accounting - 'sOriginalInvestment...

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Practice Exercise 12-1A Journalize Partner's Original Investment Brittany Adams contributed a patent, accounts receivable, and $61,000 cash to a  partnership . The patent had a book value of $56,000. However, the technology  covered by the patent appeared to have significant market potential. Thus, the  patent was appraised at $240,000. The accounts receivable control account was  $78,000, with an allowance for doubtful accounts of $4,000. The partnership also  assumed a $15,000 account payable from Adams.  Cash 61000  Accounts rec 78000 Patent240,000 Accounts payable2 15000 Allowance doubt 2 4000 Brittant ad cap 2 360,000 Paulson and O'Brien had $50,000 and $120,000, respectively, in their January 1  capital balances. Net income for the year was $33,000. 275000  Practice Exercise 12-3A Revaluing and Contributing Assets to a  Partnership Antoine Dodd purchased one-half of Kyle Bryan's interest in the Rich and Bryan  partnership for $24,000. Prior to the investment, land was revalued to a market  value of $110,000 from a book value of $84,000. Zach Rich and Kyle Bryan share  net income equally. Bryan had a capital balance of $25,000 prior to these  transactions. Land 26000 Zr cap 2 13000 Kyle cry cap 2 13000  Kyle bry cap 19000 Ant dod capp 2 19000 Practice Exercise 12-4A  Partner Bonus Sharpe has a capital balance of $300,000 after adjusting assets to fair market  value. Rojas contributes $250,000 to receive a 60% interest in a new 
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This note was uploaded on 04/01/2012 for the course ACCOUNTING 202 taught by Professor Barrett during the Spring '12 term at Dominican NY.

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accounting - 'sOriginalInvestment...

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