Paul,Quinn,and Ralph Have Equities in a Partnership of $120,000,$180,000,and $100,000,respectively,and

question 58

Essay

Paul,Quinn,and Ralph have equities in a partnership of $120,000,$180,000,and $100,000,respectively,and share income in a ratio of 2:1:2,respectively.The partners have agreed to admit Sandy to the partnership.Prepare entries in journal form without explanations to record the admission of Sandy to the partnership under each of the following assumptions:
a.Sandy invests $100,000 for a 30 percent interest,and a bonus is recorded for Sandy.
b.Sandy invests $150,000 for a one-fifth interest,and a bonus is recorded for the old partners.

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Third World

A term originally used to describe countries not aligned with either the NATO or the Communist Bloc, often referencing developing nations with lower economic indicators.

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Countries with a less developed industrial base and a low Human Development Index (HDI) relative to other countries, often characterized by a focus on agricultural production.

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The state of geopolitical tension and conflict primarily between the United States and the Soviet Union, and their respective allies, from the end of World War II until the early 1990s.

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