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Prepare the journal entry on the books of the partnership

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Reference no: EM132610393

Question - The Felix and Morris Partnership has capital account balances as follows:

Felix, Capital $145,000

Morris, Capital 160,000

The partners share profit and losses in the ratio of 60% to Felix and 40% to Morris.

Instructions - Prepare the journal entry on the books of the partnership to record the admission of Singh as a new partner under the following two independent circumstances:

a) Singh pays $ 80,000 cash to Felix and $ 95,000 cash to Morris for one-half of each of their ownership interests in a personal transaction.

b) Singh invests $ 1,000,000 cash in the partnership for a one-third interest in partnership capital.

Reference no: EM132610393

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