Business, 22.08.2020 23:01 aaronjin4443

Floyd and Merriam start a partnership business on June 12, 2019. Their capital account balances as of December 31, 2020 stood as follows:Floyd$50,000Merriam23,000Th ey agreed to admit Ramelow into the business for a one-fifth interest in the new partnership. Ramelow contributes $27,000 cash in exchange for the partnership interest. Assume that Floyd and Merriam shared profits and losses in a 3:1 ratio before the admission of Ramelow. Which of the following is the correct journal entry to record the above admission?a-Cash27,000 Ramelow, Capital27,000b-Cash27,000 Merriam, Capital7,000 Floyd, Capital20,000c-Merriam, Capital20,000Floyd, Capital7,000 Ramelow, Capital27,000d-Cash27,000 Floyd, Capital5,250 Merriam, Capital1,750 Ramelow, Capital20,000

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Floyd and Merriam start a partnership business on June 12, 2019. Their capital account balances as o...

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