A local dental partnership has been liquidated and the final capital balances are as follows: Atkinson, capital

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A local dental partnership has been liquidated and the final capital balances are as follows:

Atkinson, capital (40% of all profits and losses) . . . . . . . . . . $ 60,000

Kaporale, capital (30%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000

Dennsmore, capital (20%) . . . . . . . . . . . . . . . . . . . . . . . . . . (30,000)

Rasputin, capital (10%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . (50,000)

If Rasputin contributes additional cash of $20,000 to the partnership, what should happen to it?

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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Advanced Accounting

ISBN: 978-0077431808

10th edition

Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik

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