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Prepare the entries to record the admission of Maggie

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Question - Bonnie and Daisy are partners with capital balances of ?400,000 and ?320,000, respectively. Profits and losses are shared equally. Accounting books have been closed after the regular adjustments were prepared. The company is considering the admission of Maggie, a new partner, who is interested in buying 50% interest from anyone of the partners. The following options are open:

a. Daisy is offering a price of ?150,000 for the interest Maggie wants to buy.

b. Bonnie is willing to sell half of her interest in exchange for the car of Maggie which was acquired for ?500,000 but is currently worth half of the price.

c. Daisy is willing to sell half of her interest for ?200,000. The partners agree to revalue the firm's assets first before Maggie's admission.

d. Bonnie and Daisy are willing to sell half of the partnership equity for ?300,000 after revaluing the assets.

Required - Prepare the entries to record the admission of Maggie based on each of the above options. Prepare the revised partner's equity for option d.

Reference no: EM132510740

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