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Consider the following information. Assume that the B-C partnership (Income Ratio: 60% : 40%, respectively), owned by two friends, Bilal and Careem, the total capital
Consider the following information. Assume that the B-C partnership (Income Ratio: 60% : 40%, respectively), owned by two friends, Bilal and Careem, the total capital available was $240,000. Dawood acquires a 25% ownership (capital) interest in the partnership by making a cash investment of Pass journal entry to admit Dawood. Your journal entry should show admission of Dawood into the firm with Cash account, Dawood's capital account and bonus credited to the old partners' capital account. Fpv 4* B 1 2 3 O ? U $ x x
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