n Sandhill Co., the capital balances of the partners are A. Anderson $27,900 ; S. Harrin $23,250 ; and K. Robinson $33,480 . The partners share profit equally. On June 9 of the current year, D. Garcia is admitted to the partnership by purchasing one-half of K. Robinson's interest for $18,600 paid to him personally. Journalize the admission of Garcia on June 9. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)\\nDate Account Titles\\nDebit\\nCredit\\nJune 9\\nD. Garcit, Capi\\neTextbook and Media
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.
In Sandhill Co., the capital balances of the partners are A. Anderson
$27,900
; S. Harrin
$23,250
; and K. Robinson
$33,480
. The partners share profit equally. On June 9 of the current year, D. Garcia is admitted to the
$18,600
paid to him personally. Journalize the admission of Garcia on June 9. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)\\nDate Account Titles\\nDebit\\nCredit\\nJune 9\\nD. Garcit, Capi\\neTextbook and Media
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