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Record entry of knight underthe knight enters partnership

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Problem 1: On September 1, P. Duke, L. King and P. Prince are partners with an income ratio of 5:3:2 and $70 000, $45 000 and $28 000 in their capital accounts, respectively. They think that K. Knight would be a good fit to join their partnership. Record the entry of Knight under the following assumptions:

a) Knight purchases 30% of King's equity for $20 000.

b) Knight enters the partnership by investing $15 000 cash in the business.

Reference no: EM132719734

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