Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Partners X and Y are the owners of Partnership XY. X has a capital balance of $60,000 and Y has a capital balance of $80,000. Partner Z is entering the partnership by purchasing 1/3 of X for $25,000 and 1/4 of Y for $25,000. Answer the given problems:

a) Give the journal entry for the transaction above.

b) Find out the capital balance in Partner X's account.

c) How much did Z pay to enter the partnership?

d) What happened to the total partnership capital of the firm?

e) Describe the name of the method we used in this condition?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M923076

Have any Question? 


Related Questions in Accounting Basics

Your manager is concerned that itis internal controls are

Your manager is concerned that IT/IS internal controls are not being owned by appropriate functional operators and managers. The concern is that employees do not feel accountable and are not working to find control weakn ...

Review the form 10-k for the company selected for team

Review the Form 10-K for the company selected for team assignments Write a 1,050- to 1,400-word paper on the following: 1. Management's Report on Internal Control Over Financial Reporting 2. The Independent Registered Pu ...

Case study - the complete accounting cyclerequirement 1

CASE STUDY - THE COMPLETE ACCOUNTING CYCLE REQUIREMENT 1: During its first month of operation, the View Corporation, a construction company which specializes in home remodeling, completed the following transactions: 1-Ja ...

Question 1 queenslander ltd operates a cafeacute and gift

Question 1: Queenslander Ltd operates a café and gift shop at Montville in the Sunshine Coast hinterland. You are the accountant for the company and the following items relate to the year ended 30 June 2016: (a) Queensla ...

The howard leasing company is a private held medium-size

The Howard Leasing Company is a private held, medium-size business that purchases school busses and leases them to school districts, curses, charitable organizations, and other businesses. to better serve its customers a ...

1 do you believe economic principles like competition apply

1. Do you believe economic principles like competition apply in both private and public organizations? 2. Are there other public functions that might benefit from more competition, including competition from private firm ...

Question 1 if a cpa firm is being sued for common law fraud

Question 1. If a CPA firm is being sued for common law fraud by a third party based on materially false financial statements, which of the following is the best defense the accountants could assert? A disclaimer containe ...

Accounting exercise1 your business sold 6000 in services

Accounting Exercise 1. Your business sold $6,000 in services this month. Your one employee who provided some of the service was paid $12.00 per hour and worked 80 hours during the month pius 7.62%Wpri Taxes. "Them were n ...

In this assignment complete sections iii and iv of the

In this assignment, complete Sections III and IV of the project. For this part of the assessment prepare a Word document that addresses the critical elements below. Make sure answer each question in a substantive way and ...

Practice questionsa large company has a distribution

Practice questions: A large company has a distribution department with its own garages and vehicles. Suggest six headings under which the costs of the department might be collected.

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate