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Prepare journal entries to record the admission

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Partners A and B share net income and losses in a 4:2 ratio and have capital account balances of $90,000 and $50,000, respectively. T is admitted to the partnership with the investment of $80,000 and is given a one-fourth interest in the earnings and the net assets of the new partnership.

Prepare journal entries to record the admission of T to the partnership under the (a) bonus method, and (b) goodwill method.

A journal entry can be shown as debit cash/debit accounts receivable/credit sales - then formatting will not be an issue.

Reference no: EM131752989

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