Thursday
July 24, 2014

Homework Help: Accounting

Posted by Wanthana on Saturday, May 5, 2007 at 2:52pm.

Anybody out there who can help enlighten me with the following problem PLEASE don't hesitate :) TIA..
The Struter Partnership has total partners' equity of $510,000, which is made up of Main, Capital, $400,000, and Frist, Capital, $110,000. Ther partners share net income and loss in a ratio of 80% to Main and 20% to Frist. On November 1, Madison is admitted to the partnership and given a 15% interest in equity and 15% share in any income and loss. Prepare the journal entry to record the admission of Madison under each of the following separate assumptions: Madison invests cash of (1) $90,000; (2) $120,000; and (3) $80,000.

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

accounting please help urgent - pls.hep me to solve tjis problem.. is anyone ...
accounting - please can you help how to get the answers fpr this problem solving...
accounting.pls help me - Is anyone can help me to solve this problem beloww. ...
accounting ..urgent pls - please help me to solve this problem. THANK YOU AND ...
Accounting - The capital accounts of Hawk and Martin have balances of $160,000 ...
Accounting - Needs the entries for the following scenarios: Capital accounts as ...
finance and accounting - Account Word Problems like this I seem not to get the ...
to record admission of new partner into partnershi - I was just wondering if ...
accounting - is any one can help me in solving these problem.thank you and may ...
Business Law - Under the Revised Uniform Partnership Act a. partners are co-...

Search
Members