Admission of partner: changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often a brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that a new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission. the admission of G when he invests $50,000 and goodwill is to be recorded.

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Answer 1

Question

Chapter 15, Problem 15.7E

To determine

Admission of partner:changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often a brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that a new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

the admission of G when he invests $50,000 and goodwill is to be recorded.

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

The journal entry for the admission of Gwhen he invests $50,000. Total capital is to be $210,000 and the partners use bonus method and to why situation used here is GAAP or non GAAP.

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

the journal entry for admission of G with 20 percent interest which he got solely form P by paying him $50,000.

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

The journal entry for admission of G when he invests $35,000, total capital to be $195,000 and partners use bonus method.

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

the journal entry for admission of G when he invests $35,000, and goodwill is recorded.

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

The journal entry for admission of G when he invests $35,000, and inventory overvalued by $20,000, PJ’s partnership uses the lower-of −cost or market value for valuation of inventory.

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Allowance for Doubtful Accounts has a debit balance of $2,900 at the end of the year, before adjustments. If an analysis of receivables indicates doubtful accounts of $36,000, what will be the amount of the appropriate adjusting entry? [Need The adjusting entry in Table format]

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A business purchased equipment for $165,000 on January 1, 2021. The equipment will be depreciated over the five years of its estimated useful life using the straight-line depreciation method. The business records depreciation once a year on December 31. Which of the following is the adjusting entry required to record depreciation on the equipment for the year 2021? (Assume the residual value of the acquired equipment to be zero.) A) Debit $165,000 to Equipment, and credit $145,000 to Cash. B) Debit $33,000 to Depreciation Expense-Equipment, and credit $33,000 to Accumulated Depreciation-Equipment. C) Debit $165,000 to Depreciation Expense-Equipment, and credit $145,000 to Accumulated Depreciation-Equipment. D) Debit $33,000 to Depreciation Expense, and credit $33,000 to Equipment.

Answer 2

Question

Chapter 15, Problem 15.7E

To determine

Admission of partner:changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often a brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that a new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

the admission of G when he invests $50,000 and goodwill is to be recorded.

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

The journal entry for the admission of Gwhen he invests $50,000. Total capital is to be $210,000 and the partners use bonus method and to why situation used here is GAAP or non GAAP.

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

the journal entry for admission of G with 20 percent interest which he got solely form P by paying him $50,000.

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

The journal entry for admission of G when he invests $35,000, total capital to be $195,000 and partners use bonus method.

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

the journal entry for admission of G when he invests $35,000, and goodwill is recorded.

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

The journal entry for admission of G when he invests $35,000, and inventory overvalued by $20,000, PJ’s partnership uses the lower-of −cost or market value for valuation of inventory.

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Answer 3

Question

Chapter 15, Problem 15.7E

To determine

Admission of partner:changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often a brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that a new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

the admission of G when he invests $50,000 and goodwill is to be recorded.

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

The journal entry for the admission of Gwhen he invests $50,000. Total capital is to be $210,000 and the partners use bonus method and to why situation used here is GAAP or non GAAP.

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

the journal entry for admission of G with 20 percent interest which he got solely form P by paying him $50,000.

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

The journal entry for admission of G when he invests $35,000, total capital to be $195,000 and partners use bonus method.

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

the journal entry for admission of G when he invests $35,000, and goodwill is recorded.

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

The journal entry for admission of G when he invests $35,000, and inventory overvalued by $20,000, PJ’s partnership uses the lower-of −cost or market value for valuation of inventory.

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Answer 4

Question

Chapter 15, Problem 15.7E

To determine

Admission of partner:changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often a brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that a new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

the admission of G when he invests $50,000 and goodwill is to be recorded.

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

The journal entry for the admission of Gwhen he invests $50,000. Total capital is to be $210,000 and the partners use bonus method and to why situation used here is GAAP or non GAAP.

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

the journal entry for admission of G with 20 percent interest which he got solely form P by paying him $50,000.

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

The journal entry for admission of G when he invests $35,000, total capital to be $195,000 and partners use bonus method.

