Penn Has 500 500 Capital And Hammet Has 68 500 Capital In The Penn Hammot Partnership Paw And Hammet Share Profits A 1 (16.06 KiB) Viewed 14 times
Penn Has 500 500 Capital And Hammet Has 68 500 Capital In The Penn Hammot Partnership Paw And Hammet Share Profits A 2 (11.58 KiB) Viewed 14 times
Penn has 500 500 capital and Hammet has $68,500 capital in the Penn & Hammot partnership. Paw and Hammet share profits and losses equally Judy Plard contributes cash of $51.000 to acquire a 1/4 interest in the new partnership Requirements 1. Calculate Pound's capital in the new partnership. 2. Journaize the partnership's receipt of the $53,000 from Pound CED Requirement 1, Calculate Pound's capital in the new partnership. (Leave unused cells blank. Do not enter a "0" for a zero balance) Partnership capital before admission of new partner Contribution of new partner Partnership capital after admission of new partner Capital of new partner Bonus to
Requirement 2. Journalize the partnership's receipt of the $53,000 from Pound. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!