Chapter 12 PR 12-4B Accountings for partnerships and limited liability companies

Chapter 12 PR 12-4B Accountings for partnerships and limited
liability companiesA successful firm for many years sharing net income and net
losses equally. Paige Hancock is to be admitted to the partnership on May 1st
of the current year in accordance with the following agreement. a. Assets and liabilities of the old partnership are to be
valued at their book values as of april 30 expect for the following things.Instructions1. Journalize the entries as of April 30 to record the
revaluations using a temporary accounts entitled Asset Revaluations. The
balance in the accumulated depreciation account is to be eliminated.2. Journalize the additional entries to record the remaining
transactions relation to the formation of the new partnership. Assume that all
transactions occur on May 1.3. Present a balance sheet for the new partnership as of May
1 2008.