Ruby and Anita Are Partners

question 36

Multiple Choice

Ruby and Anita are partners.Ruby has a capital balance of $230,000 and Anita has a capital balance of $200,000.Denis invests in a building with a current market value of $150,000 to acquire an interest in the new partnership.Which of the following is true of the journal entry to record this transaction? (Assume no bonus to any partner. )

• A)Building will be debited for $150,000 and Denis,capital will be credited for $150,000.
• B)Ruby,capital and Anita,capital will be debited for $75,000 each and Denis,capital will be credited for $150,000.
• C)Ruby,capital and Anita,capital will be credited for $75,000 each and Denis,capital will be debited for $150,000.
• D)Building will be debited for $150,000,Ruby,capital and Anita,capital will be credited for $75,000 each.

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