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CONVERSION INTO A COMPANYThe partners may convert their business and trade in form of a company. This may be due to some of the advantages a company has over a partnership. E.g. Limited liability of members and the number of members of a company can be more than twenty with an exception to professional firms.The objective of accounting for conversions is to ensure that nay profit or loss on conversion is reported and shared between the partners and the opening position of the company is ascertained.The procedure therefore involves closing off the books of the partnership and preparing the opening balance sheet of the company. A realization account thus used to facilitate the process and the balance on the realization account is the profit or loss on conversion which is closed off to the partners capital accounts.The book values of the assets being taken over by the company will be posted to the debit side and the liabilities will be posted to the credit side. The purchase consideration paid by the company to the partners will be posted on the credit side of the realization account. If the expenses of formation are to be borne of the partners or the partnership, then this will be posted to the debit side of the realization account.
Q. What is Staff Benefit Fund? This is a fund intended to afford certain kinds of amenities and benefits to no gazetted staff as well as to gazetted officers of the Railway ove
Consider a not-for-profit hospital faced with a familiar choice: to open or not to open an emergency center in a new suburban hospital shopping mall. The mall's developers claim t
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Trustee's duties in administering the D of A 1) To carry out the trusts of the D of A and to distribute the property assigned to him in accordance with the provisions of the D of
Please use the budget information in Assignment 7.1-case to prepare the budget in the Excel document Assignment 7.1-budget and cash flow.
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What happens to capital when a project is completely funded by retained earnings?
GHH, Inc. has two classes of stock authorized: $100,000 par preferred and $1.00 par value common. As the begining of 20C, 200 shares of preffered stock and 300,000 shares of common
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