How much will be credited to meir


Meir, Zarcus, and Ross are partners and share income and loss in a 1:4:5 ratio. The partnership's capital balances are as follows: Meir, $43,000; Zarcus, $179,000; and Ross, $228,000.Potter is admitted to the partnership on February 1 with a 25% equity. Prepare journal entries to record Potter's entry into the partnership under each of the separate assumptions,Potter invests $196,000,how much will be credited to Meir, Zarcus,and Ross's capital accounts in the general journal?

Request for Solution File

Ask an Expert for Answer!!
Accounting Basics: How much will be credited to meir
Reference No:- TGS0703719

Expected delivery within 24 Hours