Journalization of admission


Question: On 28 February, partners’ capital balances in the CarmCo partnership are: Alvin, $60,000; Bob $30,000; & Charles $10,000. Income sharing ratio is 2:5:3. Journalize the admission of New under each of following independent assumptions.

New invests $70,000 for a 45 percent ownership interest in CarmCo.

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Cost Accounting: Journalization of admission
Reference No:- TGS023481

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