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Calculate pounds capital in the new partnership

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Reference no: EM13527462

Accounting for the admission of a new partner

Persimmon has $75,000 capital and Hawk has $45,000 capital in the Persimmon & Hawk partnership. Persimmon and Hawk share profits and losses equally. Judy Pound invests cash of $40,000 to acquire a 1/4 interest in the new partnership.

Requirements

1. Calculate Pound's capital in the new partnership.

2. Journalize the partnership's receipt of the $40,000 from Pound.

Reference no: EM13527462

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