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What will be the balance in Trippers capital account

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Question - Brown pays $80,000 to the TS Partnership in exchange for 30% ownership. Before the admission of Brown, the other partners had the following capital accounts and profit and loss sharing percentages:

Tripper: $70,000 (60%)

Sprung: $50,000 (40%)

Q1. Using the bonus method, show the journal entry that the partnership will make to admit Brown.

Q2. What will be the balance in Tripper's capital account after the admission of Brown?

Reference no: EM132542433

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