Acetone dissolves in water, and there is minimal chemical reaction involved. As acetone is dissolved in water, hydrogen bonds form between the molecules of water and acetone. The hydrogen bonds are what keeps the acetone dissolved in the water.
When acetone is completely dissolved in water, any sample of the solution delivers equal parts acetone and water. Sometimes, dissolving acetone in water creates the appearance of bubbles. The bubbles are likely not an indication of the chemical reaction. Bubbles may be introduced through air that is trapped in the solution when acetone is poured into the water. Some solutions bubble because the chemical reaction between ingredients generates enough heat to boil; this is not the case with acetone and water.