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Record the Journal Entry for the Admission of Mr D

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Reference no: EM132904891

Problem - Investment in a Partnership: Bonus to New Partner Their Capital account balances are:

A Cap $50,000

B Cap 35,000

C Cap 25,000

A, B, & C, are Partners in the ABC Partnership and share Profits and Losses in the ratio of 1: 2: 3.

Mr. D, a Whizkid on Wall Street, is invited to join the partnership and he contributes $10,000 for a 30% interest in the Partnership.

REQUIRED - Record the Journal Entry for the Admission of Mr. D.

Reference no: EM132904891

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