Beard,Tanner,Williams Are Operating as a Partnership

question 26

Essay

Beard,Tanner,Williams are operating as a partnership.The capital account balances at December 31,2013 are $254,000,$195,000 and $286,000 respectively.Record the entries for the following independent situations.
a.The partners vote to admit Sturges.She is going to invest $150,000 for a 15% interest in the partnership.Profit and losses are split equally between the existing partners.
b.Sturges agrees to buy 50% of Williams interest by paying him $150,000 directly.
c.The partners need new ideas and agree to give Sturges a 20% interest in exchange for $150,000.Profits and losses are shared equally between the existing partners.
d.Williams wants to retire and is willing to leave the partnership in exchange for $281,000.Profits and losses were shared on the ratio of 2:3:5.

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Definitions:

Pediatric Oncology

A medical specialty focused on the diagnosis and treatment of cancers occurring in children and adolescents.

Orthopedic Trauma Unit

A specialized hospital ward for patients with injuries to bones, joints, ligaments, or tendons, often due to accidents or violence.

Nursing Assistive Personnel

Healthcare workers who provide basic nursing care under the supervision of nursing staff, aiding in the well-being of patients.

Omitting Aspects

The act of leaving out or excluding certain parts or details, which can be intentional or unintentional, often influencing the comprehensiveness or accuracy of information.