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Provide the journal entry to record the initial investments

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Reference no: EM132675146

A and B agreed to form a partnership. A shall contribute ?80,000 cash while B shall contribute ?200,000 cash. However due to the expertise that A will be bringing to the partnership, the partners agreed that they should initially have an equal interest in the partnership capital.

Requirement:

Problem 1: Using the bonus method, provide the journal entry to record the initial investments of the partners.

Reference no: EM132675146

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