Answer:
The journal entry would be passed as the accounts are closed, which is shown below:
Explanation:
As the books are closed, then the correction would be made against the capital accounts of the partners. And the following Journal entry would be made as:
Land A/c................................Dr $30,000
A's Capital A/c..................Cr $15,000
B's Capital A/c..................Cr $9,000
C's Capital A/c..................Cr $6,000
Working Note:
The amount of land is to be proportionate as the ratio of the partners which is computed as:
A's Capital A/c = Land amount × Ratio of A / Sum of ratios
= $30,000 × 5 / 10
= $15,000
B's Capital A/c = Land amount × Ratio of A / Sum of ratios
= $30,000 × 3 / 10
= $9,000
C's Capital A/c = Land amount × Ratio of A / Sum of ratios
= $30,000 × 2 / 10
= $6,000
This has become known as the mystical public punitive. In Criminology, this is a contentious issue, argued by many scholars that there is no definitive proof for this, which is the reason it is defined as "mystical", punitive being defined as a form of "punishment", relates to the fact that small cases of crime are inflated by the general public to promote specific ideas by groups or parties within society.
A(n) <u>practice network</u> offers members focused discussion groups, help, information, and knowledge related to an area of shared practice.
The idea of the network of practice was created by John Seely Brown and Paul Duguid and is frequently referred to as NoP. This idea, which is connected to Jean Lave and Etienne Wenger's work on communities of practice, refers to the entire collection of various kinds of informal, emergent social networks that enable information sharing between people with practice-related goals.
In other words, networks of practice include electronic networks of practice as well as communities of practice where learning takes place (often referred to as virtual or electronic communities).
To learn more about Practice here
brainly.com/question/26235246
#SPJ4
Answer:
is called a forbearance and is adequate legal consideration for a contract.
Explanation:
A contract can be defined as an agreement between two or more parties (group of people) which gives rise to a mutual legal obligation or enforceable by law.
Mutual assent is a legal term which represents an agreement by both parties to a contract. When two parties to a contract both have an understanding of the parameters, terms and conditions surrounding a contract, it ultimately implies that they are in agreement; this is generally referred to as mutual assent.
Under contract law, a promise not to do something that a person could otherwise do is called a forbearance and is adequate legal consideration for a contract.
For example, a creditor who decides to forebear by refusing to collect money from a debtor.
Answer and Explanation:
The journal entry is shown below:
Cash Dr $98,800
Finance charge Dr ($120,000 × 1%) $1,200
To Liability - Financing Arrangement $100,000
(being receipts of cash is recorded)
Here cash and finance charge is debited as it increased the assets and expenses and liability is credited as it also increased the liabilities. Also, the cash & expenses contains normal debit balance and liabilities contains normal credit balance
