Under the goodwill method total contributed capital is equal to total agreed capital
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What is the difference between the total contributed capital and total agreed capital?You get the amount of contribution by the new partner and add that to the capital of the old partners, you will get the total partnership capital. Thus, the TOTAL CONTRIBUTED CAPITAL EQUALS TOTAL AGREED CAPITAL (CAPITAL CREDIT).
What is total agreed capital?agreed capital or AC. it is the amount of new capital set by the partners for the partnership. It may be equal to, more than, less than the total contributions of the partners.
What is contributed capital in partnership?In business law, contribution may refer to a capital contribution, which is money or assets given to a business or partnership by one of the owners or partners. The capital contribution increases the owner or partner's equity interest in the entity.
What is meant by bonus given to partner's how is this recorded in the books?Bonus Accounting Method: Under this method, the new partner's investment may or may not equal the book value of the capital interest that has been purchased. If it exceeds the book value of the capital interest, then the difference, which is referred to as a bonus, will be distributed to the old partners.
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