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Dulux Partnership is a local paint store that is made up of Dull and Lux with capital balances of $402,000 and $518,000,
Posted: Mon May 30, 2022 8:47 am
by answerhappygod
- Dulux Partnership Is A Local Paint Store That Is Made Up Of Dull And Lux With Capital Balances Of 402 000 And 518 000 1 (15.42 KiB) Viewed 17 times
Dulux Partnership is a local paint store that is made up of Dull and Lux with capital balances of $402,000 and $518,000, respectively. The partners share the profit/losses in a ratio of 60% to Dull and 40% to Lux On June 1, 2021, Trix is admitted into the partnership and is given a 15% Interest in equity. Required: a) How much equity will Trix be given if she invests $200,000 into the partnership? b) Prepare the journal entry to record the admission of Trix into the partnership assuming that she invested $200,000