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Journalize the admission of saunders

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Reference no: EM13527513

Accounting for the admission of a new partner

Hitchcock, Michelson, and Jasper, a partnership, is considering admitting Ken Saunders as a new partner. On July 31 of the current year, the capital accounts of the three existing partners and their shares of profits and losses are as follows:

Capital

Profit-and-Loss %

Hitchcock

$33,000

20%

Michelson

66,000

25%

Jasper

99,000

55%

Requirements

Journalize the admission of Saunders as a partner on July 31 for each of the following independent situations:

1. Saunders pays Jasper $132,000 cash to purchase Jasper's interest.

2. Saunders invests $66,000 in the partnership, acquiring a 1/4 interest in the business.

3. Saunders invests $66,000 in the partnership, acquiring a 1/6 interest in the business.

4. Saunders invests $66,000 in the partnership, acquiring a 1/3 interest in the business.

Reference no: EM13527513

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