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Journalize entries to record the admission of wells

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Reference no: EM13534153

Admitting new partners who buy an interest and contribute assets

The capital accounts of Jonathan Faber and Faheem Ahmad have balances of $150,000 and $110,000, respectively. Lauren Wells and Rachel Lee are to be admitted to the partnership. Wells buys one-fifth of Faber's interest for $35,000 and one-fourth of Ahmad's interest for $25,000. Lee contributes $70,000 cash to the partnership, for which she is to receive an ownership equity of $70,000.

a. Journalize the entries to record the admission of (1) Wells and (2) Lee.

b. What are the capital balances of each partner after the admission of the new partners?

Reference no: EM13534153

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