Admission of a partner is a situation when a new partner is admitted in the exiting partnership , he/she brings capital in cash or kind. The new partner agrees upon the terms of partnership and a new profit/loss sharing ratio is decided mutually by all the partners. 1. To determine − Calculation of P’s Capital.

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Answer 1

Question

Chapter 12, Problem S12.8SE

To determine

Admission of a partner is a situation when a new partner is admitted in the exiting partnership, he/she brings capital in cash or kind. The new partner agrees upon the terms of partnership and a new profit/loss sharing ratio is decided mutually by all the partners.

1.

To determine − Calculation of P’s Capital.

2.

To determine

To determine − Journal entry for partnership receipt.

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Answer 2

Question

Chapter 12, Problem S12.8SE

To determine

Admission of a partner is a situation when a new partner is admitted in the exiting partnership, he/she brings capital in cash or kind. The new partner agrees upon the terms of partnership and a new profit/loss sharing ratio is decided mutually by all the partners.

1.

To determine − Calculation of P’s Capital.

2.

To determine

To determine − Journal entry for partnership receipt.

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Answer 3

Question

Chapter 12, Problem S12.8SE

To determine

Admission of a partner is a situation when a new partner is admitted in the exiting partnership, he/she brings capital in cash or kind. The new partner agrees upon the terms of partnership and a new profit/loss sharing ratio is decided mutually by all the partners.

1.

To determine − Calculation of P’s Capital.

2.

To determine

To determine − Journal entry for partnership receipt.

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Answer 4

Question

Chapter 12, Problem S12.8SE

To determine

Admission of a partner is a situation when a new partner is admitted in the exiting partnership, he/she brings capital in cash or kind. The new partner agrees upon the terms of partnership and a new profit/loss sharing ratio is decided mutually by all the partners.

1.

To determine − Calculation of P’s Capital.

2.

To determine

To determine − Journal entry for partnership receipt.

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Answer 5

Chapter 12, Problem S12.8SE

To determine

Admission of a partner is a situation when a new partner is admitted in the exiting partnership, he/she brings capital in cash or kind. The new partner agrees upon the terms of partnership and a new profit/loss sharing ratio is decided mutually by all the partners.

1.

To determine − Calculation of P’s Capital.

2.

To determine

To determine − Journal entry for partnership receipt.

Answer 6

Chapter 12, Problem S12.8SE

To determine

Admission of a partner is a situation when a new partner is admitted in the exiting partnership, he/she brings capital in cash or kind. The new partner agrees upon the terms of partnership and a new profit/loss sharing ratio is decided mutually by all the partners.

1.

To determine − Calculation of P’s Capital.

Answer 7

Chapter 12, Problem S12.8SE

To determine

Admission of a partner is a situation when a new partner is admitted in the exiting partnership, he/she brings capital in cash or kind. The new partner agrees upon the terms of partnership and a new profit/loss sharing ratio is decided mutually by all the partners.

1.

To determine − Calculation of P’s Capital.

Answer 8

2.

To determine

To determine − Journal entry for partnership receipt.

Answer 9

2.

To determine

To determine − Journal entry for partnership receipt.

Answer 10

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Answer 11

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Answer 12

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Answer 13

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

To determine − Journal entry for partnership receipt.

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Chapter 12 Solutions