Ramos and Bailey have a frozen yogurt shop in Victoria, BC. They are equal partners, with $30,000
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Ramos and Bailey have a frozen yogurt shop in Victoria, BC. They are equal partners, with $30,000 in each of their partnership capital accounts. Bailey’s sister Kate is admitted to the partnership on October 1, 2020, after paying $30,000 to the partnership for a one-third interest. Prepare the entry to show Kate’s admission to the partnership.
PartnershipA 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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2020 Oct1 Cash 30000 Kate ...View the full answer
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Related Book For 
Fundamental Accounting Principles Volume II
ISBN: 978-1260305838
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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