Question
A and B are partners sharing profits in the ratio 3:2 with capital of $.12,000 and $5,400 respectively. C is admitted as a new partner
A and B are partners sharing profits in the ratio 3:2 with capital of $.12,000 and $5,400 respectively. C is admitted as a new partner for 1/3 share of profits with a capital of $7,500. Adjust the capitals of them in the new profit sharing ratio. Give the necessary journal entries.
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Petroleum Accounting: Principles, Procedures; And Issues
Authors: Dennis Jennings, John Brady, Rich Shappard, Craig Friou
8th Edition
0940966328, 978-0940966321
