Robert Phoenix and Michael Tucson are partners in an electrical repair business. Their respective capital balances are $89,900 and $48,000, and they share profits and losses equally. Because the partners are confronted with personal financial problems, they decided to admit a new partner to the partnership. After an extensive interviewing process they elect to admit William Dallas into the partnership. Prepare the journal entry to record the admission of William Dallas into the partnership under each of the following conditions: 1. 2. 3. 4. William acquires one-fourth of Robert's capital interest by paying $30,400 directly to him. William acquires one-fifth of each of Robert's and Michael's capital interests. Robert receives $26,000 and Michael receives $15,300 directly from William. William acquires a one-fifth capital interest for a $61,500 cash investment in the partnership. Total capital after the admission is to be $199,400. William invests $39,880 for a one-fifth interest in partnership capital. Implicit goodwill is to be recorded, consistent with the non-GAAP use of the goodwill method for internal purposes.

Robert Phoenix and Michael Tucson are partners in an electrical repair business. Their respective capital balances are $89,900 and $48,000, and they share profits and losses equally. Because the partners are confronted with personal financial problems, they decided to admit a new partner to the partnership. After an extensive interviewing process they elect to admit William Dallas into the partnership. Prepare the journal entry to record the admission of William Dallas into the partnership under each of the following conditions: 1. 2. 3. 4. William acquires one-fourth of Robert's capital interest by paying $30,400 directly to him. William acquires one-fifth of each of Robert's and Michael's capital interests. Robert receives $26,000 and Michael receives $15,300 directly from William. William acquires a one-fifth capital interest for a $61,500 cash investment in the partnership. Total capital after the admission is to be $199,400. William invests $39,880 for a one-fifth interest in partnership capital. Implicit goodwill is to be recorded, consistent with the non-GAAP use of the goodwill method for internal purposes.

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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