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What were the individual capital balances

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Question - The LMNO partnership has the following balance sheet at January 1, 2020, prior to the admissions of new partner, Paul.

Larry, Capital $52,000

Mike, Capital 104,000

Nancy, Capital 234,000

Oliver, Capital 312,000

Required -

A) Paul contributes $98,000 into the partnership for a 25% interest. The four original partners share profits and losses equally. Using the bonus method, determine the balances for each of the five partners after Paul joins the partnership.

B) Paul contributed $284,000 into the partnership for a 20% interest. Goodwill was to be recorded. The four original partners shared profits and losses equally. After Paul made his investment, what were the individual capital balances?

Reference no: EM132514539

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