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C purchase proportionate interest from A and B representing 10% interest in the partnership for 100,000. However ,before the admission of C, it was found out that the land of the partnership is undervalued by 300,000. C purchases 10% interest in the partnership by investing 100,000 cash to the business .The net assets of the firm as of this date approximate their fair values.
REQUIREMENT:
Problem A. Provide the journal entry to record the admission of c
Problem B. Compute for Capital balances of the partners after the admission of C
Problem C. Compute for the new P/L ratios of the partners
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