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Prepare general journal entries to record the entry of Roy

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Question - James, Smith and Barnes are partners with capital balances as follows: James, $80,000; Smith, $70,000; and Barnes, $150,000. The partners share profit and losses in a 2:2:4 ratio. Roy is admitted to the partnership on May 1, 2021, and given a 25% share of the equity. Prepare general journal entries to record the entry of Roy into the partnership under each of the following unrelated assumptions:

1. Roy invests $100,000.

2. Roy invests $75,000.

3. Roy invests $130,000.

Reference no: EM133100236

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