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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