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How much is the gains or loss to be recognized

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C purchases proportionate interest from A and B representing 10% interest in the partnership for 100,000. 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 the capital balances of the partners after in the partnership books?

Problem C. How much is the gains or loss to be recognized in the partnership book?

Problem D. How much are the personal gain or looses of A and B ,respectively?

Reference no: EM132792651

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