Accounting for Contributions made by partners in firm: The Accounting for contributions made by the partners in the firm is done on the basis of fair market value of the assets brought in by each partner along with the cash amount and also the net estimated value of personal liabilities of the partners assumed to be taken over the by the firm. The Treatment is made by debiting the assets brought in by each partner at the respective fair market value of assets and liabilities shall also be credited for estimated value of its payment and balance shall be credited to respective partner capital account that has brought in the assets and liabilities. Requirement1: The Journal entries for the contribution made by Fabio.

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Answer 1

Question

Chapter 12, Problem E12.15E

To determine

Accounting for Contributions made by partners in firm:

The Accounting for contributions made by the partners in the firm is done on the basis of fair market value of the assets brought in by each partner along with the cash amount and also the net estimated value of personal liabilities of the partners assumed to be taken over the by the firm.

The Treatment is made by debiting the assets brought in by each partner at the respective fair market value of assets and liabilities shall also be credited for estimated value of its payment and balance shall be credited to respective partner capital account that has brought in the assets and liabilities.

Requirement1:

The Journal entries for the contribution made by Fabio.

To determine

Requirement1:

The Journal entries for the contribution made by Motts.

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Answer 2

Question

Chapter 12, Problem E12.15E

To determine

Accounting for Contributions made by partners in firm:

The Accounting for contributions made by the partners in the firm is done on the basis of fair market value of the assets brought in by each partner along with the cash amount and also the net estimated value of personal liabilities of the partners assumed to be taken over the by the firm.

The Treatment is made by debiting the assets brought in by each partner at the respective fair market value of assets and liabilities shall also be credited for estimated value of its payment and balance shall be credited to respective partner capital account that has brought in the assets and liabilities.

Requirement1:

The Journal entries for the contribution made by Fabio.

To determine

Requirement1:

The Journal entries for the contribution made by Motts.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 3

Question

Chapter 12, Problem E12.15E

To determine

Accounting for Contributions made by partners in firm:

The Accounting for contributions made by the partners in the firm is done on the basis of fair market value of the assets brought in by each partner along with the cash amount and also the net estimated value of personal liabilities of the partners assumed to be taken over the by the firm.

The Treatment is made by debiting the assets brought in by each partner at the respective fair market value of assets and liabilities shall also be credited for estimated value of its payment and balance shall be credited to respective partner capital account that has brought in the assets and liabilities.

Requirement1:

The Journal entries for the contribution made by Fabio.

To determine

Requirement1:

The Journal entries for the contribution made by Motts.

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Answer 4

Question

Chapter 12, Problem E12.15E

To determine

Accounting for Contributions made by partners in firm:

The Accounting for contributions made by the partners in the firm is done on the basis of fair market value of the assets brought in by each partner along with the cash amount and also the net estimated value of personal liabilities of the partners assumed to be taken over the by the firm.

The Treatment is made by debiting the assets brought in by each partner at the respective fair market value of assets and liabilities shall also be credited for estimated value of its payment and balance shall be credited to respective partner capital account that has brought in the assets and liabilities.

Requirement1:

The Journal entries for the contribution made by Fabio.

To determine

Requirement1:

The Journal entries for the contribution made by Motts.

Expert Solution & Answer

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Answer 5

Chapter 12, Problem E12.15E

To determine

Accounting for Contributions made by partners in firm:

The Accounting for contributions made by the partners in the firm is done on the basis of fair market value of the assets brought in by each partner along with the cash amount and also the net estimated value of personal liabilities of the partners assumed to be taken over the by the firm.

The Treatment is made by debiting the assets brought in by each partner at the respective fair market value of assets and liabilities shall also be credited for estimated value of its payment and balance shall be credited to respective partner capital account that has brought in the assets and liabilities.

Requirement1:

The Journal entries for the contribution made by Fabio.

To determine

Requirement1:

The Journal entries for the contribution made by Motts.

Answer 6

Chapter 12, Problem E12.15E

To determine

Accounting for Contributions made by partners in firm:

The Accounting for contributions made by the partners in the firm is done on the basis of fair market value of the assets brought in by each partner along with the cash amount and also the net estimated value of personal liabilities of the partners assumed to be taken over the by the firm.

The Treatment is made by debiting the assets brought in by each partner at the respective fair market value of assets and liabilities shall also be credited for estimated value of its payment and balance shall be credited to respective partner capital account that has brought in the assets and liabilities.

Requirement1:

The Journal entries for the contribution made by Fabio.

Answer 7

Chapter 12, Problem E12.15E

To determine

Accounting for Contributions made by partners in firm:

The Accounting for contributions made by the partners in the firm is done on the basis of fair market value of the assets brought in by each partner along with the cash amount and also the net estimated value of personal liabilities of the partners assumed to be taken over the by the firm.

The Treatment is made by debiting the assets brought in by each partner at the respective fair market value of assets and liabilities shall also be credited for estimated value of its payment and balance shall be credited to respective partner capital account that has brought in the assets and liabilities.

Requirement1:

The Journal entries for the contribution made by Fabio.

Answer 8

To determine

Requirement1:

The Journal entries for the contribution made by Motts.

Answer 9

To determine

Requirement1:

The Journal entries for the contribution made by Motts.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 12 - Prob. 1QC Ch. 12 - Prob. 2QC Ch. 12 - Prob. 3QC Ch. 12 - Which financial statement shows the changes in...Ch. 12 - Prob. 5QC Ch. 12 - Prob. 6QC Ch. 12 - Prob. 7QC Ch. 12 - Peter and Steve admit Meredith to their...Ch. 12 - Prob. 9QC Ch. 12 - Prob. 10QC

Concept explainers

Requirement1:

The Journal entries for the contribution made by Motts.

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Chapter 12 Solutions

Concept explainers

Requirement1: The Journal entries for the contribution made by Motts.

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Chapter 12 Solutions

Requirement1:

The Journal entries for the contribution made by Motts.