Ms Amal and Ms Asma are partners sharing profits and losses in the ratio of 8:4. Ms Rawan is admitted as a new partner for 1/8th share. Ms Rawan brings OMR 60,000 as his capital and brings only 55% of his share of Goodwill in cash Total Goodwill of the firm is OMR 50,000 . Pass necessary journal entries when Ms Amal and Ms Asma withdraw 40% of the amount brought in by Ms Rawan as his share of goodwill in cash. Goodwill already appears in the books at OMR 50,000.
Q: Below are accounts were taken from the books of Enrique Hill Cross School Security Services for…
A: Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…
Q: Moon Co. decides to establish a petty cash fund with a beginning balance of $250. At the end of the…
A: Lets understand the basics. Petty cash is created from the cashbook. It is a cash which will going…
Q: Chris bought a house for 325,000 in May of last year. At the time of purchase he put a down payment…
A: Cost of the house - Down payment = 325000 - 30000= $ 295000 Interest rate = 12% Interest rate per…
Q: Sama company has the following unadjusted account balances at December 31, 2021, Total Sales of…
A: Lets understand the basics. Allowance for bad debt account is created by using percentage of the…
Q: Number of units Sale price per unit Variable costs per unit Calculate: A 2,833 units $200 80
A: Formula: Total Contribution margin = Contribution margin per unit x number of units sold Deduction…
Q: Gourmet Aroma Coffee House has an exclusive contract with Columbia exporters. Two brands of gourmet…
A: Total Actual quantity = 4,536 + 3,864 = 8,400 Budgeted sales mix ratio = 3,970 : 3,970 = 1:1 Revised…
Q: 17. The total cash distributed to the partners in the first installment was: a. P 12,500. C. P…
A: Here discuss about the details of total cash distribution which are made to the partners at the time…
Q: Explain the main differences between tax evasion and tax avoidance and list the main actions taken…
A: Tax evasion is the use of illegal methods of concealing income or information from the IRS or other…
Q: QUESTION 1 Khaled has developed a new technology device that is so exciting he is considering…
A: (Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: Christian and Dior are partners, who share profits equally, were incapacitated due to a car…
A: Cash available after liabilities payment and liquidation expenses = P35,000 - P19,000 - P10,000 =…
Q: If Pluto Company sold 3000 units at sales price of SR45. The variable cost per unit is SR25.…
A: The contribution margin is calculated as difference between sales and variable costs.
Q: XYZ Corporation is authorized to issue 150,000 ordinary shares with par of P150. On June 1 eight…
A: Statement of Profit and Loss Account The purpose of preparing the statement of profit and loss to…
Q: I REPEAT. TYPEWRITTEN ONLY ANSWERS DO NOT ANSWER IF YOU ALREADY ANSWERED THIS. DO THIS TYPEWRITTEN…
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…
Q: ! Required information [The following information applies to the questions displayed below.] Danni…
A: Partnership: - When two or more persons come together to agree on setting up the business, run it…
Q: Blossom Co. is owned by Irina Temelkova. The following information is an alphabetical listing of…
A: One of a company's core financial statements, the Net Income, depicts the company's income and…
Q: 1. Differentiate Income Taxation and Business Taxation using in the areas that do not overlap. 2.…
A: Taxation refers to the means through which government or the authority of taxation imposes the tax…
Q: Gourmet Aroma Coffee House has an exclusive contract with Columbia exporters. Two brands of gourmet…
A: Standard Costing The process of estimating (or standardizing) costs for any or all of a company's…
Q: following linancial statement information for Peal Company as for the year 2021: Required: Fill the…
A: Peal Company Income Statement For the year ended 2021 Net Sales $12,000 COGS (i.e.…
Q: When valley co acquired 80% of the common stock Coleman Co. Coleman owned land with a book value of…
A: The amount of excess land allocation attributed to controlling interest = Fair value - Book value
Q: A company's trial balance included the following account balances: Accounts Payable $ 19,347…
A: Total liabilities = Accounts payable + Income tax payable + Notes payable + Wages payable
Q: Cap Incorporated manufactures ball point pens that sell at wholesale for $0.80 per unit. Budgeted…
A: Full costing is nothing but absorption costing. In absorption costing method, the unit product…
Q: Mar, Tee, Nee, and Kho, sharing profits in the ratio of 3/21, 4/21, 6/21, and 8/21, respectively,…
A: The carrying value of the non-cash assets would be determined by the difference between total…
Q: he capital investment requirement is P345,000 and the estimated market value of the system after a…
A: Net Cashflow for each of 6 years = Annual revenues - Annual expenses Net Cashflow for each of 6…
Q: Required information [The following information applies to the questions displayed below.] Danni is…
A: Kolt is a C corporation, and Danni is a Kolt employee that works 20 hours each week. A C…
Q: The Thomlin Company forecasts that total overhead for the current year will be $11,132,000 with…
A: Variance is the difference between expected results and actual results. It can be calculated by…
Q: D, E, and F share partnership profits in the ratio of 2:3:5. On September 30, F opted to retire from…
A: Profit sharing ratio = D:E:F = 2:3:5 Capital D =P25,000 Capital E=P40,000 Capital F= P35,000 Value…
Q: Al Rahami Shop started the year with total assets of OMR210,000 and total liabilities of OMR120,000.…
A: Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…
