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    Journal Entries of Profits and Losses

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    Carson, Letterman, and O'Brien are partners who share profits and losses 50%, 30%, and 20%, respectively. Their capital balances are $100,000, $60,000, and $40,000, respectively...

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    Solution Summary

    This solution prepares journal entries for admission of a new partner, incoming cash and bonus allocations to existing partners, general journal entry for paying out and full working for allocation of different in withdrawal and capital balance in the new ratio of remaining partners. All steps are shown in an Excel file.