The ABCD Partnership has the following balance sheet at January 1, 2010, prior to the admission of new partner, Eden.
Cash and current assets 39,000 Liabilities 52,000
land 234,000 Adams, capital 26,000
Don't use plagiarized sources. Get Your Custom Essay on
Question & Answer: The ABCD Partnership has the following balance sheet at January 1, 2010, prior to the admission of new partner, Ed…..
GET AN ESSAY WRITTEN FOR YOU FROM AS LOW AS $13/PAGE
building and equipment 130,000 Barnes, capital 52,000
Cordas, capital 117,000
Davis, capital 156,000
total 403,000 total 403,000
Eden contributed $50,000 in cash to the business to receive a 25% interest in the partnership. Goodwill was to be recorded. The four original partners shared all profits and losses equally. Using the bonus method, determine the balances for each of the five partners after Eden joins the partnership