sting New Partners Myles Etter and Crystal Santori are partners who share in the income equally and have capital balances of $210,000 and $88,000, respectively. Etter, with the consent of Santori, sells one-third of his interest to Lonnie Davis. a. What entry is required by the partnership if the sales price is $60,000? If an amount box does not require an entry, leave it blank. Myles Etter, Capital 88 Lonnie Davis, Capital Feedback Check My Work a. The sales price is not a partnership transaction, but a private transaction between the two partners. b. What entry is required by the partnership if the sales price is $80,000? If an amount box does not require an entry, leave it blank. V 88 Myles Etter, Capital Lonnie Davis, Capital Feedback Check My Work
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
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