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The following are the capital account balances and profit and loss ratios of the partners in AB Partnership as of Jan. 1, 20x1:
Capital accounts Profit & loss ratios
A, Capital 600,000 40%
B, Capital 1,000,000 60% 1,600,000
On Jan. 1, 20x1, C was admitted into the partnership when he invested equipment with a historical cost of ?400,000 and fair value of ?320,000 for a 20% interest. The net assets of the partnership as of this date approximate their fair values.
Problem 1: If the bonus method is used to record the admission of C, how much would be credited to C's capital account?
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