what-type-of-assets-may-a-partner-not-contribute-to-a-partnership-a-accounts-receivable-b-furniture-

Question

What type of assets may a partner not contribute to a partnership?
A. accounts receivable
B. furniture
C. equipment
D. personal credit cards

Puneet Prajapati · Accepted Answer

Okay, So let&#x27;s understand. What is the meaning off set has given another question right now. So first of what, we will go with the literal definition or we can sit traditional definition which has been given in the books and followed by that. We will give an example to understand more clearly what is the meaning off. So let&#x27;s even understand the current definition with a more elaborated example is it is very thought financial drawbridge because Vivian, because without financial transaction, they will not be any, you know, any type of financial obligations arising out any of the parties. So that is right. There needs to be a financial transaction to create it. Obligation festival. Okay, so first of all, let&#x27;s understand that the basic the basic off, basic definition off said it is an amount which an individual are a company or any type of legal person. So, you know, individual like a human being or any type of sole provider which is dealing in tow, any type of business. Okay, on a company like a legally incorporated company. As for the local regulations off, the idiot or any type of legal person know what does the legal person. Pete. A legal person could be any type off. Oh, a sub sub ordinated off the company like he can have partnership forms. We can have limited liability partnership forms. We can have any type of authority that that will be or that has been created. Patty government. Okay, so that type of legal person like municipality and many of them, please. So assistant authority, which expects to receive from now, expect to receive what I&#x27;m out. So so what In tow? State that. But you can assume like this expects to receive amount from any other person as a desert off financial transaction. Let&#x27;s understand this. It molded into in itself. Because with example, you get a better clarity. More elaborated. Meaning, Lottie Basic traditional definition. So Mr A has sold What? Just that he has. Don&#x27;t few batches off students in dominant off Generally. Thank you. Oh, fee. So, Donna, 15 100 don&#x27;t What? In total means total fees are 1500 for all the students. For all the matches off, all this one&#x27;s in duty. But as of now, hasn&#x27;t r B made otherwise? We stood a on treatment off such ease. No. What? No what we have just studied in our basic on begins it classic definition of a sick or be Esther deed that it is an amount which an individual are accompanying or any type of legal person expects to receive. Okay, you can remove it from here because actually, we have stated it here. More people in the first place so expects to deceive from any other person from any other person as a dessert, all financial transactions. So there are four things more clearly wants to follow this one on this whole world. Then any other person, it maybe anything, Any other person, okay. And 40 minutes desertified. Roderick. And the baby needs to be a financial transaction executed before creation of such obligations. So in the current case, Mr has start some off the swings in the month of January and have heard fees off $1500 for all of the stories in total. So we have to advise that what What type of treatment has to be done by Mr for treating such amount? No. As for the definition, it can be clearly seen that the $1500 will be treated as in a sect. Bye. Mr E. Because off financial transition. Now, what is the meaning of financial transaction? We do not need to get confused in the names suggest they&#x27;re fun. And Children, which manages that means just that it involves supplying a good just obviously, is any type of goods or services underdone for receiving cash for receiving money from another person who is receiving the goods off service is okay. But when we are exchanging off goods or services, this will not involve anything or this will not be included in financial transaction. Okay, my Mr Eight. Because off when Children are virgin? No. Between whom? The financial transaction is being executed. Mr A. Huh? Students, Because students are receiving goods and services and mystery is expecting to receive fees from the students. So that is why it isn&#x27;t a set for Mr So for the current problem. Current problem. 15. We have I got a choice. So we have in the current problem in the current problem. 15. The correct choice is the correct choice. Is the so I problem? 15 by variety. Because it has been there. Dennis, he&#x27;s all right. Their distance e Mr E is expecting will deceive the please. So therefore the correct choices be for the control 50. That&#x27;s all for the solution. Thank you.

