Accounting Principles II by Elizabeth A. Minbiole

By Elizabeth A. Minbiole

Semesters of accounting are required through such a lot enterprise, economics, finance, and actuarial technological know-how courses ñ- and on typical, there are a few 700,000 scholars taking accounting every year! Are you one among them? CliffsQuickReview Accounting rules II presents every thing you want to fast comprehend complicated accounting fundamentals ñ- from budgeting to price accounting.

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Premium on bonds payable is a contra account to bonds payable that increases its value and is added to bonds payable in the long-term liability section of the balance sheet. Date General Journal Account Title Ref. and Description Debit Cash 11,246 Credit 20X1 July 1 Bonds Payable 10,000 Premium on Bonds Payable 1,246 Issue bonds at a premium After the entry, the bonds would be included in the long-term liability section of the balance sheet as follows: Long-term liabilities Bonds Payable Plus: Premium on Bonds Payable 34 10,000 1,246 11,246 CLIFFSQUICKREVIEW LONG-TERM LIABILITIES The premium account balance represents the difference (excess) between the cash received and the principal amount of the bonds.

Debit Credit 20X0 Mar. 10 Cash 30,000 MJM, Capital ($15,000 × 60%) 9,000 EAM, Capital ($15,000 × 40%) 6,000 TLM, Capital 45,000 Investment in partnership by TLM If TLM receives a 15% interest in the partnership for his $30,000 investment, the partnership’s cash account would be increased (debited) by $30,000 and TLM’s capital account would be increased (credited) by $22,500 (15% × $150,000 new capital balance of partnership).

As partners are the owners of the business, they do not receive a salary but each has the right to withdraw assets up to the level of his/her capital account balance. Some partnership agreements refer to salaries or salary allowances for partners and interest on investments. These are not expenses of the business, they are part of the formula for splitting net income. Many partners use the components of the formula for splitting net income or loss to determine how much they will withdraw in cash from the business during the year, in anticipation of their share of net income.

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