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

the journal entry for admission of G when he invests $35,000, and goodwill is recorded.

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

The journal entry for admission of G when he invests $35,000, and inventory overvalued by $20,000, PJ’s partnership uses the lower-of −cost or market value for valuation of inventory.

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Answer 5

Chapter 15, Problem 15.7E

To determine

Admission of partner:changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often a brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that a new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

the admission of G when he invests $50,000 and goodwill is to be recorded.

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

The journal entry for the admission of Gwhen he invests $50,000. Total capital is to be $210,000 and the partners use bonus method and to why situation used here is GAAP or non GAAP.

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

the journal entry for admission of G with 20 percent interest which he got solely form P by paying him $50,000.

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

The journal entry for admission of G when he invests $35,000, total capital to be $195,000 and partners use bonus method.

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

the journal entry for admission of G when he invests $35,000, and goodwill is recorded.

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

The journal entry for admission of G when he invests $35,000, and inventory overvalued by $20,000, PJ’s partnership uses the lower-of −cost or market value for valuation of inventory.

Answer 6

Chapter 15, Problem 15.7E

To determine

Admission of partner:changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often a brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that a new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

the admission of G when he invests $50,000 and goodwill is to be recorded.

Answer 7

Chapter 15, Problem 15.7E

To determine

Admission of partner:changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often a brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that a new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

the admission of G when he invests $50,000 and goodwill is to be recorded.

Answer 8

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

The journal entry for the admission of Gwhen he invests $50,000. Total capital is to be $210,000 and the partners use bonus method and to why situation used here is GAAP or non GAAP.

Answer 9

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

The journal entry for the admission of Gwhen he invests $50,000. Total capital is to be $210,000 and the partners use bonus method and to why situation used here is GAAP or non GAAP.

Answer 10

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

the journal entry for admission of G with 20 percent interest which he got solely form P by paying him $50,000.

Answer 11

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

the journal entry for admission of G with 20 percent interest which he got solely form P by paying him $50,000.

Answer 12

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

The journal entry for admission of G when he invests $35,000, total capital to be $195,000 and partners use bonus method.

Answer 13

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

The journal entry for admission of G when he invests $35,000, total capital to be $195,000 and partners use bonus method.

Answer 14

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

the journal entry for admission of G when he invests $35,000, and goodwill is recorded.

Answer 15

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

the journal entry for admission of G when he invests $35,000, and goodwill is recorded.

Answer 16

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

The journal entry for admission of G when he invests $35,000, and inventory overvalued by $20,000, PJ’s partnership uses the lower-of −cost or market value for valuation of inventory.

Answer 17

To determine

Admission of partner:Changes in the membership of partnership occurs with the addition of new partners or disassociation of present partners. New partners are often brings additional capital or needed expertise. A new partner can only be admitted with unanimous approval of all the existing partners, further public announcements are made about admission of partner. Section 306 of Uniform partnership act UPA 1997 states that new partners are not liable for any liability incurred before new partners admitted. Thus, a new partner can be charged for partnership liabilities of existing partnership to the extent of capital contribution at the time of admission.

The journal entry for admission of G when he invests $35,000, and inventory overvalued by $20,000, PJ’s partnership uses the lower-of −cost or market value for valuation of inventory.

Answer 18

Expert Solution & Answer

Answer 19

Expert Solution & Answer

Answer 20

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Answer 21

Ch. 15 - Prob. 15.1Q Ch. 15 - Prob. 15.2Q Ch. 15 - Prob. 15.3Q Ch. 15 - Prob. 15.4Q Ch. 15 - Under what circumstances would a partner’s capital...Ch. 15 - Prob. 15.6Q Ch. 15 - Prob. 15.7Q Ch. 15 - Prob. 15.8Q Ch. 15 - Prob. 15.9Q Ch. 15 - Prob. 15.10Q

Solution Summary: The author explains that changes in the membership of partnership occur with the addition of new partners or disassociation of present partners.

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Chapter 15 Solutions