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 Requirements: 1 To prepare: The Journal entries for the addmission of Young as a partner on July 31 when Young pays Longval $ 168,000 cash to purchase Longvals interest.

Question

Want to see the full answer?

Answer 1

Question

Chapter 12, Problem P12.26APGA

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

Requirements: 1

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when Young pays Longval $ 168,000 cash to purchase Longvals interest.

To determine

Requirements: 2

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when Young contributes $84,000 to the partnership, acquiring a ¼ interest in the business.

To determine

Requirements: 3

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when

Young contributes $ 84,000 to the partnership , acquiring a 1/6 interest in the business.

To determine

Requirements: 4

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when

Young contributes $ 84,000 to the partnership , acquiring a 1/3 interest of the business.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Hii ticher please give me correct solution general Accounting question

What is the value of current liabilities?

What is the rate of return for the investor on these financial accounting question?

Answer 2

Question

Chapter 12, Problem P12.26APGA

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

Requirements: 1

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when Young pays Longval $ 168,000 cash to purchase Longvals interest.

To determine

Requirements: 2

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when Young contributes $84,000 to the partnership, acquiring a ¼ interest in the business.

To determine

Requirements: 3

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when

Young contributes $ 84,000 to the partnership , acquiring a 1/6 interest in the business.

To determine

Requirements: 4

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when

Young contributes $ 84,000 to the partnership , acquiring a 1/3 interest of the business.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 12, Problem P12.26APGA

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

Requirements: 1

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when Young pays Longval $ 168,000 cash to purchase Longvals interest.

To determine

Requirements: 2

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when Young contributes $84,000 to the partnership, acquiring a ¼ interest in the business.

To determine

Requirements: 3

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when

Young contributes $ 84,000 to the partnership , acquiring a 1/6 interest in the business.

To determine

Requirements: 4

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when

Young contributes $ 84,000 to the partnership , acquiring a 1/3 interest of the business.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 12, Problem P12.26APGA

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

Requirements: 1

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when Young pays Longval $ 168,000 cash to purchase Longvals interest.

To determine

Requirements: 2

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when Young contributes $84,000 to the partnership, acquiring a ¼ interest in the business.

To determine

Requirements: 3

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when

Young contributes $ 84,000 to the partnership , acquiring a 1/6 interest in the business.

To determine

Requirements: 4

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when

Young contributes $ 84,000 to the partnership , acquiring a 1/3 interest of the business.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 12, Problem P12.26APGA

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

Requirements: 1

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when Young pays Longval $ 168,000 cash to purchase Longvals interest.

To determine

Requirements: 2

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when Young contributes $84,000 to the partnership, acquiring a ¼ interest in the business.

To determine

Requirements: 3

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when

Young contributes $ 84,000 to the partnership , acquiring a 1/6 interest in the business.

To determine

Requirements: 4

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when

Young contributes $ 84,000 to the partnership , acquiring a 1/3 interest of the business.

Answer 6

Chapter 12, Problem P12.26APGA

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

Requirements: 1

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when Young pays Longval $ 168,000 cash to purchase Longvals interest.

Answer 7

Chapter 12, Problem P12.26APGA

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

Requirements: 1

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when Young pays Longval $ 168,000 cash to purchase Longvals interest.

Answer 8

To determine

Requirements: 2

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when Young contributes $84,000 to the partnership, acquiring a ¼ interest in the business.

Answer 9

To determine

Requirements: 2

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when Young contributes $84,000 to the partnership, acquiring a ¼ interest in the business.

Answer 10

To determine

Requirements: 3

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when

Young contributes $ 84,000 to the partnership , acquiring a 1/6 interest in the business.

Answer 11

To determine

Requirements: 3

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when

Young contributes $ 84,000 to the partnership , acquiring a 1/6 interest in the business.

Answer 12

To determine

Requirements: 4

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when

Young contributes $ 84,000 to the partnership , acquiring a 1/3 interest of the business.

Answer 13

To determine

Requirements: 4

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when

Young contributes $ 84,000 to the partnership , acquiring a 1/3 interest of the business.

Answer 14

Expert Solution & Answer

Answer 15

Expert Solution & Answer

Answer 16

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 17

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

Requirements: 2

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when Young contributes $84,000 to the partnership, acquiring a ¼ interest in the business.

Requirements: 3

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when

Young contributes $ 84,000 to the partnership , acquiring a 1/6 interest in the business.

Requirements: 4

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when

Young contributes $ 84,000 to the partnership , acquiring a 1/3 interest of the business.

Want to see the full answer?

Chapter 12 Solutions

Concept explainers

Requirements: 2 To prepare: The Journal entries for the addmission of Young as a partner on July 31 when Young contributes $84,000 to the partnership, acquiring a ¼ interest in the business.

Requirements: 3 To prepare: The Journal entries for the addmission of Young as a partner on July 31 when Young contributes $ 84,000 to the partnership , acquiring a 1/6 interest in the business.

Requirements: 4 To prepare: The Journal entries for the addmission of Young as a partner on July 31 when Young contributes $ 84,000 to the partnership , acquiring a 1/3 interest of the business.

Want to see the full answer?

Chapter 12 Solutions

Requirements: 2

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when Young contributes $84,000 to the partnership, acquiring a ¼ interest in the business.

Requirements: 3

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when

Young contributes $ 84,000 to the partnership , acquiring a 1/6 interest in the business.

Requirements: 4

To prepare: The Journal entries for the addmission of Young as a partner on July 31 when

Young contributes $ 84,000 to the partnership , acquiring a 1/3 interest of the business.