The Josetti Partnership has total partners\' equity of $380,000, which is made u

Question

The Josetti Partnership has total partners' equity of $380,000, which is made up of Dopke, Capital, $266,000, and Hughes, Capital, $114,000. The partners share net income and loss in a ratio of 77% to Dopke and 23% to Hughes. On November 1, Nillsen is admitted to the partnership and given a 20% interest in equity and a 20% share in any income and loss. Prepare the journal entry to record the admission of Nillsen under each of the following separate assumptions (Round your answers to the nearest dollar amount

Nillsen invests cash of $95,000

Nillsen invests cash of $130,000

Nillsen invests cash of $65,000

Explanation / Answer

Nillsen invests cash of $95,000 Debt Cash 95,000 Debit Hughes 26,600 Credit Dopke 26,600 Credit Nillsen 95,000 Nillsen invests cash of $130,000 Debit Cash 130,000 Debit Hughes 20,160 Credit Dopke 48,160 Credit Nilsen 102,000 Nillsen invests cash of $65,000 Debit Cash 65,000 Debit Hughes 32,120 Credit Dopke 8,120 Credit Nilsen 89,000

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