A local dental partnership has been liquidated and the final capital balances are as follow: Atikinson, capital (40% of all profits and losses), $70,000; Kaporale, capital (30%), $30,000; Dennsmore, capital(20%), $(42,000); Rasputin, capital(10%), $(58,000). If Rasputin contributes additional cash of $20,000 to the partnership, what should happen to it?
A local dental partnership has been liquidated and the final capital balances are as follow: Atikinson, capital (40% of all profits and losses), $70,000; Kaporale, capital (30%), $30,000; Dennsmore, capital(20%), $(42,000); Rasputin, capital(10%), $(58,000). If Rasputin contributes additional cash of $20,000 to the partnership, what should happen to it?
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter19: Accounting For Partnerships
Section: Chapter Questions
Problem 4CE
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