question archive Suppose Blue becomes a partner by investing P1,550,000 cash on January 1, 20CY to acquire a ¼ interest in the business

Suppose Blue becomes a partner by investing P1,550,000 cash on January 1, 20CY to acquire a ¼ interest in the business

Subject:AccountingPrice: Bought3

Suppose Blue becomes a partner by investing P1,550,000 cash on January 1, 20CY to acquire a ¼ interest in the business.

  1. Computer Blue’s capital balance, and determine whether there’s any bonus. If so, who gets the bonus?
  2. Journalize Blue’s investment in the business.
  3. Prepare the partnership balance sheet immediately after Blue is admitted as a partner. Include the heading.  

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