Q: A recent statement of cash flows for Colgate-Palmolive reported the following information (dollars…
A: Cash Flow Statement is one of the financial statement which shows the movement of cash during the…
Q: 40,000.00 40,000.00 Accounts Receivable-net 200,000.00 200,000.00 Inventories 100,000.00 400,000.00…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: In September, Numbers Incorporated sold 40,000 units of its only product for $339,000 and incurred a…
A: Formula: Total amount of variable costs in the flexible budget = Variable costs - Variable cost…
Q: K1 and K2 are partners who have capital balances of P95,000 and P65,000 and who share profits 60%…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: PA4-1 Preparing a Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance (L04-3,…
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period. The…
Q: A company reports the following: Net income Preferred dividends Shares of common stock outstanding…
A: Formula: Earnings per share = ( Net income - preferred dividend ) / outstanding common shares
Q: If Pluto Company sold 3000 units at sales price of SR45. The variable cost per unit is SR25.…
A: Lets understand the basics. Contribution margin is a margin generated from the sales. Contribution…
Q: Calculate predetermined overhead rates. BE3-7 (LO 4) Marquis Company estimates that annual…
A: Pre-determined overhead rates are used to allocate the manufacturing overheads. It can be located on…
Q: Research & Development. Edwards Corporation purchases a building for $2,000,000 which is to be used…
A: Research and Development expenditure are direct expenses relating to a company's effort to develop…
Q: Accounts payable are solely used for purchases of inventories from suppliers. All purchases are on…
A: Cash Flow Statement Cash Flow statement which can be prepared by using both Direct method and…
Q: Esteban Products produces instructional aids, including white boards, which use colored markers…
A: The variance is the difference between the actual data and standard output of the production.
Q: If factory overhead is to be applied based on direct labor hours, the predetermined overhead rate is…
A: Predetermined overhead rate Predetermined overhead rate is an allocation rate that applies a certain…
Q: Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Traction Treads Tire Co.…
A: When the actual performance does not match the expected performance, the variance occurs. The same…
Q: LP Corporation uses an activity-based costing system with the following three activity cost pools:…
A: Cost allocated to fabrication activity - Wages and salaries = P460,000 x 5% = P23,000 Depreciation…
Q: Requirements: 1. Analyze and journalize the transactions for the May, 2021 of 5C's Computer Center.…
A: Here given the process of Accounting with the details of Journal entry posting of journal entry into…
Q: culture of the organization can impact the effectiveness of different project man osoft and Boeing,…
A: Project structures refer to the framework of a company under which a set of employees continuously…
Q: 1. Nestor Crus borrowed P3,000 with an interest of 12%. Compute the interest and final amount if he…
A: For the given problem, we are supposed to calculate interest for the amount borrowed at the given…
Q: Sold Purchased 300 units at $ 32 each. Sold 300 units at $ 50 each. owing questions assuming that…
A: FIFO is first in first out, where the goods purchased first are sold first . Cost of goods sold…
Q: I REPEAT. TYPEWRITTEN ONLY ANSWERS DO NOT ANSWER IF YOU ALREADY ANSWERED THIS. DO THIS TYPEWRITTEN…
A: 1. Income Statement 2. Balance Sheet The first statement shows the income earned and loss incurred…
Q: Marcos Putnam receives a regular salary of $3,120 a month and is paid 1½ times the regular hourly…
A: Introduction: Excess hours worked: In a week maximum 40 hours to be worked for normal pay rate and…
Q: Boy Car Repair Shop started the business with total assets of P200,000 and total liabilities of…
A: The balance of capital at the year-end is determined by adding the capital invested during the year…
Q: please explain in steps
A: Journal entries are the basic method for recording financial transactions in the books of accounts.…
Q: The management of Sheridan Company is trying to decide whether it can increase its dividend. During…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Step by step
Solved in 2 steps
- Mr Mohammed and Mr Hamed are partners sharing profit and losses in the ratio of 9:6. Mr Ahmed is admitted as a new partner for 1/8th share. Mr Ahmed brings OMR 45,000 as his Capital and necessary amount of his share of goodwill in cash. Total goodwill of the firm is OM 80,000. Goodwill already appears in the Balance Sheet iS OMR 50.00. Pass necessary journal entries.Mr Ahmed and Mr Mohammed are partners sharing profits and losses in the ratio of 7:3. Mr Sulaiman is admitted as a new partner for 1/7th share. Mr Sulaiman brings OMR 80,000 as his capital but he is not able to bring his share of Goodwill in cash. Total Goodwill of the firm is RO. 70,000. Pass necessary journal entries: (a)No Goodwill already appears (b)Goodwill already appears at OMR 36,000A and B are partners in a firm sharing 1 th share. C acquires 10 profits and losses in the ratio of 5 : 3. They admit C as a partner for his share from A and B in the ratio of 3 : 2. The goodwill of the firm has been valued at $10,000. C brings the necessary amount for his share of goodwill in cash. Pass the necessary journal entries under each of the following alternative cases: (i) When goodwill does not appear in the books and amount of goodwill is retained in firm. (ii) When goodwill already appears in the books at $ 8,000.
