The capital account balances for donald and hanes llp on, Ask an Expert

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The capital account balances for Donald and Hanes, LLP on Jan. 1, 2013 were as follows: Donald, capital $200,000; Hanes, capital $100,000. Donald and Hanes shared net income and losses in the ratio of 3:2 respectively. The partners agreed to admit May to the partnership with a 35% interest in partnership capital and net income. May invested $100,000 cash, and no goodwill was recognized. What is the balance of Hanes' capital account after the new partnership is created? A: $100,000; B: $200,000; C: $84,000; D: $176,000; E $140,000

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Financial Accounting, Accounting

Category:- Financial Accounting
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