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Compute partner equity on books of the new partnership

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Reference no: EM132550875

Question - Accounting for the admission of a new partner

Hadley Harris is admitted to the partnership of Reamey & Nedia. Prior to her admission, the partnership books show Gabby Reamey's capital balance at $100,000 and Carlos Nedia's at $50,000. Assume Reamey and Nedia share profits and losses equally.

Requirements -

1. Compute each partner's equity on the books of the new partnership under the following plans:

a. Harris pays $85,000 for Nedia's equity. Harris pays Nedia directly.

b. Harris contributes $50,000 to acquire a 1/4 interest in the partnership.

c. Harris contributes $60,000 to acquire a 1/4 interest in the partnership.

2. Journalize the entries for admitting the new partner under plans a, b, and c.

Reference no: EM132550875

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