Prepare journal entries to show two possible methods

Assignment Help Accounting Basics
Reference no: EM132753227

Question - Carlisle and Esme share profits equally and have equal investments in their partnership. The partnership's net asset are carried on the books at P500,000. Alice is admitted into the partnership with one-third interest in profits and net assets. Alice pays P225,000 cash into the partnership for his interest.

Required - Prepare journal entries to show two possible methods of recording the admission of Alice on the partnership books.

Reference no: EM132753227

Questions Cloud

How much is griffin doors worth to its owners : Griffin Doors earns $1 million in annual EBIT in perpetuity on its $5million in assets. After making repairs to assets to exactly offset depreciation.
Find the standard deviation of the market portfolio : Find the standard deviation of the market portfolio using the following information:
What abc warranty liability at the year-end are : 20X1 they spent $175,000 on repairs related to the warranties from 20X0 and 20X1. ABC's warranty liability at the year-end 20X0 and 20X1 are?
Calculate the standard deviation of pelle portfolio : Calculate the standard deviation of Pelle's portfolio, where he has invested 50 % of his money in Axfood and 50 % in Telia Sonera.
Prepare journal entries to show two possible methods : Prepare journal entries to show two possible methods of recording the admission of Alice on the partnership books
Calculate assessable income including deemed income : Dame Nellie, a 67 year old widowed retiree wants to apply for a Centrelink payment. Over the past 5 years, she has gifted $50,000 of her savings to her children
Probability of financial institutions failures : In your opinion, should regulations be designed to lower the probability of financial institutions' failures or lower the social costs of financial institutions
Differentiate between nominal and real interest rate : 1. Differentiate between nominal and real interest rate. What is the relationship between real interest rate and Purchasing power parity?
What is the outstanding balance of the lease liability : Technoid Inc. sells computer systems. What is the outstanding balance of the lease liability in Lone Star's June 30, 2018, balance sheet?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Find the total conversion costs for the period

All materials are added at the beginning of the process. Direct labor was $58,100 and factory overhead was $8,200. Find the total conversion costs

  How much is the patent amortization

SPARSE estimates that the patent has a remaining useful life of 8 years. How much is the patent amortization in 20x1

  Calculate depreciation expense under the units-of-production

Calculate the depreciation expense under the units-of-production method, assuming the actual number of units produced was 71,000 in 2016 and 118,600 in 2017.

  What are reversing entries and why are they required

What are reversing entries and why are they required? What would happen if reversing entries were not made? What transactions might require reversing entries?

  Calculate the payback period of the investment

Determine the net present value of the investment in the paint and body shop. Should Sonnetson invest in the paint and body shop?

  How to determine the number of units that must be sold

A Company sells a product at $5 a unit. Fixed costs are expected to be $150,000. How to determine the number of units that must be sold to meet a goal

  Alliance supermarket and point-of-sale (pos) systems

Alliance Supermarkets has been using a point-of-sale (POS) system for some time to track its inventory. The system uses a laser scanner to read the universal product code (UPC) on each item at the checkout container. The UPC is a number that uniqu..

  Prepare the journal entry to record the disposal

Prepare the journal entry to record the disposal of the the truck

  Provide the journal entry necessary to account for aqua ltd

How do Provide the journal entries necessary to account for the transactions and events. Aqua Ltd issues a prospectus inviting the public to subscribe.

  What the adjusting entry needed on december

If Cristo Company used the expense approach to record the insurance purchased on June 30, the adjusting entry needed on December 31, 2017

  Englehart company sells two types of pumps.

Englehart Company sells two types of pumps. One is large and is for commercial use

  What issues could cause the given controls to be ineffective

In other words, what issues could cause these controls to be ineffective, such as situations in which the controls are circumvented, or ignored?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd