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Partners X and Y are the owners of Partnership XY. X has a capital balance of $60,000 and Y has a capital balance of $80,000. Partner Z is entering the partnership by purchasing 1/3 of X for $25,000 and 1/4 of Y for $25,000. Answer the given problems:

a) Give the journal entry for the transaction above.

b) Find out the capital balance in Partner X's account.

c) How much did Z pay to enter the partnership?

d) What happened to the total partnership capital of the firm?

e) Describe the name of the method we used in this condition?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M923076

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