E1211 Joanna Wang is admitted to a partnership. Prior to the admission of Wang, the...
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Accounting
E Joanna Wang is admitted to a partnership. Prior to the admission of Wang, the partnership books show Tanya Wirds Capital balance at $ and Alan Baless Capital balance at $ Wird and Bales share profits and losses equally.
Required
Compute the amount of each partners equity on the books of the new partnership under each of the following plans:
a Wang purchases Baless interest in the business, paying $ directly to Bales.
b Wang invests $ to acquire a onefourth interest in the partnership.
c Wang invests $ to acquire a onefourth interest in the partnership.
Make the partnership journal entry on March to record the admission of Wang under plans ab and c in Requirement Explanations are not required
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