Admission of P means the new partner enters in to partnership firm sharing the profits or losses with the old partners in some agreed ratio. On admission of partner, the amount of equity shall be brought by him and the treatment needs to be made for the amount brought. Requirement1: TheJournal entries required at purchase of share from the retiring partner.

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Answer 1

Question

Chapter 12, Problem P12.26APGA

To determine

Admission of P means the new partner enters in to partnership firm sharing the profits or losses with the old partners in some agreed ratio. On admission of partner, the amount of equity shall be brought by him and the treatment needs to be made for the amount brought.

Requirement1:

TheJournal entries required at purchase of share from the retiring partner.

To determine

Requirement 2:

The Journal entry for amount contributing equal to share of profits by new partner.

To determine

Requirement 3:

The Journal entry for the amount contributed by new partner in excess of his share of profits.

To determine

Requirement 4:

The Journal entry for amount contributed by new partner lower than the amount as per income sharing ratio.

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choose 4 nuber from 1 to 5 with repetitions allowed to create the largest standard deviation posiible

1. Stampede Company has two service departments — purchasing and maintenance, and two production departments — fabrication and assembly. The distribution of each service department's efforts to the other departments is shown below: FROM TO Purchasing Maintenance Fabrication Assembly Purchasing 0% 45% 45% 10% Maintenance 55% 0% 30% 15% The direct operating costs of the departments (including both variable and fixed costs) were as follows: Purchasing $ 138,000 Maintenance 60,000 Fabrication 114,000 Assembly 90,000 The total cost accumulated in the fabrication department using the direct method is: 2. Bifurcator Company produces three products — X, Y, and Z — from a joint process. Each product may be sold at the split-off point or processed further. Additional processing requires no special facilities, and production costs of further processing are entirely variable and traceable to the products involved. Last year all three products were processed beyond…

Answer 2

Question

Chapter 12, Problem P12.26APGA

To determine

Admission of P means the new partner enters in to partnership firm sharing the profits or losses with the old partners in some agreed ratio. On admission of partner, the amount of equity shall be brought by him and the treatment needs to be made for the amount brought.

Requirement1:

TheJournal entries required at purchase of share from the retiring partner.

To determine

Requirement 2:

The Journal entry for amount contributing equal to share of profits by new partner.

To determine

Requirement 3:

The Journal entry for the amount contributed by new partner in excess of his share of profits.

To determine

Requirement 4:

The Journal entry for amount contributed by new partner lower than the amount as per income sharing ratio.

Expert Solution & Answer

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Answer 3

Question

Chapter 12, Problem P12.26APGA

To determine

Admission of P means the new partner enters in to partnership firm sharing the profits or losses with the old partners in some agreed ratio. On admission of partner, the amount of equity shall be brought by him and the treatment needs to be made for the amount brought.

Requirement1:

TheJournal entries required at purchase of share from the retiring partner.

To determine

Requirement 2:

The Journal entry for amount contributing equal to share of profits by new partner.

To determine

Requirement 3:

The Journal entry for the amount contributed by new partner in excess of his share of profits.

To determine

Requirement 4:

The Journal entry for amount contributed by new partner lower than the amount as per income sharing ratio.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 4

Question

Chapter 12, Problem P12.26APGA

To determine

Admission of P means the new partner enters in to partnership firm sharing the profits or losses with the old partners in some agreed ratio. On admission of partner, the amount of equity shall be brought by him and the treatment needs to be made for the amount brought.

Requirement1:

TheJournal entries required at purchase of share from the retiring partner.

To determine

Requirement 2:

The Journal entry for amount contributing equal to share of profits by new partner.

To determine

Requirement 3:

The Journal entry for the amount contributed by new partner in excess of his share of profits.

To determine

Requirement 4:

The Journal entry for amount contributed by new partner lower than the amount as per income sharing ratio.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 5

Chapter 12, Problem P12.26APGA

To determine

Admission of P means the new partner enters in to partnership firm sharing the profits or losses with the old partners in some agreed ratio. On admission of partner, the amount of equity shall be brought by him and the treatment needs to be made for the amount brought.

Requirement1:

TheJournal entries required at purchase of share from the retiring partner.

To determine

Requirement 2:

The Journal entry for amount contributing equal to share of profits by new partner.

To determine

Requirement 3:

The Journal entry for the amount contributed by new partner in excess of his share of profits.

To determine

Requirement 4:

The Journal entry for amount contributed by new partner lower than the amount as per income sharing ratio.

Answer 6

Chapter 12, Problem P12.26APGA

To determine

Admission of P means the new partner enters in to partnership firm sharing the profits or losses with the old partners in some agreed ratio. On admission of partner, the amount of equity shall be brought by him and the treatment needs to be made for the amount brought.

Requirement1:

TheJournal entries required at purchase of share from the retiring partner.

Answer 7

Chapter 12, Problem P12.26APGA

To determine

Admission of P means the new partner enters in to partnership firm sharing the profits or losses with the old partners in some agreed ratio. On admission of partner, the amount of equity shall be brought by him and the treatment needs to be made for the amount brought.

Requirement1:

TheJournal entries required at purchase of share from the retiring partner.

Answer 8

To determine

Requirement 2:

The Journal entry for amount contributing equal to share of profits by new partner.

Answer 9

To determine

Requirement 2:

The Journal entry for amount contributing equal to share of profits by new partner.

Answer 10

To determine

Requirement 3:

The Journal entry for the amount contributed by new partner in excess of his share of profits.

Answer 11

To determine

Requirement 3:

The Journal entry for the amount contributed by new partner in excess of his share of profits.

Answer 12

To determine

Requirement 4:

The Journal entry for amount contributed by new partner lower than the amount as per income sharing ratio.

Answer 13

To determine

Requirement 4:

The Journal entry for amount contributed by new partner lower than the amount as per income sharing ratio.

Answer 14

Expert Solution & Answer

Answer 15

Expert Solution & Answer

Answer 16

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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

Requirement 2:

The Journal entry for amount contributing equal to share of profits by new partner.

Requirement 3:

The Journal entry for the amount contributed by new partner in excess of his share of profits.

Requirement 4:

The Journal entry for amount contributed by new partner lower than the amount as per income sharing ratio.

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Chapter 12 Solutions

Concept explainers

Requirement 2: The Journal entry for amount contributing equal to share of profits by new partner.

Requirement 3: The Journal entry for the amount contributed by new partner in excess of his share of profits.

Requirement 4: The Journal entry for amount contributed by new partner lower than the amount as per income sharing ratio.

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Chapter 12 Solutions

Requirement 2:

The Journal entry for amount contributing equal to share of profits by new partner.

Requirement 3:

The Journal entry for the amount contributed by new partner in excess of his share of profits.

Requirement 4:

The Journal entry for amount contributed by new partner lower than the amount as per income sharing ratio.