d) Joseph and Paul allow Anthony to join their partnership for $60,000 cash. The recorded value of the equity being purchased is $50,000. Prepare the journal entry to record the admission of Anthony to the partnership. Assume the partners have no agreement for sharing profits and losses. (4 marks)

1. he partners of the Bombay Bazaar Partnership agree to liquidate. After all non-cash assets are sold and all liabilities are paid, the partnership's cash balance is $420,000, and the capital account balances are: Vikram $70,000; Sandeep, $30,000; and Tarandeep, $40,000. Prepare the final journal entry to distribute the ending cash. (4 marks)
2. The partners of the Punjab Partnership agree to liquidate. After all non-cash assets are sold and all liabilities are paid, the capital account balances are: Kiranjit, $90,000; Gulpreet $80,000; and Manvir, ($6,000). Manvir agrees to pay $6,000 in cash to settle his capital deficiency. Prepare the journal entries required to end the partnership. (4 marks)