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MetaFatema and Hassan invested $500,000 and $200,000 respectively in a partnership, and they share profits...

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Question

Accounting

MetaFatema and Hassan invested $500,000 and $200,000 respectively in a partnership, and they share profits and losses equally. At the beginning of 2023 new partner Safya admitted to the partnership.
Instructions:
Prepare the journal entry to record the admission of Safya into the partnership under each of the following separate conditions:
1- Safya acquires a 30% of the total new capital for a $300,000 cash investment.
2. Safya invests $200,000 for a 25% interest in capital. Implicit goodwill is to be recorded.

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