Videos
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.
Trending nowThis is a popular solution!
Chapter 12 Solutions
ACCOUNTING PRINCIPLES 122 5/16 >C<
- Bridgestone Manufacturing Company's manufacturing overhead is 70% of its total conversion costs. If direct labor is $45,000 and direct materials are $28,000, what is the manufacturing overhead?arrow_forwardWhat is the compliance ratearrow_forwardGreen Tech Industries disposed of an asset at the endarrow_forward
- The kitchen manager at Ruby Restaurant established portion control standards. Daily rice preparation shows 45kg cooked from 15kg raw, against standard yield of 2.8kg cooked per 1kg raw. Kitchen supervisor needs to identify production efficiency. [5 points Financial Accounting]arrow_forwardWW Office Solutions implemented a new supply requisition system. Departments must submit requests by Thursday for next week, maintain minimum 20% buffer stock, and obtain supervisor approval for urgent orders. From 85 total requisitions last month, 65 followed timeline, 72 maintained proper buffer, and 58 met both conditions. What is the compliance rate? Answer this Questionarrow_forwardGet correct solution this financial accounting question without use Aiarrow_forward
- Accurate Answerarrow_forwardPlease answer the financial accounting question not use aiarrow_forwardGreenfield Corp., which owes Oakwood Inc. $750,000 in notes payable with accrued interest of $60,000, is experiencing financial difficulties. To settle the debt, Oakwood agrees to accept from Greenfield machinery with a fair value of $700,000, an original cost of $900,000, and accumulated depreciation of $240,000. Requirements: Compute the gain or loss on the transfer of machinery.arrow_forward
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education