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18. Harkaran and Sharlene are partners who share profits and losses equally. Harkaran and ...

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Accounting

18. Harkaran and Sharlene are partners who share profits and losses equally. Harkaran and

Sharlene have capital balances of $50,000 and $40,000, respectively. Assume Tetiana is

admitted to the partnership by investing $60,000 in cash in exchange for a one-third

partnership interest. If the difference between Tetianas investment and her recorded

partnership equity is considered a bonus to the existing partners, which of the following

amounts will be credited to Tetianas capital account:

A. $30,000

B. $60,000

C. $50,000

D. None of the above.

19. After admitting Tetiana to the partnership, Harkarans and Sharlenes capital balances will

be:

A. $55,000 and $45,000, respectively.

B. $60,000 and $40,000, respectively.

C. $50,000 each.

D. None of the above.

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