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A dental partnership has the following capital balances as of the end of the current year:

Pineda $ 330,000

Adams 290,000

Fergie 260,000

Gomez 240,000

Total capital $ 1,120,000

a. Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $296,000 based on the terms of the original partnership agreement. If the goodwill method is used, what is the capital balance of the remaining three partners?

Partner

Capital Balance

Show your work for possible partial credit!

Pineda

Adams

Gomez

b. Assume that the partners share profits and losses 4:3:2:1, respectively. Pineda retires and is paid $350,000 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital balance of the remaining three partners?

Partner

Capital Balance

Show your work for possible partial credit!

Pineda

Adams

Gomez

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M9795732

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