1. Mohammed is admitted to the partnership of Rashed & Ameer. Prior to his admission, the partnership books show Rashed's capital balance at OR 25,000 and Ameer's capital at OR 50,000. Assume Rashid and Ameer share profits and losses equally. Required Make the partnership journal entry to record the admission of Mohammed, suppose that Mohammed invests OR 15,000 to acquire a 1/3 interest in the partnership.
1. Mohammed is admitted to the partnership of Rashed & Ameer. Prior to his admission, the partnership books show Rashed's capital balance at OR 25,000 and Ameer's capital at OR 50,000. Assume Rashid and Ameer share profits and losses equally. Required Make the partnership journal entry to record the admission of Mohammed, suppose that Mohammed invests OR 15,000 to acquire a 1/3 interest in the partnership.
Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations
Section: Chapter Questions
Problem 47P
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