# Capital Balances of the DEF Partnership Assignment

The capital balances of the DEF Partnership are as follows: David \$180,000 Emma 95,000 Finn 150,000 Total \$425,000

The partners' income sharing ratio is: David, 25%; Emma, 45%; Finn, 30%. Assume the partnership’s identifiable net assets are carried at amounts approximating fair value.
Case A: Assume Gail joins the partnership by contributing \$125,000 to the partnership for a 20% interest in partnership capital.
Case B: Now assume Gail paid \$90,000 for a 20% interest in partnership capital.
Instruction: For each case (each case is independent), please use both Bonus method and Goodwill method to analyze the problem. Prepare the Statement of Partners’ Capital Balances, as well as the related journals prepared for the partnership. Get Accounting Homework Help Today
He has decades of experience in the education field and has served in the examination boards of some of the top Universities within & outside the United States America.

Related

## Capital Balances of the DEF Partnership Assignment

Homework Nerds have been helping students since 2006. Contact us today, and let us take care of all your academic needs. At Homework Nerds, we can take care of your academic needs. We can write your papers, do your presentations, learning team assignments, Labs, discussion questions and final exams. We also offer an entire week and entire class plans where we login to your classroom and take care of all class activities for you.

Homework Nerds: The #1 Most trusted academic services website.

# Capital Balances of the DEF Partnership Assignment

The capital balances of the DEF Partnership are as follows: David \$180,000 Emma 95,000 Finn 150,000 Total \$425,000

The partners' income sharing ratio is: David, 25%; Emma, 45%; Finn, 30%. Assume the partnership’s identifiable net assets are carried at amounts approximating fair value.
Case A: Assume Gail joins the partnership by contributing \$125,000 to the partnership for a 20% interest in partnership capital.
Case B: Now assume Gail paid \$90,000 for a 20% interest in partnership capital.
Instruction: For each case (each case is independent), please use both Bonus method and Goodwill method to analyze the problem. Prepare the Statement of Partners’ Capital Balances, as well as the related journals prepared for the partnership. Get Accounting Homework Help Today