Puneet Prajapati · Answer

Okay, so let&#x27;s understand. What is the meaning of prepared insurance? Masterful. Do you feel like a dignitary definition? Not a technical definition, but are relatively easy detonation to make it work. It is Justin in Children&#x27;s expense here for next year, which is conceded as an insect for the company. Okay, so first of all, we will We will highlight some important important domes. Your definition insurance expense on next year Considered as an asset. Okay, so let&#x27;s draw the example to make the example moved here to suppose we have except by company. And here we have insurance company. I think everyone will be from live with danger and something like insurance. What does what does the insurance company do? The insurance won&#x27;t be received premium from from the persons on the ensure the evens are the insure the amount that they will likely that they would like you to pay. So the person from whom they received premium NGS off any type off disaster leaving. Let&#x27;s suppose I I pay a premium of $1000 to insurance company every year. Okay. In case I met with an accident. So whatever the amount of expense will my treatment be going to take vengeance on me. We&#x27;re going to be. We&#x27;ll be going toe there. Did it. Okay, That&#x27;s what the engines complete us. No. Let&#x27;s draw our main transaction evenings, X company. Hey, Sabrina. $2000. Please write down the example. So what? Dex completed a company paid Bring him off top $2000 to insurance company. Okay, $1000 per year. So x company realized the mistake after paying the expense off $2000. You know what happens? Out of $2000 $1000 will be treated as got India expense. Okay, it is very, very obvious that Trojan to record our toe, calculate the property loss for the current year. We will recognize the expense which will be the living 40 currently. Only okay, not for the future. Years are past years only for the Air India and out, off and out of the $2000 expense spared Did $1000 will be considered as repair insurance repaired insurance as the name suggests, the insurance which has been beard. But I do that period for which it is that they&#x27;re living. Okay, let&#x27;s suppose the current theories. 2000 bees 2022. 2020 vine. Okay, just I&#x27;m taking in his example to make it relatively easy. However, this prepared insurance will do to us. 23,022. Okay, so this $1000 will be considered as an asset for this Peter only but vendor, vendor entity and doesn&#x27;t do this financial year. This one in Julia. Then this $1000 will be pictured US current expense off that Peter. Okay, so we haven&#x27;t just ruined this whole story. Well, story off the prepaid insurance. So the correct choice. As for the given problem, And as for the given solution, we have arrived. The correct choice from Problem 34 is be okay. Because paper insurance are considered as a sex for the current period. And for the next period, for which they are 11 they will be treated us cutting expense. And then next, Peter. Okay. Thank you for the Thank you for your time.

Puneet Prajapati · Answer

Okay, so let&#x27;s understand the solution. Cluster for Louisville. Begin with the five type of accounts that that will be applicable throughout the country. OK, first is sex. Okay? The outside you covered up in the mountains. Let&#x27;s suppose you have a business and you have sold some water service is who? Your customers but the customers saying right now that he will be paying optimists are depleted of time that just around 30 days, so that tomorrow become automatically recovery. But okay, after that officer computer to think so that tomorrow will be being ordered in sex. Okay, gash in bank balance, if you will receive that amount from your customer so that so you will be mandating that cash balance at your entity in your cash drawer or any night off locker. Okay, So that will also become a sense in Henry. However, in traditional dance, we usedto dumb or we usedto no supplies, as in Bentley and then in inventory is nothing but the material you have purchased from you supplier for further processing off for further processing into finished goods so that you can so sold. You can sell those finished words too. Justin. Okay, let&#x27;s go to liabilities. Lively desired. Mostly in contrast, off six he belonged. So just we have This doesn&#x27;t bring three, like supposed You are purchased some inventory from your supplier, but you have not cared for them so that tomorrow becomes people. Okay, if that amount becomes people, so fact is considered as your liability, you have to pay off that liability after a certain period of time. Okay. Short and long term that that you like, or you take a loan from the bank to finance your different type of needs off the ones based on. You know, let&#x27;s example off chasing house, which isn&#x27;t properly purchasing car, motorbike or any night off needs you on. Okay, Shark and long term loans then come to capital. But on Capitol cookies, your capital, we will discuss in more detail when we will face much advanced problem later. Tow this. Do you see you contract your downfall form of BSC provincial capital in your lord books so that it would be easy or you devised these toes just before the accepts. Okay, so the capital is a dull which we use duty, Bardi Transactions allergic to financing for the business. Okay, no data expenses, okay? And I think everyone, everyone will be familiar with the expenses. So OK, the expenses which are incurred to one the profit on which which are incurred who relieved business but no personal nature are no personal expenses are allowed, Like you cannot say that you are going to consider personal expenses in your profit and loss and profit and loss statement off the business. Okay, so that should not be the case. No revenue if you are into If you&#x27;re in the business of selling or just ugly sister someone else to your customer. Okay. In most of the cases, so you&#x27;re Belgian. Date your revenue through selling the goods and services to your customer either through care Sailor Day Brazil like receiving the amount after later point in time. So that will become your sets. You can also have other angle. Okay, so these are the five type of accounts against which sorry against which I have stated the terms very, very relevant to them as off now for, you know, driving the solution for the current problem. However, I would also like to see what I would order so like to introduce some different companies. Five day difficulties. First of all, no. Let&#x27;s talk about the balances that how the how the different type of accounts have balances in most of the cases. Okay, so a certain expenses generally very, very generally means in most of the guests. In 99% of the cases, 99% of the cases will be will be having never evidences you will get to know a lot for this to me. What is the actual meaning off their Rebalances? While we will be moving to advance problems because of the unless another ways, it will not be much clearer to you, but as a matter off you the basis for the current solution, you can remember this. This is very, very simple. Nothing. Nothing toe, You know, very large it revenue capital, liabilities. Well, generally have credit balances, is that thank you. So what does that mean? Portions is which of the falling accounts will ever never dependence. Okay, So as we have just understood that the supplies order invent tree will be considered as an insect. Hey. Okay, so So we have we also know what is the meaning of in victory? No confirm Asper These rules, the asset will have generally or debit balance. So no, we can begin. Dr Other solution based on the analysis are based on the material we have. Just George it down. Okay, The correct choice for problem 33 is see? Okay, so that&#x27;s all for the solution. Please make sure that you will, Right? You will ride on your job. Your job down in your notebook for sheet as well as this as well as the second sheet. Third ship is not It&#x27;s not needed. Believe I don&#x27;t. Okay, I&#x27;m asking you to write down the first interrogation because that in most of the cases, whenever you will have exam so before 5 to 10 10 days back before that you need to them. You need to devise all this. That&#x27;s all for the solution. Thank you.

