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.

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