What is the interest in the partnership, Accounting Basics

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What is the interest in the partnership

Linda and Sara are partners who share profits 60% and 40%.Their capital balances were both $180,000 before Kim was admitted to the partnership. Kim paid $100,000 each to Linda and Sara for purchase of a 25% interest in the partnership. After her admission to the partnership,

I honestly don't even know where to begin..am I supposed to show a journal entry?His her capital balance just what she put into the business, $300,000?

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Accounting Basics: What is the interest in the partnership

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Recent Questions Asked Accounting Basics

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Ask an Expert for Answer!!

Accounting Basics: What is the interest in the partnership

Reference No:- TGS0677249

Recent Questions Asked Accounting Basics

Q : Find the cost of equity for cost of equity for corporation

Q : Explain what type of audit report is required

Q : Why is the distinction between lifo and fifo

Q : Financial statements contain a material and pervasive

Q : What is the interest in the partnership

Q : Psychology of learning

Q : Justify the increased advertising costs

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