The ABCD Partnership has the following balance sheet at January 1, 2010, prior to the admission of new partner, Eden.

Eden contributes $49,000 into the partnership for a 25% interest. The four original partners share profits and losses equally. Using the bonus method, determine the balances for each of the five partners after Eden joins the partnership.

Question

The ABCD Partnership has the following balance sheet at January 1, 2010, prior to the admission of new partner, Eden.
 
Eden contributes $49,000 into the partnership for a 25% interest. The four original partners share profits and losses equally. Using the bonus method, determine the balances for each of the five partners after Eden joins the partnership.

Quizplus · Accepted Answer

The Answer of The ABCD Partnership has the following balance sheet at January 1, 2010, prior to the admission of new partner, Eden.
 
Eden contributes $49,000 into the partnership for a 25% interest. The four original partners share profits and losses equally. Using the bonus method, determine the balances for each of the five partners after Eden joins the partnership.

The ABCD Partnership Has the Following Balance Sheet at January