Irtnership Capital Balances at 12/31/21 are as follows Smith Capital $50,000 Adams Capital 22,000 Smith and Adams share profits and losses in the ratio of 3:1 Weston contributes $50,000 cash, in exchange for a partnership interest. he partners agree to admit Weston into the partnership and he is credited with $30,000 in the new artnership. EQUIRED: Record the Journal Entry for the admission of Weston to the new partnership- Capital Accounts) OULD
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
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