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Prof. Evelyn Spring 2017 Acct. 227-001 GROUP PROJECT DUE DATE: May 12, 2017 FORMATION OF A PARTNERSHIP-Assume you are forming a service company. Requirement: 1. Draft a partnership agreement for your business. It should include: a. Name b. Location c. Purpose of the Business d. of partners and their respective duties e. Investments partner f Methods for distributing profits and losses. Include distribution of sa g. and interest. withdrawal of partners, Procedures for dealing with the admission or the withdrawal of assets, the death of a partner, and liquidation of the h. business. signature lines. Include a title, date of Agreement, and i. Sign the agreement. 2. Listed below in Appendix A is the partnerships Trial Balance after of adjustments. To correct, insert the name of your business and the name each partner in the appropriate fields. a. Prepare a corrected trial balance in b. Prepare an income statement and show the division of net income a separate table below the income statement December 31, 2016 c. Prepare the statement of partnership equity for d. Prepare the balance sheet as of December 31, 2016 3. Close the necessary accounts and prepare a post closing trial balance for the partnership. Journalize the closing entries, post them to the appropriate T-accounts and foot the accounts. 4. Admit a new partner into the partnership under each of the following conditions and journalize the entries to record the admission of the new partner: (Only prepare the journal entries. No new agreement is necessary.) receive a bonus a. Existing or Original Partners b. New partner receives a bonus Pay E. End- 1
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