Djokovic, Federer and Nadal were partners of a firm having their interest 3:2:5 respectively. Their...
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Djokovic, Federer and Nadal were partners of a firm having their interest 3:2:5 respectively. Their capitals are $ 100,000, $80,000 and $150,000 respectively. They agreed to admit Murray as a new partner Required: Give the necessary journal entries and prepare balance sheet in each of the following cases separately: a) Murray agreed to bring sufficient cash for 1/4th share of new capital. b) If he contributed sufficient assets for 1/2th share of the new partnership, (brings machinery of $. 95,000 balance in cash) c) If he contributed certain assets in the shape of Office Equipment, Furniture merchandise at an agreed cost of each $ 18,000, $30,000 and $32,000 respectively, and the balance in cash for 1/3rd interest of the new partnership total capital. d) Murray invests $ 200,000 cash and receiving a 1/4th interest, his capital is to be credited of the entire amount of his investment
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