Horngren's Accounting, Student Value Edition (12th Edition)
Horngren's Accounting, Student Value Edition (12th Edition)
12th Edition
ISBN: 9780134487151
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 12, Problem P12.33BPGB
To determine

Allocation of profits based on the agreed profit or loss sharing ratio and Statement of Partner’s Equity be maintained on the basis of allocation of profits and withdrawals being made by the partners.

Requirement1a:

The Allocation of losses incurred by the firm among the partners.

To determine

Requirement 1b:

The Allocation of profits among the partners need to be determined.

To determine

Requirement 2:

The statement showing the Partners Equity at the end of period shall be determined.

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FOOD BLON NVASIONTH a) b) A-27 Give journal entries, ledger accounts and Balance Sheets under the following methods of treatment of goodwill:- If goodwill is raised and written off. If goodwill is brought in cash and withdrawn from the business. (B.Com., Osm) (Ans. Balance Sheet total (under both methods of treatment 85,000) 16. C and D carrying on business in partnership and sharing profits 5/8 & 3/8th require a partner when their Balance Sheet stood as follows. Balance Sheet Liabilities Assets Creditors 10,000 Cash Reserve Fund 20,000 Debtors Capitals: Stock C 40,000 Investment D 20,000 60,000 Plant 90,000 2,400 20,000 10,000 7,600 50,000 90,000 They admit E into partnership giving him 1/8th share on the following terms: Stock to be depreciated by 20 per cent, a provision of 5 percent on debtors is to be made for doubtful debts, investments are to be brought in the new firm at an agreed value of 6,000 and Plant to be appreciated by 20 per cent. E brings in 16,000 as his share of…

Chapter 12 Solutions

Horngren's Accounting, Student Value Edition (12th Edition)

Ch. 12 - Prob. 1RQCh. 12 - Prob. 2RQCh. 12 - Prob. 3RQCh. 12 - Prob. 4RQCh. 12 - Prob. 5RQCh. 12 - Prob. 6RQCh. 12 - Prob. 7RQCh. 12 - Prob. 8RQCh. 12 - Prob. 9RQCh. 12 - Prob. 10RQCh. 12 - Prob. 11RQCh. 12 - Prob. 12RQCh. 12 - Prob. 13RQCh. 12 - Prob. 14RQCh. 12 - Prob. 15RQCh. 12 - What are the three steps involved in liquidation...Ch. 12 - Prob. 17RQCh. 12 - Prob. S12.1SECh. 12 - Prob. S12.2SECh. 12 - Prob. S12.3SECh. 12 - Prob. S12.4SECh. 12 - Prob. S12.5SECh. 12 - S12-6 Accounting for the admission of a new...Ch. 12 - Accounting for the admission of a new partner...Ch. 12 - Prob. S12.8SECh. 12 - Prob. S12.9SECh. 12 - Prob. S12.10SECh. 12 - Prob. S12.11SECh. 12 - Prob. S12.12SECh. 12 - Prob. E12.13ECh. 12 - Prob. E12.14ECh. 12 - Prob. E12.15ECh. 12 - Prob. E12.16ECh. 12 - Prob. E12.17ECh. 12 - Prob. E12.18ECh. 12 - Prob. E12.19ECh. 12 - Prob. E12.20ECh. 12 - Prob. E12.21ECh. 12 - Prob. E12.22ECh. 12 - Determining characteristics of a partnership and...Ch. 12 - Prob. P12.24APGACh. 12 - Prob. P12.25APGACh. 12 - Prob. P12.26APGACh. 12 - Prob. P12.27APGACh. 12 - Prob. P12.28APGACh. 12 - Prob. P12.29APGACh. 12 - Prob. P12.30APGACh. 12 - Prob. P12.31BPGBCh. 12 - Prob. P12.32BPGBCh. 12 - Prob. P12.33BPGBCh. 12 - Prob. P12.34BPGBCh. 12 - Prob. P12.35BPGBCh. 12 - Accounting for the liquidation of a partnership...Ch. 12 - Prob. P12.37BPGBCh. 12 - Prob. P12.38BPGBCh. 12 - Prob. P12.39CTCh. 12 - P12-40 Accounting for partner contributions,...Ch. 12 - Prob. 12.1TIATCCh. 12 - Prob. 12.1DCCh. 12 - Prob. 12.2DCCh. 12 - Prob. 12.1EICh. 12 - Prob. 12.1FSC
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