A partnership is dissolved. a. Which account should be debited if a partner takes over the inventory

Question:

A partnership is dissolved.

a. Which account should be debited if a partner takes over the inventory of the business?

b. Which account should be credited if a partner takes over one of the business vehicles?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Cambridge International AS And A Level Accounting

ISBN: 9781444181432

1st Edition

Authors: Ian Harrison

See More Books

Question Posted: Aug 24, 2023 02:45 PM

See More Questions

The following transactions relate to Gordon's business for the month of July 2011: 1. Bought goods on credit from Watson. 2. Sold some goods for cash. 3. Sold some goods on credit to Moon. 4. Sent a...
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
This problem has been solved! See the answer A partner must contribute capital to be considered a full partner. T or F A creditor of an individual partner cannot proceed against any specific items of...
Create a Stored Procedure: Stored procedures allow you to make changes to the database structure and manage performance without needing to rewrite applications or deploy application updates. In this...
Briefly describe (a) Play or pay, (b) Tax credits and vouchers, and (c) National health insurance as means of increasing access to health care. What are the major criticisms of national health...
Suppose Kay sells 1,000 posters. Use the data from S7-13 to compute her operating lever- age factor. If sales volume increases 10%, by what percentage will her operating income change? Prove your...
Each of the wires 1 to 3 in Figure P28.39 carries a current perpendicular to the page. The line integrals of the magnetic field around the three Amprian paths shown all have the same positive value....
Chudrick Inc. makes unfinished bookcases that it sells for $62. Production costs are $36 variable and $10 fixed. Because it has unused capacity, Chudrick is considering finishing the bookcases and...
which muscle were use to extend and splay your finger outward?
After dissolution a partner has a debit balance on his capital account. Will he pay or receive cash from the partnership bank account?
Under what circumstances might a partnership be dissolved?
Cardinal Company is considering a five-year project that would require a $2,975,000 investment in equipment with a useful life of five years and no salvage value . The company's discount rate is 14%....
How do cytokines modulate immune cell communication and signaling pathways, influencing the delicate balance between immune activation and regulation ?
Andrea Company purchases 30% of Sander Company's outstanding stock for $420,000. Andrea should record this investment at Multiple choice question. cost Sander's book value net realizable value...
On July 1, 2016, Idaho Systems Company purchased for $54,000 a new machine that has an estimated useful life of six years (or 300,000 cutting operations), after which the expected salvage value is...
Think back to meeting Justin Jones from Module 5. He was admitted after a motorcycle accident. He had surgery for fracture reduction on his legs and now has casts on both legs and one arm. For the...
What are the emerging trends in agricultural biotechnology, including the development of genetically modified crops with improved traits such as drought tolerance, disease resistance, and nutritional...
A result from Extreme Corporations most recent year of operations is presented in the following table: Operating income...................................................................................
Find the area of the surface generated by revolving the para- metric curve x = cos 1, y = sin? 1 (0 < I sa/2) about the y-axis.
Should all organizations try to analyze big data? Why or why not? What management, organization, and technology issues should be addressed before a company decides to work with big data?
What is network neutrality? Why has the Internet operated under net neutrality up to this point in time?
Whos in favor of network neutrality? Whos opposed? Why?
The temperature of a 50 g sample of aluminum is raised from 20C to 60C when 440 cal of heat are added. The specific heat capacity of the aluminum will be?
What are the considerations in designing and implementing trigger-based security mechanisms, such as access control policies, data masking rules, and data redaction policies, to enforce fine-grained...
How do columns or fields in a database schema serve as the atomic units for organizing and storing data, and what considerations are involved in selecting appropriate data types, constraints, and...

A partnership is dissolved. a. Which account should be debited if a partner takes over the inventory

Question:

Step by Step Answer:

a If a partner takes over the inventory of the business upon the dissolution of the partnership the ...View the full answer

Cambridge International AS And A Level Accounting

Students also viewed these Business questions