06 Dec Admission of a Partner Debra and Me
Admission of a Partner Debra and Merina sell electronic equipment and supplies through their partnership. They wish to expand their computer lines and decide to admit Wayne to the partnership. Debra’s capital is $200,000, Merina’s capital is $160,000, and they share income in a ratio of 3:2, respectively. Required Record Wayne’s admission for each of the following independent situations: a. Wayne directly purchases half of Merina’s investment in the partnership for $90,000. b . Wayne invests the amount needed to give him a one-third interest in the partnership’s capital if no goodwill or bonus is recorded. c. Wayne invests $110,000 for a 25 percent interest. Goodwill is to be recorded. d. Debra and Merina agree that some of the inventory is obsolete. The inventory account is decreased before Wayne is admitted. Wayne invests $100,000 for a 25 percent interest. e . Wayne directly purchases a 25 percent interest by paying Debra $80,000 and Merina $60,000. The land account is increased before Wayne is admitted. f . Wayne invests $80,000 for a 20 percent interest in the total capital of $440,000. g . Wayne invests $100,000 for a 20 percent interest. Goodwill is to be recorded.
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