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Prepare the journal entry on the books of the parnership

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Question - Blue and Green Partnership has partner capital account balances as follows:

Blue, Capital $550,000 Green, Capital 250,000

The partners share income and losses in the ratio of 60% to Blue and 40% to Green.

Prepare the journal entry on the books of the parnership to record the admission of Yellow as a new partner under the following two independent circumstances.

1. Yellow pays $350,000 to Blue and $150,000 to Green for one-half of each of their ownership interest in a personal transaction.

2. Yellow invests $850,000 in the partnership for a one-third interest in partnership capital.

Reference no: EM132092593

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