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. To record: The journal entry for N’s admission to the partnership, who receives a bonus of $5,000.

Question

General Accounting Question 2.1

Answer 1

Question

Chapter 12, Problem 12.11EX

a.

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.

To record: The journal entry for N’s admission to the partnership, who receives a bonus of $5,000.

(b)

To determine

The capital balance of each partner after the admission of the new partner.

(c)

To determine

To explain: The reason of adjusting tangible assets prior to the admission of new partner.

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General Accounting Question 2.1

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Answer 2

Question

Chapter 12, Problem 12.11EX

a.

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.

To record: The journal entry for N’s admission to the partnership, who receives a bonus of $5,000.

(b)

To determine

The capital balance of each partner after the admission of the new partner.

(c)

To determine

To explain: The reason of adjusting tangible assets prior to the admission of new partner.

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Answer 3

Question

Chapter 12, Problem 12.11EX

a.

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.

To record: The journal entry for N’s admission to the partnership, who receives a bonus of $5,000.

(b)

To determine

The capital balance of each partner after the admission of the new partner.

(c)

To determine

To explain: The reason of adjusting tangible assets prior to the admission of new partner.

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Answer 4

Question

Chapter 12, Problem 12.11EX

a.

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.

To record: The journal entry for N’s admission to the partnership, who receives a bonus of $5,000.

(b)

To determine

The capital balance of each partner after the admission of the new partner.

(c)

To determine

To explain: The reason of adjusting tangible assets prior to the admission of new partner.

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Answer 5

Chapter 12, Problem 12.11EX

a.

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.

To record: The journal entry for N’s admission to the partnership, who receives a bonus of $5,000.

(b)

To determine

The capital balance of each partner after the admission of the new partner.

(c)

To determine

To explain: The reason of adjusting tangible assets prior to the admission of new partner.

Answer 6

Chapter 12, Problem 12.11EX

a.

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.

To record: The journal entry for N’s admission to the partnership, who receives a bonus of $5,000.

Answer 7

Chapter 12, Problem 12.11EX

a.

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.

To record: The journal entry for N’s admission to the partnership, who receives a bonus of $5,000.

Answer 8

(b)

To determine

The capital balance of each partner after the admission of the new partner.

Answer 9

(b)

To determine

The capital balance of each partner after the admission of the new partner.

Answer 10

(c)

To determine

To explain: The reason of adjusting tangible assets prior to the admission of new partner.

Answer 11

(c)

To determine

To explain: The reason of adjusting tangible assets prior to the admission of new partner.

Answer 12

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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

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. To record: The journal entry for N’s admission to the partnership, who receives a bonus of $5,000.

Concept explainers

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.

To record: The journal entry for N’s admission to the partnership, who receives a bonus of $5,000.

The capital balance of each partner after the admission of the new partner.

To explain: The reason of adjusting tangible assets prior to the admission of new partner.

Chapter 12 Solutions