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What is the journal entry to record the admission of a new partner who brings in
What is the journal entry to record the admission of a new partner who brings in cash?
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Q1
What is the journal entry to record the admission of a new partner who brings in cash?
Debit Cash, Credit Partner's Capital Account
Debit Partner's Capital Account, Credit Cash
Debit Cash, Credit Goodwill
Debit Goodwill, Credit Partner's Capital Account
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When a new partner is admitted and brings in cash, the cash account is debited and the partner's capital account is credited.
Questions & Step-by-step Solutions
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Q
Q: What is the journal entry to record the admission of a new partner who brings in cash?
Solution:
When a new partner is admitted and brings in cash, the cash account is debited and the partner's capital account is credited.
Steps: 5
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Step 1: Identify the amount of cash the new partner is bringing into the partnership.
Step 2: Open the accounting journal to record the transaction.
Step 3: Debit the Cash account for the amount the new partner brings in. This means you increase the Cash account.
Step 4: Credit the new partner's Capital account for the same amount. This means you increase the partner's equity in the partnership.
Step 5: Write a brief description of the transaction, noting that it is for the admission of a new partner.
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