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The Josetti partnership has total partners equity of $558,000, which is made up of Dopke, Capital, $392,000, and Hughes, Capital, $166,000. The partners share net income and loss in a ratio of 85% to Dopke and 15% to Hughes. On November 1, Nillsen is admitted to the partnership and given a 10% interest in equity and a 10% share in any income or loss. Prepare the journal entry to record the admission of Nillsen under each of the following separate assumptions: Nillsen invests cash of:

(1) $62,000; (2) $97,000; (3) $32,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M973246

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