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

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Answer 1

Question

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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Answer 2

Question

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

Expert Solution & Answer

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Answer 3

Question

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

Expert Solution & Answer

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See solution

Answer 4

Question

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

Expert Solution & Answer

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Answer 5

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

Answer 6

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

Answer 7

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

Answer 8

To determine

Requirement 2

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

Answer 9

To determine

Requirement 2

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

Answer 10

Expert Solution & Answer

Answer 11

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Answer 12

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Answer 13

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Requirement 2

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

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Requirement 2 To Prepare: Journal Entries for Withdrawal’s made by Pretiof $210,000

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Requirement 2

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