Wednesday
July 23, 2014

Homework Help: Accounting

Posted by dustin on Monday, March 31, 2014 at 12:18am.

Needs the entries for the following scenarios:
Capital accounts as follows : Mason ; 90,000 Jiri; 30,000 James; 60,000

a) Frank pays mason 25,000 for 20% of masons interest in the company
b) Frank invests 60,000 cash in the partnership for a 40% interest in the business. The original partners give Frank a bonus according to the ratio of their capital balances
c)Frank invests 40,000 cash in the partnership and receives an interest equal to his investment
d) Frank invests 60,000 cash in the partnership for a 20% interest in the business. A bonus to be recorded for the original partners on the basis of their capital balances.
e) Mason withdraws from the partnership, taking 105,000. The excess of withdrawn assets over Mason's partnership interest is distributed according to the balances of the capital accounts
f) mason withdraws by selling his interest directly to frank for 120,000

Thanks!!!!

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