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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After the tangible assets have been adjusted to current market prices, the capital accounts of Grayson Jackson and Harry Barge have balances of $64,900 and $86,500, respectively. Lewan Gorman is to be admitted to the partnership, contributing $43,300 cash to the partnership, for which he is to receive an ownership equity of $50,500. All partners share equally in income. a. Journalize the entry to record the admission of Gorman, who is to receive a bonus of $7,200. If an amount box does not require an entry, leave it blank. Cash Grayson Jackson, Capital Harry Barge, Capital Lewan Gorman, Capital b. What are the capital balances of each partner after the admission of the new partner? Partner Balance Grayson Jackson $ Harry Barge $ Lewan Gorman $

Admitting New Partner Who Contributes Assets After the tangible assets have been adjusted to current market prices, the capital accounts of Brad Paulson and Drew Webster have balances of $87,000 and $148,000, respectively. Austin Neel is to be admitted to the partnership, contributing $58,000 cash to the partnership, for which he is to receive an ownership equity of $75,000. All partners share equally in income. a. Journalize the entry to record the admission of Neel, who is to receive a bonus of $17,000. For a compound transaction, if an amount box does not require an entry, leave it blank. b. What are the capital balances of each partner after the admission of the new partner? Partner Brad Paulson Drew Webster Austin Neel Balance c. Why are tangible assets adjusted to current market prices prior to admitting a new partner? Tangible assets should be adjusted to current market prices so that the to being admitted. does not share in any gains or losses from changes in market prices

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