Account for the start-up of a partnership and prepare partnership financial statements using make-up figures.
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- briefly explain the concept of Partnership, Formation, Duties, Liabilities and Dissolution and also tell the relationship among themMake a Journal entry, General ledger for adjusting entries, statement of financial position, and Opening Entry in the partnership book in this problemPrepare the partnership Bank account.
- How to compute partnership capital balanceWhen accounts receivables are transferred into a partnership, at what amount should they be recorded? Include a definition of Accounts Receivable in your response.Briefly introduce the legal nature of partnerships and companies, with emphasis on the contractual principles governing the formation and discharge of partnership agreement.
- Explain using practical example how a partner with a debit balance on his capital account will be accounted for in a partnership account?Record the necessary journal entries, prepare Revaluation Account, Capital Accounts and Balance Sheet of the reconstituted partnership.Explain the contract liability of a partnership and the partners.