Prepare a journal entry to account for the payment

Assignment Help Accounting Basics

Reference no: EM13168897

1. Include in the narrative: Who is retiring from the partnership? Why is he/she retiring? (Not working any more, moving away, dissatisfied with the other partners, setting up a new business etc). Is the retiring partner being paid any goodwill? How much? Or is the retiring partner leaving some equity behind? Why and how much?

3. Revalue/devalue at least one some partnership asset.

4. Calculate the equity owing to the retiring partner.

5. Prepare a journal entry to account for the payment to the retiring partner including bonus to or from the remaining partners. Include a narration.

6. What is the equity of each of the remaining partners and of the business after settlement to the retiring partner?

Reference no: EM13168897

Questions Cloud

Compute the physical units of production : Compute the physical units of production and compute equivalent units of production for materials and for conversion costs.

Calculate rate of energy tranfer in kilojoules per minute : A chemical reaction produces 653 550 kJ of energy as heat in 142.3 min. Calculate the rate of energy tranfer in kilojoules per minute.

Calculate the ionization constant : The pH of the solution is 2.81 after 15.00ml of base is added. Calculate the ionization constant,Ka, of lactic acid.

Will all of the potassium nitrate dissolve : The solubility of KNO3 is 38 g/100 g H2O at 20 degrees Celsius and 1.50 times 100 g/100 g H2O at 70 degrees Celsius. A solution is prepared by mixing 45 g of KNO3 in 35 g H2O at 70 degrees Celsius. Will all of the potassium nitrate dissolve at 70 ..

Prepare a journal entry to account for the payment : Prepare a journal entry to account for the payment to the retiring partner including bonus to or from the remaining partners. Include a narration.

Different real-life communication situations : Write one example of interference in the context, one example of interference in the sender, one example of interference in the receiver, and one example of interference in the channel.

How many grams of ko2 are needed to react completely : How many grams of KO2 are needed to react completely with 7.328 g of CO2.

Rank the services offered in order of their profitability : Determine the best sales mix. Rank the services offered in order of their profitability and which ranking would you recommend? What additional amount of total contribution margin would be generated if your recommendation were to be accepted?

What effect does the presence of lone-pair electrons have : What effect does the presence of lone-pair electrons have on the bond angles and the geometry of a molecule?

User Account

All Pages