Partnership : An accumulation of two or more parties with the objective of sharing profit as well as losses of the business is called partnership. Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts. Accounting rules for journal entries: To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains. To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains. To prepare: The journal entries of investment.

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Answer 1

Question

Chapter 12, Problem 12.15E

(a)

To determine

Partnership: An accumulation of two or more parties with the objective of sharing profit as well as losses of the business is called partnership.

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

To prepare: The journal entries of investment.

(b)

To determine

To prepare: The journal entries of withdrawal.

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Answer 2

Question

Chapter 12, Problem 12.15E

(a)

To determine

Partnership: An accumulation of two or more parties with the objective of sharing profit as well as losses of the business is called partnership.

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

To prepare: The journal entries of investment.

(b)

To determine

To prepare: The journal entries of withdrawal.

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Answer 3

Question

Chapter 12, Problem 12.15E

(a)

To determine

Partnership: An accumulation of two or more parties with the objective of sharing profit as well as losses of the business is called partnership.

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

To prepare: The journal entries of investment.

(b)

To determine

To prepare: The journal entries of withdrawal.

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Answer 4

Question

Chapter 12, Problem 12.15E

(a)

To determine

Partnership: An accumulation of two or more parties with the objective of sharing profit as well as losses of the business is called partnership.

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

To prepare: The journal entries of investment.

(b)

To determine

To prepare: The journal entries of withdrawal.

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Answer 5

Chapter 12, Problem 12.15E

(a)

To determine

Partnership: An accumulation of two or more parties with the objective of sharing profit as well as losses of the business is called partnership.

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

To prepare: The journal entries of investment.

(b)

To determine

To prepare: The journal entries of withdrawal.

Answer 6

Chapter 12, Problem 12.15E

(a)

To determine

Partnership: An accumulation of two or more parties with the objective of sharing profit as well as losses of the business is called partnership.

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

To prepare: The journal entries of investment.

Answer 7

Chapter 12, Problem 12.15E

(a)

To determine

Partnership: An accumulation of two or more parties with the objective of sharing profit as well as losses of the business is called partnership.

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

To prepare: The journal entries of investment.

Answer 8

(b)

To determine

To prepare: The journal entries of withdrawal.

Answer 9

(b)

To determine

To prepare: The journal entries of withdrawal.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 12 - Prob. 1Q Ch. 12 - Prob. 2Q Ch. 12 - Prob. 3Q Ch. 12 - Prob. 4Q Ch. 12 - Prob. 5Q Ch. 12 - Prob. 6Q Ch. 12 - Prob. 7Q Ch. 12 - Prob. 8Q Ch. 12 - Prob. 9Q Ch. 12 - Prob. 10Q

Concept explainers

To prepare: The journal entries of withdrawal.

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Chapter 12 Solutions