Saturday
April 19, 2014

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.

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

Medical Information management and office practice - Jane-Doe is admitted to the...
science - I was just wondering! I posted a question for you all at 12:01 today. ...
chemistry 101 - I have a question that I am not sure how to even start. A 15.0 g...
College admission letter - I got a letter from university,it tells me that they ...
science - I posted a new question at 8:22 p.m. I was wondering if someone could ...
English - Writeacher, I urgently need to email the our partner the following ...
Chem - How many grams of N2 are produced when 125g of NH3 reacts by the ...
C programming - The task is to create a c source code program that will name a ...
jiskha download - Dear Jishka, On your Jishka download page there are 3 record ...
English - In each sentence below, find a participle or participial phrase that ...

Search
Members