Accounting for Admission of a New Partner (Pt 3 of 5) | Advanced Accounting | CPA Exam FAR

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Farhat's Accounting Lectures
Published at : 19 Jan 2021
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A choice between the bonus and the goodwill methods for recording the formation of a partner- ship is needed if the amounts contributed by each partner do not agree with the amount of capital to be credited to each part- ner (for example, one partner contributes 40% of the assets but is to be given a 50% interest). For example, suppose that Bob and Ed enter into a partnership. Bob contributes $40 cash and Ed contributes $60. Yet each is to be given an equal interest.

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