The Dobler and Menke Partnership has partner capital account balances as follows:
Dobler, Capital $550,000
Menke, Capital 250,000
The partners share income and losses in the ratio of 60% to Dobler and 40% to Menke.
Instructions
Prepare the journal entry on the books of the partnership to record the admission of Sloan as a new partner under the following three independent circumstances.
1. Sloan pays $350,000 to Dobler and $150,000 to Menke for one-half of each of their ownership interest in a personal transaction.
2. Sloan invests $850,000 in the partnership for a one-third interest in partnership capital.
3. Sloan invests $175,000 in the partnership for a one-third interest in partnership capital.

Question

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The Answer of The Dobler and Menke Partnership has partner capital account balances as follows:
Dobler, Capital $550,000
Menke, Capital 250,000
The partners share income and losses in the ratio of 60% to Dobler and 40% to Menke.
Instructions
Prepare the journal entry on the books of the partnership to record the admission of Sloan as a new partner under the following three independent circumstances.
1. Sloan pays $350,000 to Dobler and $150,000 to Menke for one-half of each of their ownership interest in a personal transaction.
2. Sloan invests $850,000 in the partnership for a one-third interest in partnership capital.
3. Sloan invests $175,000 in the partnership for a one-third interest in partnership capital.

The Dobler and Menke Partnership Has Partner Capital Account Balances