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Problem a. How much is the capital balance of Honey in the new partnership assuming bonus method?
Jane, Honey, and Nica are partners with present capital balances of $40,000, $50,000 and $20,000 respectively. The partners share profits and losses according to the following percentages: 50% for Jane, 20% for Honey, and 30% for Nica. Delia is to join the partnership upon contributing $55,000 to the partnership in exchange for a 35% interest in capital and a 20% interest in profits and losses. An appraisal of the existing partnerships' assets reveals the following: Accounts Receivable - 20,000 overvalued; Inventory - 10,000 overvalued; Land - 10,000 undervalued; Building - 15,000 undervalued.
Problem b. How much is the bonus of Nica in the new partnership assuming bonus method?
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