User Account

All Pages

Prepare the entries to record the admission

Assignment Help Financial Accounting
Reference no: EM132906814

Question - Partnership Dissolution - Bonnie and Daisy are partners with capital balances of 400,000 and 320,000 respectively. Profits and losses are shared equally. Accounting books have been closed after the regular adjustments were prepared. The company is considering the admission of Maggie, a new partner, who is interested in buying 50% interest from anyone of the partners. The following options are open:

(a) Daisy is offering a price of 150,000 for the interest Maggie wants to buy.

(b) Bonnie is willing to sell half her interest in exchange for the car of Maggie which was acquired for 500,000 but is currently worth half the price.

(c) Daisy is willing to sell half of her interest for 200,000. The partners agree to revalue the firm's asset first before Maggie's admission.

(d) Bonnie and Daisy are willing to sell half of the partnership equity for 300,000 after revaluing the assets.

Required -

a. Prepare the entries to record the admission of Maggie based on each of the above options.

b. Prepare the revised partners' equity for option (d).

Reference no: EM132906814

Questions Cloud

Skillful communication : There are specific qualities required to successfully communicate change initiatives within an organization.
Explain the four dimensions of ansoff growth matrix : Briefly explain the four dimensions of Ansoff's Growth Matrix and then assess the risks or limits posed by diversification as a corporate level strategy.
Restructuring process : Imagine that you are the liaison between the decision makers and the followers and that your role is to communicate potential personnel change initiatives.
Discuss the limitations of financial performance measure : Discuss the limitations of financial performance measure and advice Cleam Home LLC management the suitable approach towards measuring the company.
Prepare the entries to record the admission : Bonnie and Daisy are willing to sell half of the partnership equity for 300,000 after revaluing the assets. Prepare the entries to record the admission
What does the after account have a credit balance : Which of coming up next is the crucial features of a Joint Venture? What does the after account have a credit balance? What is Going Concern
Develop the proper communication procedures : When change is imminent in an organization, there are specific steps that must be taken to develop the proper communication procedures
Relevance of consumer protection requirements : Consider the relevance of consumer protection requirements and identify (2) risks for the following;
What is a clarification of : Which of coming up next isn't a segment of Trial Balance a It is a summary of charge and credit changes which are isolated from?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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