5. Hu. Marcos, and letterman share income on 6:3:1 basis. *

| June 9, 2016

Question
5. Hu. Marcos, and letterman share income on 6:3:1 basis. They have capital balances of $80,000, $60,000, and $45,000, respectively, when Buffet is admitted to the partnership.

Prepare the journal entry to record the admission of Buffet to the partnership, if Buffet purchases one-half of Hughs equity for $45,000; one half of Marcos equity for $22,000 and one-third of Lettermans equity for $18,000.

6. Elam, Kamins, and Rubio have capital balances of $150,000, $100,000 and $75,000 respectively and their income ratios are 4:2:4.

Instructions

Record the withdrawal of Rubio from the partnership under each of the following assumptions:

1. Rubio is paid $75,000 from partnership assets.

2. Rubio is paid $93,000 ….

3. Rubio is paid $60,000 ….

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