Partnership It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio. Forming a Partnership While forming the partnership, the contribution of assets by partners are debited to the partnership assets account; whereas the liabilities of the partnerships are credited to the partnership’s liabilities account, and the net amount of the investments of partners are credited to the partners’ individual capital account. (a) and (b) To record: The journal entry by the partnership, when the sale price is $60,000 and $80,000.

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Answer 1

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Chapter 12, Problem 12.10EX

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

Forming a Partnership

While forming the partnership, the contribution of assets by partners are debited to the partnership assets account; whereas the liabilities of the partnerships are credited to the partnership’s liabilities account, and the net amount of the investments of partners are credited to the partners’ individual capital account.

(a) and (b)

To record: The journal entry by the partnership, when the sale price is $60,000 and $80,000.

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Answer 2

Question

Chapter 12, Problem 12.10EX

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

Forming a Partnership

While forming the partnership, the contribution of assets by partners are debited to the partnership assets account; whereas the liabilities of the partnerships are credited to the partnership’s liabilities account, and the net amount of the investments of partners are credited to the partners’ individual capital account.

(a) and (b)

To record: The journal entry by the partnership, when the sale price is $60,000 and $80,000.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 12, Problem 12.10EX

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

Forming a Partnership

While forming the partnership, the contribution of assets by partners are debited to the partnership assets account; whereas the liabilities of the partnerships are credited to the partnership’s liabilities account, and the net amount of the investments of partners are credited to the partners’ individual capital account.

(a) and (b)

To record: The journal entry by the partnership, when the sale price is $60,000 and $80,000.

Expert Solution & Answer

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Answer 4

Question

Chapter 12, Problem 12.10EX

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

Forming a Partnership

While forming the partnership, the contribution of assets by partners are debited to the partnership assets account; whereas the liabilities of the partnerships are credited to the partnership’s liabilities account, and the net amount of the investments of partners are credited to the partners’ individual capital account.

(a) and (b)

To record: The journal entry by the partnership, when the sale price is $60,000 and $80,000.

Expert Solution & Answer

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Answer 5

Chapter 12, Problem 12.10EX

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

Forming a Partnership

While forming the partnership, the contribution of assets by partners are debited to the partnership assets account; whereas the liabilities of the partnerships are credited to the partnership’s liabilities account, and the net amount of the investments of partners are credited to the partners’ individual capital account.

(a) and (b)

To record: The journal entry by the partnership, when the sale price is $60,000 and $80,000.

Answer 6

Chapter 12, Problem 12.10EX

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

Forming a Partnership

While forming the partnership, the contribution of assets by partners are debited to the partnership assets account; whereas the liabilities of the partnerships are credited to the partnership’s liabilities account, and the net amount of the investments of partners are credited to the partners’ individual capital account.

(a) and (b)

To record: The journal entry by the partnership, when the sale price is $60,000 and $80,000.

Answer 7

Chapter 12, Problem 12.10EX

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

Forming a Partnership

While forming the partnership, the contribution of assets by partners are debited to the partnership assets account; whereas the liabilities of the partnerships are credited to the partnership’s liabilities account, and the net amount of the investments of partners are credited to the partners’ individual capital account.

(a) and (b)

To record: The journal entry by the partnership, when the sale price is $60,000 and $80,000.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 12 - Prob. 1DQ Ch. 12 - Prob. 2DQ Ch. 12 - Prob. 3DQ Ch. 12 - Prob. 4DQ Ch. 12 - Prob. 5DQ Ch. 12 - Prob. 6DQ Ch. 12 - Prob. 7DQ Ch. 12 - Prob. 8DQ Ch. 12 - Prob. 9DQ Ch. 12 - Prob. 10DQ

Solution Summary: The author explains that partnerships are owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

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Chapter 12 Solutions