The capital accounts of the Moldy, Nina, and Obelix partnership at December 31, 2021, together with profit- and loss-sha

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The Capital Accounts Of The Moldy Nina And Obelix Partnership At December 31 2021 Together With Profit And Loss Sha 1 (126.06 KiB) Viewed 99 times

The capital accounts of the Moldy, Nina, and Obelix partnership at December 31, 2021, together with profit- and loss-sharing ratios, are as follows: Moldy (25%) $ 150,000 Nina (25%) 200,000 Obelix (50%) 250,000 The partners agree to admit Phoenix into the partnership. Required: Prepare the journal entry or entries to admit Phoenix into the partnership and calculate the partners' capital balances immediately after his admission under each of the following independent assumptions: a) Obelix sells half of her interest to Phoenix for $180,000, and the partners agree to admit Phoenix into the partnership. b) Phoenix invests $150,000 cash in the partnership for a 25 percent interest in the partnership capital and profits, and partnership assets are revalued (using goodwill method). c) Phoenix invests $160,000 cash in the partnership for a 20 percent interest in the capital and profits, and partnership assets are revalued (using goodwill method). d) Phoenix invests $180,000 cash in the partnership for a 30% interest in the capital and profits, and partnership assets are not revalued (using bonus method).