Solution-Journalize the admission of ratta as a partner on

Journalize the admission of ratta as a partner on july?

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Reference no: EM133125451

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.

Reference no: EM133125451

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Journalize the admission of ratta as a partner on july?

Reference no: EM133125451

Reference no: EM133125451

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