Textbook LO 15.2 On May 1, 2022, Dale and Ciara formed a partnership. Each contributed assets as under. Prepare a separate journal entry to record each partner's contributions. Cash Equipment, Cost Equipment, Accumulated Depreciation Accounts receivable Allowance for Doubtful Accounts Book Value Ciara 8,000 8,000 Dale 6,800 -1,200 2,300 -300 7,600 Fair Value Ciara 8,000 8,000 Dale 6,400 1,600 8,000
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
can you complete this with you calculations, i don't undertand it.
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LO
Textbook LO 15.2
On May 1, 2022, Dale and Ciara formed a partnership. Each contributed assets as
under. Prepare a separate journal entry to record each partner's contributions.
5
6
Cash
7 Equipment, Cost
8 Equipment, Accumulated Depreciation
9 Accounts receivable
10
Allowance for Doubtful Accounts
11
12
13
14
15
16
17
18
19
20
21
22
23
Cash
24
Equipment
25 Accounts Receivable
26
27
28
Date
May. 1
May. 1
Account Title
To record partner contribution
To record partner contribution
Ciara, Capital
Dale, Capital
Book Value
Ciara
8,000
8,000
Debit
Dale
6,800
-1,200
2,300
-300
7,600
Credit
Fair Value
Ciara
8,000
8,000
Dale
6,400
1,600
8,000"
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