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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