Meir zarcus and ross are partners and share income and loss

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Meir, Zarcus, and Ross are partners and share income and loss in a 1:4:5 ratio. The partnership's capital balances are as follows: Meir, $43,000; Zarcus, $179,000; and Ross, $228,000.Potter is admitted to the partnership on February 1 with a 25% equity. Prepare journal entries to record Potter's entry into the partnership under each of the separate assumptions,Potter invests $196,000,how much will be credited to Meir, Zarcus,and Ross's capital accounts in the general journal?

Reference no: EM13596220

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