Floyd and Merriam start a partnership business on June 12,2019.Their capital account balances as of December 31,2020 stood as follows:
They agreed to admit Ramelow into the business for a one-fifth interest in the new partnership.Ramelow contributes $27,000 cash in exchange for the partnership interest.Assume that Floyd and Merriam shared profits and losses in a 3:1 ratio before the admission of Ramelow.Which of the following is the correct journal entry to record the above admission?
Definitions:
Scientific Method
A systematic procedure of observing and measuring phenomena (observable things) to answer questions about what happens, when it happens, what causes it, and why. This process involves a dynamic interaction between theories, hypotheses, and research methods.
Research Method
Systematic procedures or strategies used to conduct studies and gather data in various fields of study.
Hypothesis
An initial explanation suggested for a phenomenon, intended as a basis for additional research.
Personal Experiences
Individual life events or encounters that contribute to one's unique perspective and personality development.
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