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July 29, 2015

Homework Help: to record admission of new partner into partnershi

Posted by undecided on Sunday, April 29, 2007 at 1:24pm.

I was just wondering if anyone could help me with the following problem. I am not sure even where to start.

Reed, Sharp, and Tucker were partners with capital account balances of $80,000, $100,000, and $70,000, respectively. They agreed to admit Upton to the partnership. Upton purchased 30% of each partner's interest, with payments to Reed, Sharp, and Tucker of $32,000, $40,000, and $28,000,respectively. The partners agreed to use the bonus method to account for the admission of Upton to the partnership.
Prepare the journal entry to record the admission of Upton to the partnership.

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