Ask Question
16 November, 18:04

Stein agrees to pay Choi and Amal $10,000 each for a one-third (33 1/3%) interest in the Choi and Amal partnership. Immediately prior to Stein's admission, each partner had a $30,000 capital balance. Prepare the journal entry to record Stein's purchase of the partners' interest.

+1
Answers (1)
  1. 16 November, 18:27
    0
    Journal entry to record Stein's purchase of the partners' interest.

    Dr. Cr

    Cash $10,000

    Stein Capital $10,000

    Explanation:

    Admission of new partner in the partnership will not effect the balance of other partners. It will effect the percentage share between the partners only
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Stein agrees to pay Choi and Amal $10,000 each for a one-third (33 1/3%) interest in the Choi and Amal partnership. Immediately prior to ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers