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Question - Red, White, and Blue are partners with a profit and loss ratio of 2:4:4 and credit capital balances of P60,000, P80,000, and P60,000, respectively. Green is to be admitted into the partnership with an investment of P75,000 for 25% interest in the capital, profit, and losses of the firm.
Required - Prepare journal entries to record the admission of Green, using 1. Revaluation of assets 2. Bonus approach.
1. midwestinc. manufactures and sells a single product.nbsp they are in the process of preparing next quarters budget
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What entry is made to close the nominal accounts and enter the profit or loss for the year -
Powerdyne Company's cost of goods sold is consistently 60% of sales. The company plans to carry ending merchandise inventory for each month equal to 40% of the next month's budgeted cost of goods sold. All merchandise is purchased on credit, and 5..
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