Activity 2. NeoZone Partnership You are a bookkeeper at the accounting firm Complete Business Services. You have a new client, a partnership, called NeoZone for Kids. 2.1 Review the provided Partnership Agreement for NeoZone for Kids (file: FNSACC414_NeoZone Partnership Agreement). Use the information in the partnership agreement to prepare the journal entries to record the capital contributed by the partners. General Journal of NeoZone for Kids Date Particulars Capital introduced by James Capital introduced by Leona Capital introduced by Brady Debit Credit Capital Contributions 6. Each of the Partners has contributed to the capital of the Partnership, in cash or property in agreed upon value as follows (the "Capital Contribution"): Partner Contribution Description Agreed Value James Cross Cash $15,000 $15,000 AUD Leona Riley Cash $10,000 Computer equipment $5,000 $15,000 AUD Brady Chan Cash $15,000 $15,000 AUD
Activity 2. NeoZone Partnership You are a bookkeeper at the accounting firm Complete Business Services. You have a new client, a partnership, called NeoZone for Kids. 2.1 Review the provided Partnership Agreement for NeoZone for Kids (file: FNSACC414_NeoZone Partnership Agreement). Use the information in the partnership agreement to prepare the journal entries to record the capital contributed by the partners. General Journal of NeoZone for Kids Date Particulars Capital introduced by James Capital introduced by Leona Capital introduced by Brady Debit Credit Capital Contributions 6. Each of the Partners has contributed to the capital of the Partnership, in cash or property in agreed upon value as follows (the "Capital Contribution"): Partner Contribution Description Agreed Value James Cross Cash $15,000 $15,000 AUD Leona Riley Cash $10,000 Computer equipment $5,000 $15,000 AUD Brady Chan Cash $15,000 $15,000 AUD
Chapter21: Partnerships
Section: Chapter Questions
Problem 5RP
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Transcribed Image Text:Activity 2. NeoZone Partnership
You are a bookkeeper at the accounting firm Complete Business Services. You have a new client, a
partnership, called NeoZone for Kids.
2.1 Review the provided Partnership Agreement for NeoZone for Kids (file: FNSACC414_NeoZone
Partnership Agreement).
Use the information in the partnership agreement to prepare the journal entries to record the capital
contributed by the partners.
General Journal of NeoZone for Kids
Date
Particulars
Capital introduced by James
Capital introduced by Leona
Capital introduced by Brady
Debit
Credit
Transcribed Image Text:Capital Contributions
6. Each of the Partners has contributed to the capital of the Partnership, in cash or property in
agreed upon value as follows (the "Capital Contribution"):
Partner
Contribution Description
Agreed Value
James Cross
Cash $15,000
$15,000 AUD
Leona Riley
Cash $10,000 Computer equipment $5,000
$15,000 AUD
Brady Chan
Cash $15,000
$15,000 AUD
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