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Journal entry to record the admission of christine

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Sarah and Jerome are partners who have capital balances and profit and loss ratio as follows: Sarah, P300,000 and 60% while Jerome, P250,000 and 40%. Christine, with the consent of the old partners was admitted in the partnership by allowing her to purchase ¼ of Sarah's capital for P85,000 and ¾ of Jerome's capital for P180,000.

Required:

Question 1. Compute the book value of the partners' interest acquired by Christine

Question 2. Journal entry to record the admission of Christine.

Reference no: EM132718485

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