
Concept explainers
Concept Introduction:
Rule of Debit and Credit
a. Debit What comes in and Credit What goes out
b. Debit is the receiver and Credit is the giver.
c. All gains and income are credit and all losses and expenses are debit.
Capital Contribution: Capital Contribution is the amount contributed by Partners in a firm. It can be in Cash or in Kind. Like Partner can bring any asset as a capital contribution.
Requirement 1
To Calculate: Profit/Net Income Share of Mai Panvel & Renee Willmann for the year
Requirement 2
To Prepare: Journal Entry to allocate the Net Income among partners

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Chapter 12 Solutions
ACCOUNTING PRINCIPLES 222 5/16 >C<
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