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Business Accounting Connect Access Card for Financial Accounting: Information and Decisions

Partnership : It is an organization in which two or more person join together to do a business in which they all share profit and losses in an agreed ratio. One or more partners are acting in behalf of all partners. Each partner is responsible for the act of firm. Requirement-1: To Give: Pass journal at the time of admission of partner. Particulars Amount Cash 17500 Equipment 82500 Note payable 25000 Partner Capital 1 75000 (Being Capital Introduced) Being assets brought in by the partner is debited in the particular assets account and credit in the given liability and partner capital account. Concept Introduction: Partnership: It is an organization in which two or more person join together to do a business in which they all share profit and losses in an agreed ratio. One or more partners are acting in behalf of all partners. Each partner is responsible for the act of firm. Requirement-2: To Give: Pass journal at the time of admission of partner. Particulars Amount Cash 31250 Partner Capital 2 31250 (Being Capital Introduced) Being assets brought in by the partner is debited in the particular assets account and credit in the given liability and partner capital account.

Partnership : It is an organization in which two or more person join together to do a business in which they all share profit and losses in an agreed ratio. One or more partners are acting in behalf of all partners. Each partner is responsible for the act of firm. Requirement-1: To Give: Pass journal at the time of admission of partner. Particulars Amount Cash 17500 Equipment 82500 Note payable 25000 Partner Capital 1 75000 (Being Capital Introduced) Being assets brought in by the partner is debited in the particular assets account and credit in the given liability and partner capital account. Concept Introduction: Partnership: It is an organization in which two or more person join together to do a business in which they all share profit and losses in an agreed ratio. One or more partners are acting in behalf of all partners. Each partner is responsible for the act of firm. Requirement-2: To Give: Pass journal at the time of admission of partner. Particulars Amount Cash 31250 Partner Capital 2 31250 (Being Capital Introduced) Being assets brought in by the partner is debited in the particular assets account and credit in the given liability and partner capital account.

Solution Summary: The author explains that partnership is an organization in which two or more person join together to do a business and share profit and losses in an agreed ratio.

Connect Access Card for Financial Accounting: Information and Decisions

Connect Access Card for Financial Accounting: Information and Decisions

8th Edition

ISBN: 9781259662966

Author: John J Wild

Publisher: McGraw-Hill Education

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