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General Accounting Discussions: partnership problem

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  1.  
    • CommentAuthormsph
    • CommentTimeJul 16th 2009
     
    can someone help me please i am so lost

    c and m are partners who agree to admit s to their partnership. c has a capital balance of 52,000 and m has a capital balance of 80,000. c and m share profits and losses by a ratio of 2:8 prepare journal entries to admit s to the partnership based on the following independent agreemets

    - s invests 66,000 cash into the partnership for 1/3 interest
    - s invests 66,000 cash into partnership for 20% interest
    - s invests 44,000 cash into the partership for 30%
    - s purchases 1/3 of c partership interest for 25,000
    - s purchases 1/2 of m partnership interest for 32,000
    Thankful People: mulalam
  2.  
    wwwooaahh..thats hard!!!!!!!!
    Thankful People: mulalam
    • CommentAuthormulalam
    • CommentTimeAug 20th 2009
     
    confused me

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