Question: Singh and Kaur allow John to join their partnership for 20% equity by contributing $60,000 cash in partnership business. Before admitting John, the capital balance

Singh and Kaur allow John to join their partnership for 20% equity by contributing $60,000 cash in partnership business. Before admitting John, the capital balance of Singh was $90,000 and Kaur was $70,000. Prepare the journal entry to record the admission of John to the partnership. Assume the partnership agreement is silent with respect to sharing of profits and losses.

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