Ownership to bill, Keith has a capital balance of $50,000

Ownership to bill

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Reference no: EM13918487

Keith and Jim are partners. Keith has a capital balance of $50,000 and Jim has a capital balance of $35,000. Jim sells $15,000 of his ownership to Bill. Which of the following is true of the journal entry to admit Bill?

a. Bill, Capital will be debited for $20,000.

b. Jim, Capital will be debited for $20,000.

c. Jim, Capital will be credited for $15,000.

d. Bill, Capital will be credited for $15,000

Reference no: EM13918487

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