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Accounting forAdmission of partner from firm:
The Accounting for admission of partner in the firm requires that the amount brought in by incoming partner shall be treated properly. The same shall be done based on following situation:
When the incoming partner takes his share of equity from individual partner by paying him money: In such situation, the incoming partner pay the amount to an individual partner to transfer his
When the amount paid is according to total capital on the basis of shares acquired: The amount brought in by incoming partner is equal to capital amount which should have been brought in computed on the basis of total capital and his share of profit acquired, the simple
When the amount paid is more than capital which should have been paid: The amount of capital brought in is more than the amount of capital which should have been based on total capital of firm and profit acquired. The difference amount is bonus to old partners to be distributed among them in profit sharing ratio.
When the amount paid is less than capital which should have been paid: The amount of capital brought in is less than the amount of capital which should have been based on total capital of firm and profit acquired. The difference amount is bonus to incoming partners to be charged from old partners in profit sharing ratio.
Requirement 1-a:
Thecomputation of capital accounts balances after admission.
Requirement 1-b:
The computation of capital accounts balances after admission.
Requirement 1-c:
The computation of capital accounts balances after admission.
Requirement 2-a:
The Journal entry for the admission of partner.
Requirement 2-b:
The Journal entry for the admission of partner.
Requirement 2-c:
The Journal entry for the admission of partner.
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