Paul,Quinn,and Ralph Have Equities in a Partnership of $120,000,$180,000,and $100,000,respectively,and
Paul,Quinn,and Ralph have equities in a partnership of $120,000,$180,000,and $100,000,respectively,and share income and losses in a ratio of 2:1:2,respectively.The partners have agreed to admit Sandy to the partnership.Prepare entries in journal form without explanations to record the admission of Sandy to the partnership under each of the following assumptions:
a.Sandy invests $100,000 for a 30 percent interest,and a bonus is recorded for Sandy.
b.Sandy invests $150,000 for a one-fifth interest,and a bonus is recorded for the old partners.
Definitions:
Cafeteria
A type of food service location within an institution where there is a selection of different meals available, generally serving food in a self-service manner.
Service Department
A division within a company that performs support functions, aiding the production or sales departments but not generating revenue directly.
Information Technology
The use of computers, storage, networking and other physical devices, infrastructure, and processes to create, process, store, secure, and exchange all forms of electronic data.
Operating Departments
Divisions within an organization directly involved in its core business activities, such as production or sales.
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