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Prepare journal entries to show two possible methods

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Question - Carlisle and Esme share profits equally and have equal investments in their partnership. The partnership's net asset are carried on the books at P500,000. Alice is admitted into the partnership with one-third interest in profits and net assets. Alice pays P225,000 cash into the partnership for his interest.

Required - Prepare journal entries to show two possible methods of recording the admission of Alice on the partnership books.

Reference no: EM132753227

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