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Accounting for partnerships is very important to help ensure that profits/losses end up getting distributed correctly...

Accounting for partnerships is very important to help ensure that profits/losses end up getting distributed correctly and each person knows the value of his or her investment. What additional entries would need to be made if they end up bringing in a third partner in a couple of years?

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Accounting for partnerships is very important to help ensure that profits/losses end up getting distributed correctly and each person knows the value of his or her investment.

Further this is explained as follows :-

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