Question
A and B with a capital balances on 1/1/2020 :40,000 for A , 60,000 for B . A and B share profits and losses equally.
A and B with a capital balances on 1/1/2020 :40,000 for A , 60,000 for B . A and B share profits and losses equally. At that date C is admitted as a new partner, he purchases 50% interests from each for 60,000 paid directly to A and B. Make journal entry to record the admission of C ?
A and B with a capital balances on 1/1/2020 :40,000 for A , 60,000 for B . A and B share profits and losses equally. At that date C is admitted as a new partner, he purchases 50% interests from each for 60,000 paid directly to A and B. Make journal entry to record the admission of C ?
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Advanced Financial Accounting
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
10th edition
78025621, 978-0078025624
