## Answers

Phil and Tim Journal Enteries Debit in $ Credit in S Trans. Particulars Phil Phoenix, Capital a/c 1 Dr. 23100 To Don Dallas, Capital 23100 $92,400 x 25% = $22,500 Phil Phoenix, Capital a/c Tim Tucson, Capital a/c 2 Dr.

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18480 Dr. 9640 To Don Dallas, Capital 28120 $92,400 x 20% = $18,480 $48,200 x 20% 9,640 Cash a/c 3 Dr. 61800 To Don Dallas, Capital 40480 To Phil Phoenix, Capital 10660 To Tim Tucson, Capital 10660 Phil 92400 Tim 48200 Cash 61800 202400 Dallas, capital $202,400 x 20% = $40,480 Don's investment 40480 4 Interest in partnership 20% Total capital 202400 Less: Phil's capital 92400 Tim's capital 48200 Don's investment (capital) 40480 Goodwill 21320 Cash a/c Dr. 40480 To Don Dallas, Capital 40480 Goodwill a/c Dr. 21320 To Phil Phoenix, Capital To Tim Tucson, Capital 10660 10660

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