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Accounting Equation Questions

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Each of the situations described in questions 27-29 are independent situations
A partnership began its first year with the following capital balances:
Adrian, capital ………26,000
Brian, capital…….52,000
Charles, capital……..117,000
David, capital………156,000
Edgar contributes $49,000 into the partnership for a 25% interest. The four original partners share profits and losses equally. Using the bonus method, the capital balance for Adrian after Edgar joins the partnership is Answer

13,250

39,250

12,750

26,000

51,000

5 points

Question 28

  1. A partnership began its first year with the following capital balances:
    Adrian, capital ………26,000
    Brian, capital…………52,000
    Charles, capital……..117,000
    David, capital………156,000
    Edgar contributed $124,000 in cash into the partnership to receive a 20% interest in the partnership. Goodwill was to be recorded. The four original partners shared all profits and losses equally. After Edgar made his investment, Adrian's capital balance is Answer

    36,250

    62,250

    26,000

    88,250

    36,000

5 points

Question 29

A partnership began its first year with the following capital balances:
Adrian, capital ………26,000
Brian, capital………….52,000
Charles, capital……..117,000
David, capital………..156,000
Edgar acquired a 20% interest in the partnership by contributing a total of $71,500 directly to the other four partners. Goodwill is to be recorded. Profits and losses have previously been split according to the following percentages: Adrian, 15%, Brian, 35%, Charles, 30% and David, 20%. After Edgar made his investment, what was Charles' capital balance?
Last Modified: 23 January 2013 01:09
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