143) Cornell and Roberts are partners who agree to admit Stanley to their partnership. Cornell has a capital balance of $51,000 and Roberts has a capital balance of $70,000. Cornell and Roberts share net income in the ratio of 2:8. Prepare journal entries to admit Stanley to the partnership based on the following independent agreements. Round all amounts to the nearest dollar.
a) Stanley invests $50,000 cash into the partnership for a 20% interest.
b) Stanley invests $50,000 cash into the partnership for a 30% interest.
c) Stanley purchases one-third of Cornell’s capital for $20,000.
d) Stanley purchases one-half of Robert’s capital for $31,000.
144) Monica Turner and Anna Frost have capital balances of $200,000 and $250,000, respectively and have no net income/net loss agreement. On January 1, 2010, they agree to admit Emma Brown into their partnership and give her a 30% interest in the business.
Determine the balance in each partners’ capital account immediately following the admission of Emma in each of the following independent cases:
a) Emma contributes $250,000 cash to the business.
b) Emma contributes equipment valued at $275,000 to the business.
c) Emma contributes land valued at $180,000 to the business.
145) Dowker, Cross, and Rowe are partners in the DCR Company. They share profits and losses in a 3:5:2 ratio and have just closed their books for the period. The current balances in their capital accounts are $63,000, $49,000, and $94,000, respectively. Dowker has decided to withdraw from the partnership. The partners agreed, prior to the withdrawal of Dowker, that the assets needed to be revalued. Land with a cost of $55,000 has a current market value of $75,000. Inventory with a cost of $75,000 has a current market value of $70,000. Cross and Rowe have agreed to share net income in a 2:3 ratio.
a) Prepare the journal entries required to revalue the assets.
b) Prepare the journal entry to record the withdrawal of Dowker under each of the following independent assumptions:
1) The partnership gives cash to Dowker equal to his capital balance.
2) The partnership gives $76,000 cash to Dowker.
3) The partnership gives $56,000 cash to Dowker.
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