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. Admission of a partner: An existing partnership may admit a new partner and a new partnership is formed. The accounting of admission of new partner depends upon the way of admission of the partner. A new partner may admit in an existing firm in following ways: By bringing a new asset or cash By purchasing the interest in partnership from existing partners of the firm By paying the bonus for the goodwill of the firm By receiving the bonus for goodwill To prepare: The journal entry for purchase of the partner’s interest

Question

Want to see the full answer?

Answer 1

Question

Chapter 12, Problem 7QS

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.

Admission of a partner: An existing partnership may admit a new partner and a new partnership is formed. The accounting of admission of new partner depends upon the way of admission of the partner. A new partner may admit in an existing firm in following ways:

By bringing a new asset or cash

By purchasing the interest in partnership from existing partners of the firm

By paying the bonus for the goodwill of the firm

By receiving the bonus for goodwill

To prepare: The journal entry for purchase of the partner’s interest

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Sales increase by 12% its net operating income should increase

None

Kindly help me with this General accounting questions not use chart gpt please fast given solution

Answer 2

Question

Chapter 12, Problem 7QS

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.

Admission of a partner: An existing partnership may admit a new partner and a new partnership is formed. The accounting of admission of new partner depends upon the way of admission of the partner. A new partner may admit in an existing firm in following ways:

By bringing a new asset or cash

By purchasing the interest in partnership from existing partners of the firm

By paying the bonus for the goodwill of the firm

By receiving the bonus for goodwill

To prepare: The journal entry for purchase of the partner’s interest

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 12, Problem 7QS

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.

Admission of a partner: An existing partnership may admit a new partner and a new partnership is formed. The accounting of admission of new partner depends upon the way of admission of the partner. A new partner may admit in an existing firm in following ways:

By bringing a new asset or cash

By purchasing the interest in partnership from existing partners of the firm

By paying the bonus for the goodwill of the firm

By receiving the bonus for goodwill

To prepare: The journal entry for purchase of the partner’s interest

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 12, Problem 7QS

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.

Admission of a partner: An existing partnership may admit a new partner and a new partnership is formed. The accounting of admission of new partner depends upon the way of admission of the partner. A new partner may admit in an existing firm in following ways:

By bringing a new asset or cash

By purchasing the interest in partnership from existing partners of the firm

By paying the bonus for the goodwill of the firm

By receiving the bonus for goodwill

To prepare: The journal entry for purchase of the partner’s interest

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 12, Problem 7QS

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.

Admission of a partner: An existing partnership may admit a new partner and a new partnership is formed. The accounting of admission of new partner depends upon the way of admission of the partner. A new partner may admit in an existing firm in following ways:

By bringing a new asset or cash

By purchasing the interest in partnership from existing partners of the firm

By paying the bonus for the goodwill of the firm

By receiving the bonus for goodwill

To prepare: The journal entry for purchase of the partner’s interest

Answer 6

Chapter 12, Problem 7QS

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.

Admission of a partner: An existing partnership may admit a new partner and a new partnership is formed. The accounting of admission of new partner depends upon the way of admission of the partner. A new partner may admit in an existing firm in following ways:

By bringing a new asset or cash

By purchasing the interest in partnership from existing partners of the firm

By paying the bonus for the goodwill of the firm

By receiving the bonus for goodwill

To prepare: The journal entry for purchase of the partner’s interest

Answer 7

Chapter 12, Problem 7QS

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.

Admission of a partner: An existing partnership may admit a new partner and a new partnership is formed. The accounting of admission of new partner depends upon the way of admission of the partner. A new partner may admit in an existing firm in following ways:

By bringing a new asset or cash

By purchasing the interest in partnership from existing partners of the firm

By paying the bonus for the goodwill of the firm

By receiving the bonus for goodwill

To prepare: The journal entry for purchase of the partner’s interest

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

Want to see the full answer?

Check out a sample textbook solution

See solution

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

Concept explainers

Want to see the full answer?

Chapter 12 Solutions