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. Revaluation of assets Prior to the admission of new partners in the firm, all assets of the firm are stated in the current value or in the adjusted value. Due to revaluation any net increase or decrease in the asset value is treated as revaluation profit and loss respectively. Revaluation profit or loss is shared among the existing partners. To provide: The journal entry for revaluation of Land.

Question

Want to see the full answer?

Answer 1

Question

Chapter 12, Problem 12.3APE

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.

Revaluation of assets

Prior to the admission of new partners in the firm, all assets of the firm are stated in the current value or in the adjusted value. Due to revaluation any net increase or decrease in the asset value is treated as revaluation profit and loss respectively. Revaluation profit or loss is shared among the existing partners.

To provide: The journal entry for revaluation of Land.

b.

To determine

To provide: The journal entry to admit R.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Financial accounting question

Bshshdhedhdhdhdhdbdhd

Hima company has a debt-equity ratio of

Answer 2

Question

Chapter 12, Problem 12.3APE

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.

Revaluation of assets

Prior to the admission of new partners in the firm, all assets of the firm are stated in the current value or in the adjusted value. Due to revaluation any net increase or decrease in the asset value is treated as revaluation profit and loss respectively. Revaluation profit or loss is shared among the existing partners.

To provide: The journal entry for revaluation of Land.

b.

To determine

To provide: The journal entry to admit R.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 12, Problem 12.3APE

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.

Revaluation of assets

Prior to the admission of new partners in the firm, all assets of the firm are stated in the current value or in the adjusted value. Due to revaluation any net increase or decrease in the asset value is treated as revaluation profit and loss respectively. Revaluation profit or loss is shared among the existing partners.

To provide: The journal entry for revaluation of Land.

b.

To determine

To provide: The journal entry to admit R.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 12, Problem 12.3APE

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.

Revaluation of assets

Prior to the admission of new partners in the firm, all assets of the firm are stated in the current value or in the adjusted value. Due to revaluation any net increase or decrease in the asset value is treated as revaluation profit and loss respectively. Revaluation profit or loss is shared among the existing partners.

To provide: The journal entry for revaluation of Land.

b.

To determine

To provide: The journal entry to admit R.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 12, Problem 12.3APE

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.

Revaluation of assets

Prior to the admission of new partners in the firm, all assets of the firm are stated in the current value or in the adjusted value. Due to revaluation any net increase or decrease in the asset value is treated as revaluation profit and loss respectively. Revaluation profit or loss is shared among the existing partners.

To provide: The journal entry for revaluation of Land.

b.

To determine

To provide: The journal entry to admit R.

Answer 6

Chapter 12, Problem 12.3APE

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.

Revaluation of assets

Prior to the admission of new partners in the firm, all assets of the firm are stated in the current value or in the adjusted value. Due to revaluation any net increase or decrease in the asset value is treated as revaluation profit and loss respectively. Revaluation profit or loss is shared among the existing partners.

To provide: The journal entry for revaluation of Land.

Answer 7

Chapter 12, Problem 12.3APE

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.

Revaluation of assets

Prior to the admission of new partners in the firm, all assets of the firm are stated in the current value or in the adjusted value. Due to revaluation any net increase or decrease in the asset value is treated as revaluation profit and loss respectively. Revaluation profit or loss is shared among the existing partners.

To provide: The journal entry for revaluation of Land.

Answer 8

b.

To determine

To provide: The journal entry to admit R.

Answer 9

b.

To determine

To provide: The journal entry to admit R.

Answer 10

Expert Solution & Answer

Answer 11

Expert Solution & Answer

Answer 12

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 13

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

Concept explainers

To provide: The journal entry to admit R.

Want to see the full answer?

Chapter 12 Solutions