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.

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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 S.

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subject: general accounting question

Nicole organized a new corporation. The corporation began business on April 1 of year 1. She made the following expenditures associated with getting the corporation started: Expense Date Amount Attorney fees for articles of incorporation February 10 $ 40,500 March 1-March 30 wages March 30 6,550 March 1-March 30 rent Stock issuance costs March 30 2,850 April 1-May 30 wages Note: Leave no answer blank. Enter zero if applicable. April 1 May 30 24,000 16,375 a. What is the total amount of the start-up costs and organizational expenditures for Nicole's corporation? Start-up costs Organizational expenditures

What is the return on investment of this financial accounting question?

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 S.

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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 S.

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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 S.

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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 S.

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 S.

Answer 9

(b)

To determine

To provide: The journal entry to admit S.

Answer 10

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Answer 11

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Answer 12

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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

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

Concept explainers

To provide: The journal entry to admit S.

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Chapter 12 Solutions