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What is the journal entry for prepaid rent if the business is a partnership and it is a cash basis?
Wiki User
∙ 9y ago
[Debit] Prepaid Rent
[Credit] Cash Account
This entry will be same whether partnership business or other form of company.
Wiki User
∙ 9y ago
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What is the basis of property contributed to a partnership?
The basis is whatever money and tangible property you invested into the partnership. Time worked does not count as a basis. You have to keep up with the basis in order to calculate the profit or loss when the partnership is sold or divided. The basis does not have to be the selling price but is only used for tax calculations. Often a business has built up what the IRS terms Goodwill. This is their reputation, location, value of client list, etc.
A partnership will take a carryover basis in an asset it acquires when?
a partner owning 25% of partnership capital and profits sells the asset to the partnership
Why journal is called a book of original entry?
Journal entry is called because it is the first place where any business transaction is recorded and which provide the basis for all other financial statements creation and books of accounts preparation.
What are the accounting journal entries to record a contribution to the business?
you debit the asset at FMV and credit owners equity, but for depreciation and basis purposes , use the adjusted basis. call 847-884-8500 ask for joe diamond and i can assist you.
Calculating Cash Basis Net Income?
would consist of prepaid expenses and accrued expenses
How business classified?
on the basis of ownership a business can be classified : 1) Sole Propreitorship 2) Partnership firm 3) in the form of Company.
What is the basis of property contributed to a partnership?
The basis is whatever money and tangible property you invested into the partnership. Time worked does not count as a basis. You have to keep up with the basis in order to calculate the profit or loss when the partnership is sold or divided. The basis does not have to be the selling price but is only used for tax calculations. Often a business has built up what the IRS terms Goodwill. This is their reputation, location, value of client list, etc.
How busy?
on the basis of ownership a business can be classified : 1) Sole Propreitorship 2) Partnership firm 3) in the form of Company.
A partnership will take a carryover basis in an asset it acquires when?
a partner owning 25% of partnership capital and profits sells the asset to the partnership
What is as journal entry?
Journal entry is the first record in books of accounts which shows any business transaction that occurred in past and it is also called "original entry" which provides basis for all other reports and statements.
Why journal is called a book of original entry?
Journal entry is called because it is the first place where any business transaction is recorded and which provide the basis for all other financial statements creation and books of accounts preparation.
What are the accounting journal entries to record a contribution to the business?
you debit the asset at FMV and credit owners equity, but for depreciation and basis purposes , use the adjusted basis. call 847-884-8500 ask for joe diamond and i can assist you.
Can an office expenses entered in journal voucher in tally?
yes if it is of due basis not in cash basis
Is prepaid rent is what type of asset?
Prepaid Rent is a Current-Asset account. Since it deals with "prepaid" it will expire on a regular basis and is not a "fixed" asset. Each month (or whatever terms the rent may be paid) the amount is removed from Prepaid-Rent and placed in Rent Expense.
Calculating Cash Basis Net Income?
would consist of prepaid expenses and accrued expenses
Is civil partnership wrong?
No. Civil partnership is perfectly legal in the places where it is permitted. People generally have good intentions and noble purposes when they enter into civil partnerships. There is no rational basis for labeling civil partnership as "wrong."
How frequent is Tea and Coffee Trade Journal published?
The Tea & Coffee Trade Journal is published on a monthly basis. The journal is published by Lockwood Publications, Inc. The entire journal can be read online at the Tea and Coffee website.
