Question

Anybody out there who can help enlighten me with the following problem PLEASE don't hesitate :) TIA..
The Struter Partnership has total partners' equity of $510,000, which is made up of Main, Capital, $400,000, and Frist, Capital, $110,000. Ther partners share net income and loss in a ratio of 80% to Main and 20% to Frist. On November 1, Madison is admitted to the partnership and given a 15% interest in equity and 15% share in any income and loss. Prepare the journal entry to record the admission of Madison under each of the following separate assumptions: Madison invests cash of (1) $90,000; (2) $120,000; and (3) $80,000.

Answer 1

enter the following transaction in the journal of aram and prepar ledger accounts also balance the ledger accounts and draw a trial balance as on 30th april 2015
1. He started business with cash $10000
2. Deposited in to bank(salam) $5000
3. Bought goods from zara co for cash $4000
4.aram had taken goods worth $200
5. He sold goods to lara on account $2000
6. He purchased motor car for $2000 by cheque
7.received cash from lara $1000
8. He bought stationery on credit from M.Dara $200
9. He sold goods to Dler by cheque $1000
10. He paid salaries for the month of April $500 cash