Lia wu and becca sims are partners who share in the income, Accounting Basics

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Lia wu and becca sims are partners who share in the income

Question: Admitting New Partners

Lia Wu and Becca Sims are partners who share in the income equally and have capital balances of $261,000 and $110,000, respectively. Wu, with the consent of Sims, sells one-third of her interest to Kara Oliver.

a. What entry is required by the partnership if the sales price is $70,000?

b. What entry is required by the partnership if the sales price is $100,000?

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Accounting Basics: Lia wu and becca sims are partners who share in the income

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