1 answer

2.Gavin invested $45,000 in the Jason and Kelly partnership for ownership equity of $45,000. Prior to...

Question:

2.Gavin invested $45,000 in the Jason and Kelly partnership for ownership equity of $45,000. Prior to the investment land was

2.Gavin invested $45,000 in the Jason and Kelly partnership for ownership equity of $45,000. Prior to the investment land was revalued to a market value of $320,000 from a book value of $200,000. Jason and Kelly share net income in a 1:2 ratio. a. Provide the journal entry for the revaluation of land. b. Provide the journal entry to admit Gavin.

Answers

Journal Entries are as follows:

1. Land a/c (320000-200000) Dr 120000
To Jason's Capital a/c (120000*1/3) 40000
To Kelly's capital a/c (120000*2/3) 80000
2. Cash a/c Dr 45000
To Gavin's Capital a/c 45000
.

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