Assume that Partner Z invested $104,551 in cash to join the partnership. What would be the increase in Partner X's capital under the bonus method? (Round to the nearest dollar).Please dont give solutions in image thnx Use the following information for the next FIVE itemsThe following facts were available about the XY Partnership on January 1st 2021ExistingPartnersXYCapitalBalance$70,000130,000Percentage InterestCapital35%65inProfit25%75On that date, Partner Z was admitted and acquired a 30 percent interest in thepartnership capital and profit and losses. Answer the following independentcases about the admission of Partner Z.

Partnership is a form of business in which two or more people decide to operate a business and agree…

Answered: The following facts were available…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Assume that Partner Z invested $104,551 in cash to join the partnership. What would be the increase in Partner X's capital under the bonus method? (Round to the nearest dollar).

Please dont give solutions in image thnx

Use the following information for the next FIVE items
The following facts were available about the XY Partnership on January 1st 2021
Existing
Partners
X
Y
Capital
Balance
$70,000
130,000
Percentage Interest
Capital
35%
65
in
Profit
25%
75
On that date, Partner Z was admitted and acquired a 30 percent interest in the
partnership capital and profit and losses. Answer the following independent
cases about the admission of Partner Z.

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement 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, and drawings of a partner.

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