The ABCD Partnership has the following balance sheet at January 1, 2020, prior to the admission of new partner, Eden.
Eden acquired a 20% interest in the partnership by contributing a total of $71,500 directly to the other four partners. No goodwill is to be recorded.Profits and losses have previously been split according to the following percentages: Adams, 15%, Barnes, 35%, Cordas, 30%, and Davis, 20%.After Eden made his investment, what were the individual capital balances?
Definitions:
Erroneously Charged
Refers to a financial transaction or fee that has been incorrectly applied to an account.
Outstanding Checks
Checks issued by a company that have not yet been cashed or cleared by the bank, considered in reconciling the bank statement.
Month-end Bank Statement
A document issued by a bank summarizing the transactions in an account for the month, including the final balance.
Erroneously Charged
Incorrectly billed or wrongly demanded payment due to mistake or oversight.
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