10 Nov please help me to solve this problem. THANK YOU A
please help me to solve this problem. THANK YOU AND MAY GOD BLESS YOU ALWAYS. L. Carson agrees to pay $10,000 each to to C. Ames and D. Barker for 1/3 of their interest in the Ames-Barker partnership. At the time of the admission of Carson, each partner has a $30,000 capital balance. Both partners therefore give up $10,000 of their capital equity. (case 1) Assume that instead of purchasing an interest, Carson invests $30,000 in cash in the Ames-Barker partnership for a 1/3 capital interest. (case 2) Requirements : 1.provide Journal Entry in Case 1 &the effects of this transaction on the partnership accounts (use t-account) 2.Provide Journal Entry in Case 2 &the effects of this transaction on the partnership accounts (use t-account) 3.Total Capital for a.Case 1 b. Case 2
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