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Record the entry to admit the new partner into the business

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Reference no: EM132757742

Question: 2015 January 1 December 31

a) Record the entry to admit the new partner into the business.

- McNabb joins the partnership by contributing $48 000 in cash. A new partnership agreement is drawn up. Brady, Manning and McNabb agree to salaries of $6 000 for each partner and a 5:4:3 income ratio.

- The business recorded a net income of $60 000. Brady had drawings of $20 000 and Manning had drawings of $8 000.

b) Record the entry to allocate the net income to the partners' capital accounts.

c) Prepare a Statement of Partners' Equity for 2015.

Reference no: EM132757742

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