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13 December, 07:23

Multiple Choice Question 131 Wu and Mannis each sell 1/3 of their partnership interest to Patel, receiving $105300 each. At the time of the admission, each partner has a $313200 capital balance. The entry to record the admission of Patel will show a

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  1. 13 December, 07:50
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    Credit, Patel Capital $210600: Debit Cash or Bank $210600.

    Explanation:

    There were no talk of revaluation after the admission so it would be treated as Patel bringing capital in cash which is left in the business;

    Credit, Patel Capital $210600: Debit Cash or Bank $210600.
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Home » Business » Multiple Choice Question 131 Wu and Mannis each sell 1/3 of their partnership interest to Patel, receiving $105300 each. At the time of the admission, each partner has a $313200 capital balance. The entry to record the admission of Patel will show a
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