Posted by jessie on .
pls.hep me to solve tjis problem..
is anyone willing to solve please.
On Jan 1, 2011, the Rhiri, Brit & Keisha partnership is formed. Rhiri and Brit contribute cash of $30,000 and $20,000 respectively, while Keisha contributes assets with the following fair values:
TOTAL CONTRIBUTIONS $50,000
The partners agree on a profit and loss sharing ratio of 3:2:5. During the first year, net income is $70,000 and the partners’ drawings are Rhirhi — $12,000, Brit —$15,000, and Keisha — $30,000.
1.Record the Initial investment made by each partners during Jan 1.
2.Entries to record withdrawals made by partners
accounting please help urgent -
Since you are studying accounting, you might like to keep some of the following tutorial links handy:
1. For recording initial investments, try some of these links:
2. To record withdrawals, try here: