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Sunny and Gloomy contributed the following in the formation of a partnership business:
Sunny
Cash 180,000
Accounts Receivale 100,000
Inventory 160,000
Total 440,000
Groomy
Land (at historical cost) 340,000
Total: 340,000
Additional information:
Sunny and Gloomy agreed to share in profits and losses based on a 30:70 ratio. A partner with deficient contribution shall provide additional cash in order for his capital balance to reflect his profit and losses sharing ratio.
Requirement:
Question 1: Provide the entry to record the additional investment of the partner with deficient contribution.
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