Matolcsy and Wells are partners. They share profits and losses equally. Their current capital account balances are $20 and $10 respectively. They decide to admit Tyler to the partnership. Tyler invests $10 for a 20 per cent share of the partnership. The journal entry to admit Tyler will include:

May, Jun, and Julie have partnership capital account balances of P225,000, P450,000 and P105,000, respectively. The income sharing ratio is May, 50%; Jun, 40%; and Julie, 10%. May desires to withdraw from the partnership and it is agreed that partnership assets of P195,000 will be used to pay May for her partnership interest. How much is the balance of Jun's capital account after May's withdrawal using the asset revaluation method?

Jerry and Sherry own and operate a partnership. Jerry's capital balance is $50,000 and Sherry's is $55,000. Jerry and Sherry decided to admit a new partner, Allison, to their partnership. By the terms of their partnership agreement, Jerry and Sherry share income/ loss equally, Allison intends to contribute $40,000 to receive a Twenty-five percent interest in the partnership. Required: a. Revalue the partnership assets b. Determine the total equity of the partnership after the new partner is admitted c. Determine the new partner's share of the total equity d. Determine the bonus resulting from Allison's equity of her contribution e. Make journal entries to rccord Allison's admission to the partnership

Lucy and Fer are partners having capital balances of 32,000 and 48,000, respectively. They share profits and losses in the ratio of 2:6. Nando is admitted into the partnership upon investing cash of 15,000. His share in the profits is 25% and the balance will be divided by the old partners using their original profit sharing ratio.   Required: a) Assume that Nando is allowed a 20% interest in the new firm. 1. What entry would be made in recording the admission of Nando if the goodwill method is used? 2. What entry would be made if the bonus method is used? b) Assume that Nando is allowed a 20% interest in the new firm. 1. What entry would be made if the goodwill method is used? 2. What entry would be made if the bonus method is used?

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Steffi and Leigh form a partnership. Steffi invests $1,000 cash, $2,000 of supplies, inventory with a book value of $3,500 and market value of $3,000, and machinery with a book value of $4,900 and market value of $4,000. Prepare the partnership's journal entry to record Steffi's investment.

Bobbi and Stuart are partners. The partnership capital of Bobbi is $40,800 and that of Stuart is $77,700. Bobbi sells his interest in the partnership to John for $58,100. The journal entry for the admission of John as a new partner would include a credit to a.John's capital account for $40,800 and a credit to Stuart's capital account for $77,700 b.Stuart's capital account for $59,250 c.John's capital account for $40,800 d.John's capital account for $58,100

Michelle Hamilton and Bill Rossi decide to form a partnership. Hamilton invests $36,300 cash and accounts receivable of $30,000 less allowance for doubtful accounts of $2,000. Rossi contributes $26,000 cash and equipment having a $6,800 book value. It is agreed that the allowance account should be $3,600 and the fair value of the equipment is $10,900.Prepare the necessary journal entry to record the formation of the partnership. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)

Peary has $91,500 capital and Hammet has $43,500 capital in the Peary & Hammet partnership. Peary and Hammet share profits and losses equally. Ryanne Potvin contributes cash of $45,000 to acquire a 1/4 interest in the new partnership. Requirements 1. Calculate Potvin's capital in the new partnership. 2. Journalize the partnership's receipt of the $45,000 from Potvin. ..... Requirement 1. Calculate Potvin's capital in the new partnership. (Leave unused cells blank. Do not enter a "0" for a zero balance.) Partnership capital before admission of new partner Contribution of new partner Partnership capital after admission of new partner Capital of new partner Bonus to

Ramer and Knox began a partnership by Investing $62,000 and $93,000, respectively. During its first year, the partnership earned $190,000. Prepare calculations showing how the $190,000 income is allocated under each separate plan for sharing income and loss. 2. The partners agreed to share income and loss in proportion to their initial investments. Net income is $190,000. Note: Do not round intermediate calculations. Fraction to Allocate Ramer Ramer's Share of Income Fraction to Allocate Knox Knox's Share of Income Total Income Allocated $ 0