Home » t April 30, partners’ capital balances in PDL Company are G. Donley $52,000, C. Lamar $48,000, and J. Pinkston $18,000. The income sharing ratios are…

t April 30, partners’ capital balances in PDL Company are G. Donley $52,000, C. Lamar $48,000, and J. Pinkston $18,000. The income sharing ratios are…

t April 30, partners’ capital balances in PDL Company are G. Donley $52,000, C. Lamar $48,000, and J. Pinkston $18,000. The income sharing ratios are 5:4:1, respectively. On May 1, the PDLT Company is formed by admitting J. Terrell to the firm as a partner.

Instructions

  1. Journalize the admission of Terrell under each of the following independent assumptions.
  2. 1. Terrell purchases 50% of Pinkston’s ownership interest by paying Pinkston $16,000 in cash.
  3. 2. Terrell purchases 331/3% of Lamar’s ownership interest by paying Lamar $15,000 in cash.
  4. 3. Terrell invests $62,000 for a 30% ownership interest, and bonuses are given to the old partners.4. Terrell invests $42,000 for a 30% ownership interest, which includes a bonus to the new partner.
  5. Lamar’s capital balance is $32,000 after admitting Terrell to the partnership by investment. If Lamar’s ownership interest is 20% of total partnership capital, what were (1) Terrell’s cash invest- ment and (2) the bonus to the new partner?

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