In Indigo Co., capital balances are Adrienne $61,000 and Dino $79,000. The partners share income equally. Javier is admitted to the firm with a 40% interest by an investment of cash of $88,000. Journalize the admission of Javier. (Credit account titles are automatically Indented when the amount Is entered. Do not Indent manually. LIst all debit entrles before credit entrles.) Account Titles and Explanation Debit Credit Cash 88,000 Adrienne, Capital Dino, Capital Javier, Capital
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.
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