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

A new partner may be admitted in the partner for cash or non cash assets. The new partner gets his share of partnership from the old partners. New partner’s capital account is credited and assets account debited at the time of admission into the partnership. To prepare: the journal entry for the admission of the new partner. The journal entry for the admission of the new partner is as follows: Account title Debit Credit Cash $ 40,000 K’s Capital $ 40,000 (being K admitted as new partner for cash)

A new partner may be admitted in the partner for cash or non cash assets. The new partner gets his share of partnership from the old partners. New partner’s capital account is credited and assets account debited at the time of admission into the partnership. To prepare: the journal entry for the admission of the new partner. The journal entry for the admission of the new partner is as follows: Account title Debit Credit Cash $ 40,000 K’s Capital $ 40,000 (being K admitted as new partner for cash)

Solution Summary: The author explains that a new partner may be admitted in the partner for cash or non-cash assets, and gets his share of partnership from the old partners.

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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