After the tangible assets have been adjusted to current market prices, the capital accounts of Harper and Kahlil have balances of $60,000 and $90,000, respectively. Fay is to be admitted to the partnership, contributing $45,000 cash, for which she is to receive an ownership equity of $60,000. All partners share equally in income.Required
(a) Journalize the entry to record the admission of Fay, who is to receive a bonus of $15,000.
(b) What are the capital balances of each partner after the admission of the new partner?

Question

After the tangible assets have been adjusted to current market prices, the capital accounts of Harper and Kahlil have balances of $60,000 and $90,000, respectively. Fay is to be admitted to the partnership, contributing $45,000 cash, for which she is to receive an ownership equity of $60,000. All partners share equally in income.​Required
(a) Journalize the entry to record the admission of Fay, who is to receive a bonus of $15,000.
(b) What are the capital balances of each partner after the admission of the new partner?​

Quizplus · Accepted Answer

The Answer of After the tangible assets have been adjusted to current market prices, the capital accounts of Harper and Kahlil have balances of $60,000 and $90,000, respectively. Fay is to be admitted to the partnership, contributing $45,000 cash, for which she is to receive an ownership equity of $60,000. All partners share equally in income.​Required
(a) Journalize the entry to record the admission of Fay, who is to receive a bonus of $15,000.
(b) What are the capital balances of each partner after the admission of the new partner?​

After the Tangible Assets Have Been Adjusted to Current Market