The Distance Plus partnership has the following capital balances at the beginning of the current year along with respect

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The Distance Plus Partnership Has The Following Capital Balances At The Beginning Of The Current Year Along With Respect 1 (15.78 KiB) Viewed 21 times

The Distance Plus partnership has the following capital balances at the beginning of the current year along with respective profit and loss percentages: A (40%) 8 (30%) C (30%) 60,000 30,000 45,000 Each of the following questions should be viewed independently 1.1f D invests $60,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the bonus method is used. 2.If D invests $30,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the bonus method is used. 3.If D invests $40,000 in cash in the business for a 20 percent interest, what joumal entry is recorded? Assume that the goodwill method is used.