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Question - Toronto Skytop Resort is a? partnership, and its owners are considering admitting Bharat Ratta as a new partner. On July 31, 2020?, the Capital accounts of the three existing partners and their shares of profits and losses are as? follows:
Capital
Profit-and-Loss Ratio
Eleanor Craven
$20,000
20%
Navneet Shelmar
30,000
30%
Brian Harmon
40,000
50%
Required - Journalize the admission of Ratta as a partner on July? 31, 2020?, for each of the following independent? situations:
a. Ratta pays Harmon $55,000 cash to purchase Harmon?'s interest.
b. Ratta invests $30,000 in the? partnership, acquiring a? one-quarter interest in the business.
c. Ratta invests $30,000 in the? partnership, acquiring a? one-sixth interest in the business.
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