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Question: A and B share partnership profits 70%, 30%, respectively. The partners agree to admit C into the partnership for a 40% interest in capital and earnings.
Capital accounts immediately before admission of C are:
A (70%) 200,000
B (30%) 200,000
Total 400,000
Prepare the journal entry(s) for the admission of C to the partnership assuming C invested $250,000 for the ownership interest.
C paid the money to the partnership for a 40% interest.
1. The partnership records goodwill.
2. The partnership uses the bonus method instead of goodwill.
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