Dresden agrees to pay choi and amal 20000 each for a one

Reference no: EM13596865

Dresden agrees to pay Choi and Amal $20,000 each for a one third (33 1/3%) interest in the Choi and Amal partnership. Immediately prior to Dresden admission, each partner had a $60,000 capital balance. Make the journal entry to record Dresden purchase of the partners interest.

Neal and Vanier are partners, each with $80,000 in their partnership capital accounts. Brantford is admitted to the partnership by investing $80,000 cash. Make the entry to show Brantford admission to the partnership.

The Josetti partnership has total partners equity of $558,000, which is made up of Dopke, Capital, $392,000, and Hughes, Capital, $166,000. The partners share net income and loss in a ratio of 85% to Dopke and 15% to Hughes. On November 1, Nillsen is admitted to the partnership and given a 10% interest in equity and a 10% share in any income or loss. Prepare the journal entry to record the admission of Nillsen under each of the following separate assumptions.

Reference no: EM13596865

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