Problem IV $-$ PARTNER ADMISSION

Pepo Partnership allows partner Pedro to sell her $$100,000$ equity in the partnership to Juan. Juan pays Pedro $$85,000.$

Instructions: Record the partnership's journal entry for the sale of Pedro's interest to Papo on Sept $30.$

Problem Solution IV

$\backslash$table$[[$DATE$,$ACCOUNT DESCRIPTION,DEDIT,CREDIT$],[30$sep,,,$],[,,,]]$

Problem V $-$ PARTNER ADMISSION

The Struter Partnership has total partners' equity of $$510,000,$ which is made up of Main, Capital $$400,000$ and Frist, Capital, $$110,000.$ The partners share net income and loss in a ratio of $80\%$ to Main and $20\%$ Frist. On November $1,$ Adison is admitted to the partnership and given a $15\%$ interest in equity and a $15\%$ share in any income and loss.

Instructions: Prepare the journal entry to record the admission of Adison under each separate assumption. Adison invest cash of $(1)$ $$90,000$; $(2)$ $$120,000$; and $(3)$ $$80,000.$

Problem Solution V

$\backslash$table$[[$DATE$,$ACCOUNT DESCRIPTION,DEDIT,CREDIT$],[(1)],[$Interest sold to Adison:$],[(2)$

Problem V $-$ PARTNER RETIREMENT

Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a $5$:$3$:$2$ ratio $($in percents:$|$ Hunter, $50\%$; Folgers, $30\%$; and Tulip $20\%).$ On January $31,$ the date Tulip retires form the partnership, the equities of the partners are Hunter, $$150,000$; Folgers, $$90,000$; and Tulip, $$60,000.$

Instructions: Prepare journal entries to record Tulip's retirement under each separate assumption where Tulip is paid for her equity partnership cash of $(1)$ $$60,000$; $(2)$ $$80,000$; and $(3)$ $$30,000.$

Problem Solution V

$\backslash$table$[[$DATE$,$ACCOUNT DESCRIPTION,DEDIT,CREDIT$],[(1)$