
Partners entered in the business on the basis of terms and conditions like capital contributed and profit or loss sharing ratio etc. The Accounting of Partnership firm after taking care of these terms and conditions shall be done. The various
Requirement1:
TheJournal entries for initial contributions shall be determined.
Requirement 2:
The Partnership
Requirement 3:
The Journal entries required for closing the revenues and withdrawals account shall be determined.

Want to see the full answer?
Check out a sample textbook solution
Chapter 12 Solutions
Horngren's Accounting, The Financial Chapters, Student Value Edition Plus MyLab Accounting with Pearson eText - Access Card Package (12th Edition)
- Need answerarrow_forwardWhat is his effective rate of this financial accounting question? Please answer do fastarrow_forward(a) A property lease includes a requirement that the premises are to be repaintedevery five years and the future cost is estimated at $100,000. The lessee prefers tospread the cost over the five years by charging $$20,000 against profits each year.Thereby creating a provision of $100,000 in five years’ time and affecting profitsequally each year.Requirement:Was it correct for the lessee to provide for this cost? Explain your decision(b) A retail store has a policy of refunding purchases by dissatisfied customers, eventhough it is under no legal obligation. Its policy of making refunds is generallyknown.Requirements:Should a provision be made at year endarrow_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:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education





