the three existing partners and their
shares of profits and losses are as follows:

 

Pike, Quinn, and Reed are considering adding Shipp as a new partner on April 31 Shipp in
$200,000 in the partnership, acquiring a one-fourth interest in the business. Journalize
admission of Shipp as a partner on March 31 (20 p.)

Rke. Quinn and reed gre forming as partner ship.
On March 31 of the current year, the capital accounts of the three existing partners and their
shares of profits and losses are as follows:
Capital Profit-and-Loss %
Pike..
Quinn
Reed...
$ 50,000 20%
100,000 30%
150,000 50%
Pike, Quinn, and Reed are considering adding Shipp as a new partner on April 31 Shipp invests
$200,000 in the partnership, acquiring a one-fourth interest in the business. Journalize the
admission of Shipp as a partner on March 31 (20 p.)
Transcribed Image Text:Rke. Quinn and reed gre forming as partner ship. On March 31 of the current year, the capital accounts of the three existing partners and their shares of profits and losses are as follows: Capital Profit-and-Loss % Pike.. Quinn Reed... $ 50,000 20% 100,000 30% 150,000 50% Pike, Quinn, and Reed are considering adding Shipp as a new partner on April 31 Shipp invests $200,000 in the partnership, acquiring a one-fourth interest in the business. Journalize the admission of Shipp as a partner on March 31 (20 p.)
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