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 Requirement-1: To prepare: The journal entry to record admission of new partner Adison investing $90,000

Question

Want to see the full answer?

Answer 1

Question

Chapter 12, Problem 8E

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

Requirement-1:

To prepare: The journal entry to record admission of new partner Adison investing $90,000

To determine

Requirement-2:

To prepare: The journal entry to record admission of new partner Adison investing $120,000

To determine

Requirement-3:

To prepare: The journal entry to record admission of new partner Adison investing $80,000

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

What is the unit contribution margin of this general accounting question?

How much cash is received for accrued interest on May 1 by the bond issuer on these financial accounting question?

Provide solution this financial accounting question

Answer 2

Question

Chapter 12, Problem 8E

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

Requirement-1:

To prepare: The journal entry to record admission of new partner Adison investing $90,000

To determine

Requirement-2:

To prepare: The journal entry to record admission of new partner Adison investing $120,000

To determine

Requirement-3:

To prepare: The journal entry to record admission of new partner Adison investing $80,000

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 12, Problem 8E

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

Requirement-1:

To prepare: The journal entry to record admission of new partner Adison investing $90,000

To determine

Requirement-2:

To prepare: The journal entry to record admission of new partner Adison investing $120,000

To determine

Requirement-3:

To prepare: The journal entry to record admission of new partner Adison investing $80,000

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 12, Problem 8E

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

Requirement-1:

To prepare: The journal entry to record admission of new partner Adison investing $90,000

To determine

Requirement-2:

To prepare: The journal entry to record admission of new partner Adison investing $120,000

To determine

Requirement-3:

To prepare: The journal entry to record admission of new partner Adison investing $80,000

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 12, Problem 8E

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

Requirement-1:

To prepare: The journal entry to record admission of new partner Adison investing $90,000

To determine

Requirement-2:

To prepare: The journal entry to record admission of new partner Adison investing $120,000

To determine

Requirement-3:

To prepare: The journal entry to record admission of new partner Adison investing $80,000

Answer 6

Chapter 12, Problem 8E

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

Requirement-1:

To prepare: The journal entry to record admission of new partner Adison investing $90,000

Answer 7

Chapter 12, Problem 8E

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

Requirement-1:

To prepare: The journal entry to record admission of new partner Adison investing $90,000

Answer 8

To determine

Requirement-2:

To prepare: The journal entry to record admission of new partner Adison investing $120,000

Answer 9

To determine

Requirement-2:

To prepare: The journal entry to record admission of new partner Adison investing $120,000

Answer 10

To determine

Requirement-3:

To prepare: The journal entry to record admission of new partner Adison investing $80,000

Answer 11

To determine

Requirement-3:

To prepare: The journal entry to record admission of new partner Adison investing $80,000

Answer 12

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 15

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

Requirement-2:

To prepare: The journal entry to record admission of new partner Adison investing $120,000

Requirement-3:

To prepare: The journal entry to record admission of new partner Adison investing $80,000

Want to see the full answer?

Chapter 12 Solutions

Concept explainers

Requirement-2: To prepare: The journal entry to record admission of new partner Adison investing $120,000

Requirement-3: To prepare: The journal entry to record admission of new partner Adison investing $80,000

Want to see the full answer?

Chapter 12 Solutions

Requirement-2:

To prepare: The journal entry to record admission of new partner Adison investing $120,000

Requirement-3:

To prepare: The journal entry to record admission of new partner Adison investing $80,000