18. Harkaran and Sharlene are partners who share profits and losses equally. Harkaran and ...
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Accounting
18. Harkaran and Sharlene are partners who share profits and losses equally. Harkaran and
Sharlene have capital balances of $50,000 and $40,000, respectively. Assume Tetiana is
admitted to the partnership by investing $60,000 in cash in exchange for a one-third
partnership interest. If the difference between Tetianas investment and her recorded
partnership equity is considered a bonus to the existing partners, which of the following
amounts will be credited to Tetianas capital account:
A. $30,000
B. $60,000
C. $50,000
D. None of the above.
19. After admitting Tetiana to the partnership, Harkarans and Sharlenes capital balances will
be:
A. $55,000 and $45,000, respectively.
B. $60,000 and $40,000, respectively.
C. $50,000 each.
D. None of the above.
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