the capital balance and profits and loss - sharing percentages for the sip,job, and Run parther ship at December, 31 2016 are as follows: Sip capital (30%) 160,000 job capital (50%) 180,000 Run capital (20 %) 140,000. the partners agree to admit wal into the partnesship on junuary 1, 2017, for a 20 percent interest in the capital and income of the business. 1. prepare the jounal entry of entries to record wal's to the partnership that he invests $ 100,000 in the partnership for the 20 percent interest and that partnership capital is revalued. Assume that the book value of partnership assets equals the fair value. 2. Prepare the jounal entry or intries to record wal's admission to the partnership assuming that he invests $140,000 in the partnership for the 20 percent interest and that partnership capital is revalued.

the capital balance and profits and loss - sharing percentages for the sip,job, and Run parther ship at December, 31 2016 are as follows: Sip capital (30%) 160,000 job capital (50%) 180,000 Run capital (20 %) 140,000. the partners agree to admit wal into the partnesship on junuary 1, 2017, for a 20 percent interest in the capital and income of the business. 1. prepare the jounal entry of entries to record wal's to the partnership that he invests $ 100,000 in the partnership for the 20 percent interest and that partnership capital is revalued. Assume that the book value of partnership assets equals the fair value. 2. Prepare the jounal entry or intries to record wal's admission to the partnership assuming that he invests $140,000 in the partnership for the 20 percent interest and that partnership capital is revalued.

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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