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Partnership Capital Balances Change When Ownership Is Sold

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Keith and Jim are partners. Keith has a capital balance of $50,000 and Jim has a capital balance of $35,000. Jim sells $15,000 of his ownership to Bill. Which of the following is true of the journal entry to admit Bill? a. Bill, Capital will be debited for $20,000. b. Jim, Capital will be debited for $20,000. c. Jim, Capital will be credited for $15,000. d. Bill, Capital will be credited for $15,000.. Solution b. Jim, Capital will be debited for $20,000. Jim capital will decreased as he is selling his share in partnership..

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Keith and Jim are partners. Keith has a capital balance of $50,000 and Jim has a capital balance of $35,000. Jim sells $15,000 of his ownership to Bill. Which of the following is true of the journal entry to admit Bill? a. Bill, Capital will be debited for $20,000. b. Jim, Capital will be debited for $20,000. c. Jim, Capital will be credited for $15,000. d. Bill, Capital will be credited for $15,000.. Solution b. Jim, Capital will be debited for $20,000. Jim capital will decreased as he is selling his share in partnership.

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Partnership Capital Balances Change When Ownership Is Sold

  • 1. Keith and Jim are partners. Keith has a capital balance of $50,000 and Jim has a capital balance of $35,000. Jim sells $15,000 of his ownership to Bill. Which of the following is true of the journal entry to admit Bill? a. Bill, Capital will be debited for $20,000. b. Jim, Capital will be debited for $20,000. c. Jim, Capital will be credited for $15,000. d. Bill, Capital will be credited for $15,000.. Solution b. Jim, Capital will be debited for $20,000. Jim capital will decreased as he is selling his share in partnership.