Journal entries for partnership profits

Assignment Help Accounting Basics

Reference no: EM1356036

Chang and Danos share partnership profits and losses at 60% and 40%, respectively. The partners agree to admit Flint into the partnership for a 50% interest in capital and earnings. Capital accounts immediately before the admission of Flint are:

Chang (60%)
$ 300,000

Danos (40%)
$ 300,000

Total
$ 600,000

Prepare the journal entry(s) and defend your reasoning process for the admission of Flint to the partnership assuming Flint invested $400,000 for the ownership interest. Flint paid the money directly to Chang and to Danos for 50% of each of their respective capital interests. The partnership records goodwill.

Prepare the journal entry(s) and defend your reasoning process for the admission of Flint to the partnership assuming Flint invested $500,000 for the ownership interest. Flint paid the money to the partnership for a 50% interest in capital and earnings. The partnership records goodwill.

Prepare the journal entry(s) and defend your reasoning process for the admission of Flint to the partnership assuming Flint invested $700,000 for the ownership interest. Flint paid the money to the partnership for a 50% interest in capital and earnings. The partnership records goodwill

Reference no: EM1356036

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