MetaFatema and Hassan invested $500,000 and $200,000 respectively in a partnership, and they share profits...
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Accounting
MetaFatema and Hassan invested $ and $ respectively in a partnership, and they share profits and losses equally. At the beginning of new partner Safya admitted to the partnership.
Instructions:
Prepare the journal entry to record the admission of Safya into the partnership under each of the following separate conditions:
Safya acquires a of the total new capital for a $ cash investment.
Safya invests $ for a interest in capital. Implicit goodwill is to be recorded.
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