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Question - The Prince-Robbins partnership has the following capital account balances on January 1, 2018: Prince is allocated 60 percent of all profits and losses with the remaining 40 percent assigned to Robbins after interest of 8 percent is given to each partner based on beginning capital balances.
On January 2, 2018, Jeffrey invests $31,000 cash for a 20 percent interest in the partnership. This transaction is recorded by the goodwill method. After this transaction, 8 percent interest is still to go to each partner. Profits and losses will then be split as follows: Prince (50 percent), Robbins (30 percent), and Jeffrey (20 percent). In 2018, the partnership reports a net income of $12,000.
Required -
(a) Prepare the journal entry to record Jeffrey's entrance into the partnership on January 2, 2018.
(b) Determine the allocation of income at the end of 2018.
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