The remaining - look like General Journal Date Account Title and Description Ref Debit Credit 20X0 Mar 10 Cash 30,000 MJM Capital($7,500 × 60

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The remaining $7,500 would be added (credited) to the two existing partners' capital account  balances based on their 60%:40% ratio for sharing gains and losses. MJM's capital account balance  would increase $4,500 and EAM's capital account balance would increase $3,000. The entry would 
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Unformatted text preview: look like: General Journal Date Account Title and Description Ref. Debit Credit 20X0 Mar. 10 Cash 30,000 MJM, Capital ($7,500 × 60%) 4,500 EAM, Capital ($7,500 × 40%) 3,000 TLM, Capital 22,500 Investment in partnership by TLM...
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This note was uploaded on 11/15/2011 for the course ACCT 2310 taught by Professor Staff during the Spring '09 term at Texas State.

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