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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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

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Answer 19

Expert Solution & Answer

Answer 20

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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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