Puneet Prajapati · Answer

selectors understand this solution for the current problem. Okay, so except all of the choices we have accounts receivable. Okay, Most of all, we really find what is a monstrous evil. Then we will move forward. The explanation that how this account will require generally debit and credit and trees okay throughout the country, period or through the financial office computer. Okay, so, guns, receiver buddy, this is our the first tool. This a laundry first to the financial assert against Ridge. The anxiety? Yes. Zane died. Words. Our service is blames. Okay, so we have the pretender traditional definition of a counselor. See, however, we will understand. It proved the example. Okay, let&#x27;s suppose we have X and X company. Sorry. And we have a couple. Okay? No nexus. Suppose what? The ex con bridge is it sold for? Nietzsche went off. Daughter 1500. Okay, I&#x27;m no lingered by making the direction levels. Okay. No. What happens? What very complex is electors. Okay, So a company said that hunky ex in company I do not have difference right now, so I will pay you later after a certain period of time. That&#x27;s attractive is okay. No. What happens the fuck 1500 will be considered will be considered as Gotham City. However, a concert and ordinated name of a country&#x27;s here with this neckers. Okay, it&#x27;s a baby B b O goddess. Okay, so those were what happens. So we can obviously understand that every entity is, you know, commenced with the motive. You on the cover and whenever there will be a motive one, the prophet, it is very, very office that productions off selling. I comes to the customers transactions off purchases, the local or the raw material from the suppliers. These transaction will be very merry. Gentlemen, in a business context, okay? It&#x27;s like a day to be transition that will. That will obviously have to happen to make a profit to the entity. Okay, so that is I the accounts receivable. Auditors will require Jensen the debit and credit countries throughout the accounting. Peter. Okay, so that is why we have the correct choice for problem 39. Okay, Problem 39 is hey, so by that&#x27;s all because the current is even said the tradition off selling off purchasing the goods okay to customers and from suppliers will happen in a dreary on day to day basis. OK, so that is why our correct choice for the Brown 39. That&#x27;s all for the solution. Thank you.

