Chat with us, powered by LiveChat Admission of a Partner Debra and Me - Writemia

Admission of a Partner Debra and Me

Admission of a Partner Debra and Merina sell electronic equipment and supplies through their partnership. They wish to expand their computer lines and decide to admit Wayne to the partnership. Debra’s capital is $200,000, Merina’s capital is $160,000, and they share income in a ratio of 3:2, respectively. Required Record Wayne’s admission for each of the following independent situations: a. Wayne directly purchases half of Merina’s investment in the partnership for $90,000. b . Wayne invests the amount needed to give him a one-third interest in the partnership’s capital if no goodwill or bonus is recorded. c. Wayne invests $110,000 for a 25 percent interest. Goodwill is to be recorded. d. Debra and Merina agree that some of the inventory is obsolete. The inventory account is decreased before Wayne is admitted. Wayne invests $100,000 for a 25 percent interest. e . Wayne directly purchases a 25 percent interest by paying Debra $80,000 and Merina $60,000. The land account is increased before Wayne is admitted. f . Wayne invests $80,000 for a 20 percent interest in the total capital of $440,000. g . Wayne invests $100,000 for a 20 percent interest. Goodwill is to be recorded.

Do you need an answer to this or any other questions?

About Writemia

We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.

How It Works

To make an Order you only need to click on “Place Order” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.

Are there Discounts?

All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.

Hire a tutor today CLICK HERE to make your first order