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Question 20 of 20 View Policies Show Attempt History Current Attempt in Progress Your answer is incorrect. Wu and Mannis each sell 1/3 of their partnership interest to Patel, receiving $105400 each. At the time of the admis has a $313200 capital balance. The entry to record the admission of Patel will show a O credit to Patel, Capital for $313200. O debit to Wu, Capital for $104400. O debit to Mannis, Capital for $313200. O debit to Cash for $208800. eTextbook and Media Save for Later Attempts: 1 of 2 used

Question 20 of 20 View Policies Show Attempt History Current Attempt in Progress Your answer is incorrect. Wu and Mannis each sell 1/3 of their partnership interest to Patel, receiving $105400 each. At the time of the admis has a $313200 capital balance. The entry to record the admission of Patel will show a O credit to Patel, Capital for $313200. O debit to Wu, Capital for $104400. O debit to Mannis, Capital for $313200. O debit to Cash for $208800. eTextbook and Media Save for Later Attempts: 1 of 2 used

Accounting (Text Only)
Accounting (Text Only)
26th Edition
ISBN:9781285743615
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter12: Accounting For Partnerships And Limited Liability Companies
Section: Chapter Questions
Problem 12.15EX
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Question 20 of 20 <> 0/1 !! View Policies Show Attempt History Current Attempt in Progress X Your answer is incorrect. Wu and Mannis each sell 1/3 of their partnership interest to Patel, receiving $105400 each. At the time of the admission, each partner has a $313200 capital balance. The entry to record the admission of Patel will show a O credit to Patel, Capital for $313200. O debit to Wu, Capital for $104400. O debit to Mannis, Capital for $313200. O debit to Cash for $20880. eTextbook and Media Attempts: 1of 2 used Submit Answer Save for Later
Transcribed Image Text:Question 20 of 20 <> 0/1 !! View Policies Show Attempt History Current Attempt in Progress X Your answer is incorrect. Wu and Mannis each sell 1/3 of their partnership interest to Patel, receiving $105400 each. At the time of the admission, each partner has a $313200 capital balance. The entry to record the admission of Patel will show a O credit to Patel, Capital for $313200. O debit to Wu, Capital for $104400. O debit to Mannis, Capital for $313200. O debit to Cash for $20880. eTextbook and Media Attempts: 1of 2 used Submit Answer Save for Later
Expert Solution
Step 1

When  admitting a new partner, existing partner share will be debited to capital account. 

Journal entry.

Old partner capital account

To New partner capital account

 

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