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A,B and C are partners with capital balances of $50,000, $30,000 and $20,000 and who share in the profit and loss of the ABC partnership 30%, 20%, and 50%, respectively, when they agree to admit D for a 20% interest.
If D contributes $10,000 to the partnership and the goodwill method is used, Prepare the journal entries for the admission of D.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797286

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