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Determine the amount of bonus that would go to rishi

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Question - Rishi and Ketchum are partners at an accounting firm. They currently have the following capital balances as at January 2, 2021:

Rishi, Capital $45,000 Ketchum, Capital $24,000

The current partnership agreement states that Rishi and Ketchum split the profits and losses as 60% (Rishi) and 40% (Ketchum). Rishi and Ketchum are currently looking to admit a new partner, Chan.

Required -

a) Chan will become a partner in the business by investing $37,000 cash for 25% interest. Determine the amount of bonus that would go to Rishi and Ketchum.

b) Record the entry for Chan's investment in the business.

Reference no: EM132846248

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