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Answer:
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Explanation:
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The purchase of an existing partner’s ownership by a new partner is a personal transaction that involves the existing partner and the new partner without otherwise affecting the records of the partnership. Accounting for this method is very straightforward. The only changes that are recorded on the partnership’s books occur in the two partners’ capital accounts. The existing partner’s capital account is debited and, after being created, the new partner’s capital account is credited.
To illustrate, Dale decides to sell his interest in Acorn Lawn & Hardscapes to Remi. Since this is a personal transaction, the only entry Acorn needs to make is to record the transfer of partner interest from Dale to Remi on its books.
Journal entry dated January 1, 2021. Debit Dale, Capital 55,000. Credit Remi, Capital 55,000. Explanation: “To record transfer of partner interest.”
No other entry needs to be made. Note that the entry is a paper transfer—it is to move the balance in the capital account. The amount paid by Remi to Dale does not affect this entry.
If
(Figure)Thandie and Marco are partners with capital balances of ?60,000. They share profits and losses at 50%. Chris contributes ?30,000 to the partnership for a 1/3 share. What amount should Thandie’s capital balance in t