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    Arian Amurao
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    The document discusses how partnerships value different types of contributions from partners. Noncash property contributions are recorded at the agreed value, which is normally the fair value. If the agreed and fair values conflict, the agreed value prevails. For services contributions without an agreed value, a memorandum entry is required, while an agreed value requires a journal entry. Liabilities assumed by the partnership should be valued at the present value of remaining cash flows. A partnership can be formed in several ways, such as by individuals starting a new business or existing sole proprietorships combining.

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    The document discusses how partnerships value different types of contributions from partners. Noncash property contributions are recorded at the agreed value, which is normally the fair value. If the agreed and fair values conflict, the agreed value prevails. For services contributions without an agreed value, a memorandum entry is required, while an agreed value requires a journal entry. Liabilities assumed by the partnership should be valued at the present value of remaining cash flows. A partnership can be formed in several ways, such as by individuals starting a new business or existing sole proprietorships combining.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    47 views2 pages

    2 BB 2

    Uploaded by

    Arian Amurao
    The document discusses how partnerships value different types of contributions from partners. Noncash property contributions are recorded at the agreed value, which is normally the fair value. If the agreed and fair values conflict, the agreed value prevails. For services contributions without an agreed value, a memorandum entry is required, while an agreed value requires a journal entry. Liabilities assumed by the partnership should be valued at the present value of remaining cash flows. A partnership can be formed in several ways, such as by individuals starting a new business or existing sole proprietorships combining.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    Investments

    Noncash property is recorded at the agreed value which is normally the fair value of the property at the time of
    investment.

    It should be noted that in case there is a conflict between agreed value and fair value, agreed value prevails.

    Services

    Once services are contributed to the partnership, a memorandum entry is essential if it were no value agreed upon,
    otherwise a journal entry would be required.

    Liabilities

    Liabilities assumed by the partnership should e valued at the present value (fair value) of the remaining cash flows.

    A partnership may be formed in any of the following ways:

    1. Individuals with no existing business formed a partnership.


    2. A sole proprietor and an individual without existing business form a partnership.
    3. Two or more sole proprietorship formed a partnership.
    4. Admission or retirement of a partner.

    Investments

    Noncash property is recorded at the agreed value which is normally the fair value of the property at the time of
    investment.

    It should be noted that in case there is a conflict between agreed value and fair value, agreed value prevails.

    Services

    Once services are contributed to the partnership, a memorandum entry is essential if it were no value agreed upon,
    otherwise a journal entry would be required.

    Liabilities

    Liabilities assumed by the partnership should e valued at the present value (fair value) of the remaining cash flows.

    A partnership may be formed in any of the following ways:

    1. Individuals with no existing business formed a partnership.


    2. A sole proprietor and an individual without existing business form a partnership.
    3. Two or more sole proprietorship formed a partnership.
    4. Admission or retirement of a partner.

    Investments

    Noncash property is recorded at the agreed value which is normally the fair value of the property at the time of
    investment.

    It should be noted that in case there is a conflict between agreed value and fair value, agreed value prevails.

    Services

    Once services are contributed to the partnership, a memorandum entry is essential if it were no value agreed upon,
    otherwise a journal entry would be required.

    Liabilities

    Liabilities assumed by the partnership should e valued at the present value (fair value) of the remaining cash flows.
    A partnership may be formed in any of the following ways:

    1. Individuals with no existing business formed a partnership.


    2. A sole proprietor and an individual without existing business form a partnership.
    3. Two or more sole proprietorship formed a partnership.
    4. Admission or retirement of a partner.

    Investments

    Noncash property is recorded at the agreed value which is normally the fair value of the property at the time of
    investment.

    It should be noted that in case there is a conflict between agreed value and fair value, agreed value prevails.

    Services

    Once services are contributed to the partnership, a memorandum entry is essential if it were no value agreed upon,
    otherwise a journal entry would be required.

    Liabilities

    Liabilities assumed by the partnership should e valued at the present value (fair value) of the remaining cash flows.

    A partnership may be formed in any of the following ways:

    1. Individuals with no existing business formed a partnership.


    2. A sole proprietor and an individual without existing business form a partnership.
    3. Two or more sole proprietorship formed a partnership.
    4. Admission or retirement of a partner.

    Investments

    Noncash property is recorded at the agreed value which is normally the fair value of the property at the time of
    investment.

    It should be noted that in case there is a conflict between agreed value and fair value, agreed value prevails.

    Services

    Once services are contributed to the partnership, a memorandum entry is essential if it were no value agreed upon,
    otherwise a journal entry would be required.

    Liabilities

    Liabilities assumed by the partnership should e valued at the present value (fair value) of the remaining cash flows.

    A partnership may be formed in any of the following ways:

    1. Individuals with no existing business formed a partnership.


    2. A sole proprietor and an individual without existing business form a partnership.
    3. Two or more sole proprietorship formed a partnership.
    4. Admission or retirement of a partner.

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