visual basic barcode generator Formation of the Partnership in Java

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Formation of the Partnership
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When a partnership is formed, each partner s capital account is credited for his or her initial investment, and the appropriate asset account is deb ited. If noncash assets are invested, these should be recorded at an agreed amount.
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If liabilities are to be assumed by the partnership, they are credited to the respective liability ac counts.
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Division of Net Income and Loss
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Partnership pro ts and losses may be divided in any manner the partners may agree upon. In general, a partner may be expected to share in pro portion to the amount of capital and/or services he or she contributes. In
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CHAPTER 16: The Partnership
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the absence of a clear agreement, the law provides that all partners share equally, regardless of the differences in time devoted or capital con tributed. Below are outlined the principal methods for pro t and loss distribu tion: Fixed or Capital Basis Pro ts and losses are generally divided equally in a xed ratio or in a ra tio based on the amounts of capital contributed by the partners. Interest Basis Under this method, each partner is paid interest on his or her capital in vestment, and the remaining net income is divided in a xed ratio or on some other basis. Thus, a partner s share depends on his or her capital in vestment. Salary Basis The partners may agree to give recognition to contributions in the form of services, while the remaining net income may be divided equally or in a xed ratio. Salary-Plus-Interest Basis Here, services rendered to the business and capital contribution jointly determine the income division. Each partner gets a salary, and, at the same time, interest on capital. If any balance remains, it is divided in an agreed ratio.
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When the partnership lacks a clear agreement es tablishing the division of net income or loss, the law provides that all partners share equally, regardless of the differences in time devoted or capital con tributed.
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122 BOOKKEEPING AND ACCOUNTING
Admission of a New Partner
The Uniform Partnership Act states that a partner may dispose of part or all of his or her interest in the rm without the consent of the remaining partners. The individual who purchases the interest receives the selling partner s rights to share in income and expense. However, this purchaser is not a full partner, since he or she will have no vote or right to participate in partnership activities unless he or she is admitted to the rm. Admission by Purchase of Interest When the incoming partner purchases an interest from another partner, he or she pays the purchase price directly to the old partner. The only change required in the partnership s books is an entry transferring capi tal from the old partner s account to the account established for the new partner. Assets and liabilities of the business are not affected. Admission by Contribution of Assets The new partner may contribute assets to the partnership, thus increasing both the assets and the capital of the rm. In some cases, when a new partner is admitted, assets may rst have to be revalued or goodwill recognized in order to bring the capital ac counts into line with current values. This process is known as revaluation of assets. The book values of certain assets of the partnership must be adjusted before they agree with current prices. The net amount of the revaluation is then transferred to the capital accounts of the old partners according to their income division agreement. If it appears that a number of assets need revaluation, whether to higher or lower gures, the adjustments may be made in a temporary ac count, Asset Revaluation, which will subsequently be closed to the part ners capital accounts. If a rm has the ability to earn more than the normal rate on its in vestment (because of a favorable location, established reputation, man agement skills, or better products or services), goodwill may be indicat ed, and an incoming partner may be charged for it. If so, the goodwill account is debited, while the old partners accounts are credited in the ra tios set up by the articles of partnership. On the other hand, if goodwill is
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