Horngren's Accounting, The Financial Chapters, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (11th Edition)
Horngren's Accounting, The Financial Chapters, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (11th Edition)
11th Edition
ISBN: 9780134078960
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 12, Problem S12.9SE
To determine

Concept Introduction:

Partnership: Partnership is the relation between two or more person agreeing to carry on business for profits.

Retirement of Partner: Retirement of Partner when partner retire from firm’s business. He/she ceases to be partner of Firm.

Withdrawal of a Partner: When partner retires from firm then he/she is entitled to withdraw the assets of firm which is equal, less than or more than his/her interest in firm.

Journal Entry: Journal entries are accounting entries made in a chronological order in the general ledger to record business transactions. Journal entry are logged with the debit amounts and credit amounts, with their respective dates and account names.

Rule of Debit and Credit

a. Debit What comes in and Credit What goes out

b. Debit is the receiver and Credit is the giver.

c. All gains and income are credit and all losses and expenses are debit.

Requirement 1

To Prepare: Journal Entries for Withdrawal’s made by Preti of $240,000

To determine

Requirement 2

To Prepare: Journal Entries for Withdrawal’s made by Pretiof $210,000

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Chapter 12 Solutions

Horngren's Accounting, The Financial Chapters, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (11th Edition)

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