Bloom and Plant organize a partnership on January 1. Bloom's initial investment consists of $600 cash, $1900 equipment and a $500 note payable reflecting a bank loan for the new business. Plant's initial investment is cash of $3000. These amounts are the values agreed on by both partners. The journal entry to record Plant's investment is: Please don't provide answer in image format thank you
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
Bloom and Plant organize a partnership on January 1. Bloom's initial investment consists of $600 cash, $1900 equipment and a $500 note payable reflecting a bank loan for the new business. Plant's initial investment is cash of $3000. These amounts are the values agreed on by both partners. The
Please don't provide answer in image format thank you
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