Puneet Prajapati · Answer

So let&#x27;s start our solution. Okay, But before that, I mean make you clear some type of accounts that will be the living for the current solution. Okay, So most prominently, we have five days of a ghost. However, we are explaining only type of accounts. 11 for the current solution. It&#x27;s It&#x27;s ivy covered with the most. That&#x27;s a supposed VF, the F sword, laptops or computers who are one of our customers. But the customer sees that the amount will be paid off after a certain period of time. Let&#x27;s attack two days so their command will become recoverable from those customers so that that would be considered as a sites then. Okay, then again, cash bank balance If the intensity tentatively Lizzy, the cash, the cash payment or online payment from the customers so that cash balance and bank balance will be will also be considered. As I said. Okay, good. It&#x27;s a place. Okay, So expense. Everyone will be familiar with the expenses. So let&#x27;s suppose we have electricity expenses for the electricity consumed during the period. Electricity expenses, also in addition to cash in bank, be having mentally also, what is that 20 or we consist supplies. What is more isn&#x27;t mentally. Let&#x27;s suppose we are into process source selling packaged food. Okay. Vieira Vieira. Very many big manufacturing company producing packaged food for our customers. Forever biggest, biggest market off customers. Okay, You know what happens when we when we processed the material, we have to purchase raw material from our suppliers. So this is the raw material, the tree purchase from our suppliers. Okay. Now, in case of expenses, we have electricity expenses, any for expenses, but make sure expenses business purposes only not off personal purpose like it should not be. It should not be the case that the business that the businessman is considering the expense off any any party arranging in his house. What? Manage any marriage ceremonies in the in the profit and loss statement of the business that actual Lord of the case. In any case, okay, however, these are the types of accounts will be considering for the current solution. Okay, but the third type of count visit Avenue forthis liabilities do it. And fifties capital. I never knew Everyone knows sales. Like whenever we generate any amount from selling our could just opposite to our customers they&#x27;re keeping bonus. But even you ordered by that liabilities, Total liabilities. Let&#x27;s Libya amount people. Whoever suppliers like we have not appeared the amount for which we f but chase some goods. Okay, so that will become celebrities. Capital are mostly a judicial capital four pref initiate capital. However, these terms people understand in later point in time. But never we will face problems like it. But capital you can say the financing part of the business, the financing where we will record every transaction related to fundraising for the company. Okay, so no, we will also understand diamond brutes of a condom because without that, even Lord be able to be right. This solution However, the solution is straightforward for everyone who lost the diamond dolls or something. So that&#x27;s why I&#x27;m obliged to introduce. I would be grateful to introduce Diamond Ring for you. So what? I didn&#x27;t know he&#x27;s a guard this for a shoot also as well at second Cheetos. So let&#x27;s up. We ve vill receive extra cash or we will receive payments from other from the up from our customers after a certain period of time for against against the selling off the Georgian services to them. Okay, so they will be increasing a sect, Okay? And then the villain got any expenses? Allergic opens businesses, so they will be adapted to those expenses. Okay. It will be very certain that by the way, it is expenses. Order sets are being difficult with any type of increase against these other traditionally girls. You do not need to care about that by by this logic behind, because because it is a traditional. So there is no signs that by the by that happens okay, it has similarly increasing revenue capital liabilities. It was two credit. Okay, The reason to have a new capital liabilities he was from So these other prompting rules we need to be always have to remember who can before proceeding with any type of portion in the counting subject. Know what the potion asked for most? That which of the following here which of the falling even pairs of years of a house will be impacted, seem okay with the devil. Didn&#x27;t read it like it is asking that bitch of the falling tears like the leg to either X said our expenses because in case of a certain expenses if they will be increasing a sitting expenses than they were corresponding damage for decrees in a second expenses, they will be callous formed entirely. Likewise, in case off every new capital liabilities Also. Okay, so we have to recognise what bitch? Beer is qualified to be a choice. Okay, No, In case off choice B, I&#x27;ll make you more clear. That&#x27;s why I chose to the choice be okay. Joy&#x27;s B C&#x27;s supplies what we can say invent tree. And you know what is the meaning of it? Frankly, very well, which we have just discussed, which is raw material. It is just a raw material that&#x27;s all invent treason or or material changed from the supplier. However, I&#x27;m writing the full statement so that Julie, you will get to remember these things. Whatever you will revise. Okay, I&#x27;m going to detail by there. So because otherwise, what will happen, you will get the solution. But Northey paces North Theological mattered or detailed analysis that how that&#x27;s how we got to the situation. Okay, now. And what is this? The next time element? It&#x27;s basically expense. So, as as I said, the invent trees will be considered as a sex by there. So because we have because we will assess these inventory to make operates a label to the customers. Okay. And as far as physically expenses are concerned Okay, So the consumption. So the consumption off, Father. Okay. Okay. Sorry for the interruption. Let&#x27;s is your condemn shut off power. Okay. No, these are the sex. These are the expenses. Okay. Now, in the second she VFC index for a sect and expenses, but sex and expenses, they will be different treatment, or they will be same treatment for increase in a certain expenses. And the reason is you&#x27;re using as your expenses. Okay? So no. The correct choice. So we can drive our solution. Like so both of these accounts will be impacted with the same magnitude in the same direction, Not in the same magnitude. Magnet jewelry for soda amount. So let&#x27;s do not make it complex. So the same. The both of these accounts will be affected. Our will be impacted in the same direction, like increasing degrees. The doctor is forming debit and credit. Okay, Panic choice for problem. Tito, this be okay. Please make sure that you have noted down this sheet you have noted down this sheet. That&#x27;s part of your revision. Okay, along with back, please. Like like this Down you get a clear interpretation off the solution off the main solution, which you did. I Okay. Thank you.

Problem

How does a newly formed partnership handle the co…

Problem 9 Easy Difficulty

What type of assets may a partner not contribute to a partnership?
A. accounts receivable
B. furniture
C. equipment
D. personal credit cards

Answer

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Mitchell Franklin, Patty Graybeal, Dixon Cooper

Principles of Accounting Volume 1: Financial Accounting

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Principles of Accounting Volume 1: Financial Accounting

Mitchell Franklin, Patty Graybeal, Dixon CooperPrinciples of Accounting Volume 1: Financial Accounting

Mitchell Franklin, Patty Graybeal, Dixon Cooper

Principles of Accounting Volume 1: Financial Accounting