A and B are partners sharing profits amd losses equally. Their capitals on 1.1.2015 were $ I0,000 and $ 5,000 respectively. On the same date C admits ffor 1/4th share and brings $ 10,000 ffor his sthare of capital, but can't bring his share of goodwill in cash. Record necessary journal entries.

A and B are partners sharing profits amd losses equally. Their capitals on 1.1.2015 were $ I0,000 and $ 5,000 respectively. On the same date C admits ffor 1/4th share and brings $ 10,000 ffor his sthare of capital, but can't bring his share of goodwill in cash. Record necessary journal entries.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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