accounting ..urgent pls

posted by .

please help me to solve this problem.

THANK YOU AND MAY GOD BLESS YOU ALWAYS.

L. Carson agrees to pay $10,000 each to to C. Ames and D. Barker for 1/3 of their interest in the Ames-Barker partnership. At the time of the admission of Carson, each partner has a $30,000 capital balance. Both partners therefore give up $10,000 of their capital equity. (case 1)


Assume that instead of purchasing an interest, Carson invests $30,000 in cash in the Ames-Barker partnership for a 1/3 capital interest. (case 2)

Requirements :

1.provide Journal Entry in Case 1 &the effects of this transaction on the partnership accounts (use t-account)
2.Provide Journal Entry in Case 2 &the effects of this transaction on the partnership accounts (use t-account)
3.Total Capital for
a.Case 1
b. Case 2

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. accounting

    please help to get the correct of questions beloww..thanks i hope you can help me thanks ang god bless you always. 1.the cost-benefit constraint 2.importance of financial accounting 3.explain nuetrality and how can you say if an accounting …
  2. accounting..please help

    can you help me please for this solving problem below... problem: A, B and C shared the profit of Rs. 9,00,000 in the ratio of 2:2:1 without providing for interest on B’s loan, B granted a loan of Rs. 4,00,000 in the beginning of …
  3. accounting ..urgent pls

    can you help please.. PROB 1: A, B and C shared the profit of Rs. 9,00,000 in the ratio of 2:2:1 without providing for interest on B’s loan, B granted a loan of Rs. 4,00,000 in the beginning of accounting year. Where as the partnership …
  4. accounting ..urgent pls

    PLEASE HELP ME AND YOU ARE ALL BRIGHT AND I NEED YOUR HELP FOR SOLVING THIS PROBLEM. PROBLEM 1: CARE p’ship at December 31 had cash amounting to $20,000, noncash assets $100,000, liabilities $55,000, and the following capital balances: …
  5. accounting please help urgent

    pls.hep me to solve tjis problem.. is anyone willing to solve please. PROBLEM 1: 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 …
  6. accounting

    is any one can help me in solving these problem.thank you and may GOD blees u always. Problem Solving: 1. Xiat is a partner who used the stock of the firm worth Php 10,000 and suffered a loss of Php 2,000. He went the firm to bear …
  7. values...pls. help me

    can you help me please how to get an answers for this question below.. pls.give me an examples for this question. thanks God bless you.. 1.xplain a strategy wherein a liability may turn out to be an asset to ANYONE?
  8. VALUES..PLS HELP ME..MS. SUE

    CAN YOU HELP ME TO DISCRIBE ALL THE WORDS BELOW AND PLEASE CAN YOU GIVE EXAMPLES.THANKS A LOT GOD BLESS YOU ALWAYS. PLEASE HELP ME. •Being capable of rational thought nd action – not irrational thought and action. •Being independent …
  9. VALUES..PLS HELP ME..MS. SUE URGENT PLS.

    Please check my answers if it is correct.thanks a lot.GOD BLESS U ALWAYS. •Being independent – not dependent Independent can stay and live alone without anybody’s help. Can be able to survive for whatever things occurred whether …
  10. Easy Math??

    The stock that Mr. Ames bought cost him $80 a share. The par value of the stock is $100. If the stock pays $6 a year in dividends, what rate of interest is Mr. Ames getting on his money?

More Similar Questions