Sylvia, Sonia and Sana are all partners who operate a beauty salon called S3 Beauty. On August 12, 2020, Sylvia, Sonia and Sana had a capital balance of $342,000, $215,000 and $360,000 respectively. Due to the successful growth of the business, the original partners have agreed to add an additional partner, Sharon. Sharon will be investing $283,000 cash in the business. Do not enter dollar signs or commas in the input boxes. a) Calculate the new capital balance for each partner after Sharon has been added to the partnership. Sylvia Sonia Sana Sharon Total Capital balance before admission Admission of new partner Capital balance after admission b) Prepare the journal entry to record the admission of Sharon. Date Account Title and Explanation Debit Credit Aug 12 To record the admission of new partner

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.