Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. bobbi and stuart are partners. the partnership cap

Bobbi and Stuart are partners. The partnership capital of Bobbi is $41,400 and that of...

60.1K

Verified Solution

Question

Accounting

Bobbi and Stuart are partners. The partnership capital of Bobbi is $41,400 and that of Stuart is $74,700. Bobbi sells his interest in the partnership to John for $63,900. The journal entry to record the admission of John as a new partner would include a credit to

a.Stuart's capital account for $58,050

b.John's capital account for $63,900

c.John's capital account for $41,400

d.John's capital account for $41,400 and a credit to Stuart's capital account for $74,700

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Summarize the general approach for identification of your unknowns in one or few phrases.

Biology
Q

Next question Get a similar question You can retry this question below For each year...

Statistics
Q

nswer the questions about the following function x 12 x 3 f x Is the...

Calculus
Q

Write the fraction as a decimal If the decimal is repeating use the horizontal bar...

Algebra
Q

When Edward first pitched a newproduct idea to his manager, it was very well received...

Accounting
Q

Institutional Arrangements for Setting Accounting Standards in Australia: A legal wrangle developed between...

Accounting
Q

complete all requirements The Everlasting Balloon Company produces party balloons that are sold...

Accounting
Q

Instead of investing the entire $1,000,000, Bogut invests $300,000 today and plans to make 9...

Accounting
Q

Check my work $2.40 Delta Company produces a single product. The cost of producing and...

Accounting
Q

QUESTION (i) Nathan, George, and Bill have formed a partnership and the partnership...

Accounting
Q

Inventory information for Part 311 of Sweet Corp. discloses the following information for the month...

Accounting
Q

Question 1 Which of the following is NOT one of the incremental cash flows?...

Finance