Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

if y partner purchased 100% of X Partner capital from his own money the credit side in journal entry will be Select one: a. Cash

image text in transcribed
image text in transcribed
if y partner purchased 100% of X Partner capital from his own money the credit side in journal entry will be Select one: a. Cash b. partnerships capital C. Y Partner capital d. X Partner capital if X and Y agree to establish new partnership with capital 50,000 divide equally, X partner transfer his own car with market value 14,000 what are the cash amount should be paid by Y Partner Select one: o a. 36,000 b. 13,000 c. 11,000 d. 25,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Accounting Ch 1-14

Authors: John Wild, Vernon Richardson, Ken Shaw

1st Edition

0073346896, 9780073346892

More Books

Students also viewed these Accounting questions

Question

b. Is it an undergraduate or graduate level course?

Answered: 1 week ago