The - partnership would record TLM's 30% interest with the...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
The $15,000 difference between his initial capital balance of $45,000 and his cash investment of  $30,000 must be deducted from the existing partners' capital account balances according to their  sharing of gains and losses. If the current ratio for sharing gains and losses is 60%:40%, the 
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: partnership would record TLM's 30% interest with the following entry: General Journal Date Account Title and Description Ref. Debit Credit 20X0 Mar. 10 Cash 30,000 TLM, Capital 45,000 Date Account Title and Description Ref. Debit Credit Investment in partnership by TLM...
View Full Document

Page1 / 2

The - partnership would record TLM's 30% interest with the...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online