Abdullah and Yasser wish to form a Y & Z partnership. Abdullah contributes Plant and Machinery with a book value of $ 375,000 (current value of $400,000) and a factory building with a book value of $ 400,000 (current value of $ 600,000).  Yasser will contribute cash. If the partners plan to share profits and losses on 3:2 ratio, after the formation of the partnership and assuming they have agreed to follow the same ratio as capital contributions, how much cash will Yasser have to contribute to form the partnership?

  1. Pass Journal entry to be recorded in Y& Z partnership Firm
  2. Pass Journal entry to record  the capital transferred in to the bank  account of  the Y& Z partnership Firm
  3. Pass Journal entry to record the transactions of both the partners, Abdullah has taken $ 250,000 to purchase a car for his personal use and Yasser has taken $ 150,000 for his personal expenditure from their capital account. (1.5 Marks)

What is the difference between marriage and registered partnership?

The only difference is that, in order to terminate a marriage, you still need to go to the court. A registered partnership can be ended without the intervention of a judge, provided no children were born into this relationship and there are no conflicts between the partners.

What is registered partnership in marital status?

Marital status is the legally defined marital state. There are several types of marital status: single, married, widowed, divorced, separated and, in certain cases, registered partnership. … Married persons are those who got married before a competent body in concordance with valid regulations.10 Apr 2019

What is register partner?

Register of Partners means the register of partnership interests for the Partnership, recording, as the Partnership Law may require from time to time, the names of each of the Partners, their Capital Commitments, the date and amount of their Capital Contributions including the return of any amounts, and their business …

What kind of property arrangements are possible in marriage and registered partnerships Netherlands?

What kind of property arrangements are possible in marriage and registered partnerships? You can marry or enter into a registered partnership in community of property or you can opt for a prenuptial agreement or partnership agreement.

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