Answered step by step
Verified Expert Solution
Question
1 Approved Answer
a) create the appropriate journal entry to establish the partnership begin{tabular}{|l|l|c|c|} hline Date & Description & DR & CR hline & & &
a) create the appropriate journal entry to establish the partnership \begin{tabular}{|l|l|c|c|} \hline Date & Description & DR & CR \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} question 2 - Admission Billiam and Willyum are all members of a partnership they split all profits according to capital balances. opening capital balances are as follows \begin{tabular}{|l|r|} \hline Billiam and & 120000 \\ \hline Willyum & 30000 \end{tabular} Gillian invests 35000 for a 40% stake in the partnership a) what is the bonus that results from this transaction? \begin{tabular}{l|l} new capital total \\ capital of new partner \\ bonus \end{tabular} b) create the appropriate journal entry to record the entry of this partner \begin{tabular}{|l|l|l|l|} \hline Date & Description & DR & CR \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} using the following information compete tables and make appropriate journal entries the partnership had the following balance as of Jan 1 st. a) during the year (mar 1st) partner C invested a further 30,000 into the business. make the appropriate iournal entrv a) create the appropriate journal entry to establish the partnership \begin{tabular}{|l|l|c|c|} \hline Date & Description & DR & CR \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} question 2 - Admission Billiam and Willyum are all members of a partnership they split all profits according to capital balances. opening capital balances are as follows \begin{tabular}{|l|r|} \hline Billiam and & 120000 \\ \hline Willyum & 30000 \end{tabular} Gillian invests 35000 for a 40% stake in the partnership a) what is the bonus that results from this transaction? \begin{tabular}{l|l} new capital total \\ capital of new partner \\ bonus \end{tabular} b) create the appropriate journal entry to record the entry of this partner \begin{tabular}{|l|l|l|l|} \hline Date & Description & DR & CR \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} using the following information compete tables and make appropriate journal entries the partnership had the following balance as of Jan 1 st. a) during the year (mar 1st) partner C invested a further 30,000 into the business. make the appropriate iournal entrv
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started