Paul,Quinn,and Ralph Have Equities in a Partnership of $120,000,$180,000,and $100,000,respectively,and

Essay

Paul,Quinn,and Ralph have equities in a partnership of $120,000,$180,000,and $100,000,respectively,and share income and losses in a ratio of 2:1:2,respectively.The partners have agreed to admit Sandy to the partnership.Prepare entries in journal form without explanations to record the admission of Sandy to the partnership under each of the following assumptions:
a.Sandy invests $100,000 for a 30 percent interest,and a bonus is recorded for Sandy.
b.Sandy invests $150,000 for a one-fifth interest,and a bonus is recorded for the old partners.