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Make the journal entry the partnership makes

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Reference no: EM133057173

Question - On January 19th 2021, The Partnership of Locks and Bagels had the following balance sheet

Cash 50000

Building 300000

Equipment 100000

Land 100000

Lock capital 300000

Bagels capital 250000

Locks and Bagels share profits and losses equally

On January 20th Cream Cheese contributed $500000 to become a one-third partner in the partnership

Required -

a) Make the journal entry the partnership makes under the Goodwill method.

b) Make the journal entry the partnership makes under the bonus method.

Reference no: EM133057173

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