On July 1, the Duncan & Evan partnership agreed to admit Foster to the partnership. Foster will receive a 40% share of the business for a cash investment of $200,000. Information regarding the partnership records prior to the admission of Foster is located in the table.
Prepare the journal entry to admit Foster into the partnership. Show calculations.

Question

On July 1, the Duncan & Evan partnership agreed to admit Foster to the partnership. Foster will receive a 40% share of the business for a cash investment of $200,000. Information regarding the partnership records prior to the admission of Foster is located in the table.
  Prepare the journal entry to admit Foster into the partnership. Show calculations.

Quizplus · Accepted Answer

The Answer of On July 1, the Duncan & Evan partnership agreed to admit Foster to the partnership. Foster will receive a 40% share of the business for a cash investment of $200,000. Information regarding the partnership records prior to the admission of Foster is located in the table.
  Prepare the journal entry to admit Foster into the partnership. Show calculations.

On July 1, the Duncan & Evan Partnership Agreed to Admit