Please answer Part C Please show work. Part B (2020)a. On December 31, 2020 new partner D invests other assets into the partnershipquarter ownership interest. An equal amount of capital is contributed by A, B, aup the difference. At December 31, 2020, the partners' capital balances are asA$200,000B180,000190,000$ 570,000Fair value of otherassets from D$50,000b. Immediately after this, partner C withdraws from the partnership. She is paid inbalance in her capital account plus a bonus, contributed equally from the capitaof A, B, and D.Bonus paid to C $ 18,000Required5 Prepare necessary adjusting entries at December 31, 2020 to record the admisspartner D and the withdrawal of partner C. Show all calculations.

Answered: Please answer Part C Please show work.

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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Please answer Part C Please show work.

Part B (2020)
a. On December 31, 2020 new partner D invests other assets into the partnership
quarter ownership interest. An equal amount of capital is contributed by A, B, a
up the difference. At December 31, 2020, the partners' capital balances are as
A
$200,000
B
180,000
190,000
$ 570,000
Fair value of other
assets from D
$50,000
b. Immediately after this, partner C withdraws from the partnership. She is paid in
balance in her capital account plus a bonus, contributed equally from the capita
of A, B, and D.
Bonus paid to C $ 18,000
Required
5 Prepare necessary adjusting entries at December 31, 2020 to record the admiss
partner D and the withdrawal of partner C. Show all calculations.

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Step 1: Journal Entry concept

A Journal is the most basic accounting book which records all transactions in an entity in a systematic and scientific format. It is the base book referring which majority of other books of accounts are maintained

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