please answer within 30 minutes. Robin,Cardinal, Jay are partners sharing profits andlosses 30/30/40 respectively. Their capital balancesare:Robin $175,000Cardinal $300,000Jay $275,000total $750,000The old and partners agree that the assets areundervalued by $100,000.a. Record the adjustment to the books before thenew partner is admitted.b. Assume sparrow invests in the partnership$250,000 and partners agree thereafter to shareprofits and losses equally. Record the entry ofSparrow using the bonus method whereby Sparrowreceives 20% interest in the firm.

Answered: Robin,Cardinal, Jay are partners…

Robin,Cardinal, Jay are partners sharing profits and losses 30/30/40 respectively. Their capital balances are: Robin $175,000 Cardinal $300,000 Jay $275,000 total $750000

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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Question

please answer within 30 minutes.

Robin,Cardinal, Jay are partners sharing profits and
losses 30/30/40 respectively. Their capital balances
are:
Robin $175,000
Cardinal $300,000
Jay $275,000
total $750,000
The old and partners agree that the assets are
undervalued by $100,000.
a. Record the adjustment to the books before the
new partner is admitted.
b. Assume sparrow invests in the partnership
$250,000 and partners agree thereafter to share
profits and losses equally. Record the entry of
Sparrow using the bonus method whereby Sparrow
receives 20% interest in the firm.

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