Loose Leaf for Fundamental Accounting Principles
Loose Leaf for Fundamental Accounting Principles
23rd Edition
ISBN: 9781259687709
Author: John J Wild, Ken Shaw Accounting Professor, Barbara Chiappetta Fundamental Accounting Principles
Publisher: McGraw-Hill Education
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Chapter 12, Problem 1BPSB
To determine

Concept Introduction:

Partnership: Partnership is one of the types of business origination. Under the partnership, two or more individuals agree to form a business together and share losses and profits in the predetermined ratio.

Formation of Partnership: A partnership is formed by two or more individuals together. Partners bring their contribution to the firm, which is called capital. Journal entries are prepared to record the contribution of partners.

To prepare: The Journal entry to record the partner’s investment in the firm.

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