- A and B are partners sharing profits and losses in the ratio of 5:3. C is admitted as a new partner for 1/5th share. C brings RO. 50,000 as his capital but he is not able to bring his share of Goodwill in cash. Total Goodwill of the firm is RO. 60,000. Pass necessary journal entries when in the books of A and B: (a) No Goodwill already appears . (b) Goodwill already appears at RO. 24,000.P, Q and R are partners sharing profit and losses in the ratio of 5 : 3: 2. Q retires and the goodwill of the firm is valued at $ 9,000. Assuming that P and R will share the future profits in the ratio of 4 : 1. Pass the necessary journal entries in each of the following alternative cases: (a) When no goodwill account appears in the books. (b) When goodwill account appears at $ 30,000 in the Balance Sheet.Chaman, Raman and Suman are partners sharing profits in the ratio of 5:3:2.Raman retires, the new profit sharing ratio between Chaman and Suman willbe 1:1. The goodwill of the firm is valued at Rs. 1,00,000 Raman’s share of goodwill will be adjusted: (a) by debiting Chaman’s Capital account and Suman’s Capital Accountwith Rs 15,000 each.(b) by debiting Chaman’s Capital account and Suman’s Capital Accountwith Rs. 21,429 and 8,571 respectively.(c) by debiting only Suman’s Capital Account with Rs. 30,000.(d) by debiting Raman’s Capital account with Rs. 30,000
- Capital balances in Sama Co. are Saleh $60,000, Sama $45,000, and Sona $40,000. Saleh and Sama agree to pay Sona $30,000 from their personal assets. Saleh and Sama each receive 50% of Sona's equity. The partners share income equally. Saleh's capital balance after recording the withdrawal of Sona is 40000 45000 60000 80000 O O O OMr. Ali and Mr. Sahil are partners sharing profit in the ratio of 3: 2. They agree to admit Mr. Zaheer for 1/5 share in future profit. Mr. Zaheer brings OMR 2,50,000 as capital and enables to bring his share of goodwill in cash, the goodwill of the firm to be valued at OMR 1,80,000. At the time of admission, goodwill existed in the books of the firm at Rs.80,000. What is the journal entry if Mr. Zaheer brought his share of capital in the business?Andrew and Jones are partners of Rs. 120,000 and Rs. 80,000 respectively. They share profit and loss in the ratio of 3:2. They agreed to admit Giles as a partner. Required: Give the necessary journal entries and prepare balance sheet in each of the following cases: a) Giles invests Rs. 100,000 cash and receiving a 1/3rd interest. b) Giles invests Rs. 80,000 cash and receiving a 1/4th interest, his capital is to be credited of the entire amount of his investment. c) Giles invests Rs. 40,000 cash for 1/5th interest. Old partners are not ready to reduce their capital balances.
- Daggett, Lamppin, and Pendergast are partners who share profits and losses 50%, 30%, and 20%, respectively. Their capital balances are $143,000, $89,000, and $58,000, respectively. Assume instead that Daggett leaves the partnership. Daggett is paid $177,000 with a bonus to the retiring partner.Prepare the journal entry to record Daggett’s withdrawal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit select an account title enter a debit amount enter a credit amount select an account title enter a debit amount enter a credit amount select an account title enter a debit amount enter a credit amount…Charles and Clement are partners with capital balances of P 24,500 and P 15.500, respectively. The profit and loss agreement is 60% for Charles and 40% for Clement. The partners decided to liquidate the partnership. The firm's liabilities amount to P 36,000, including P 4.000 owing to Charles and P 3,500 owing to Clement on loans. After realization of assets, the cash on hand amounts to P 37,500. How much is the total loss on realization? in the settlement to partners, how much did Charles receive? in the settlement to partners. how much did Clement receive?Foss, Albertson, and Espinosa are partners who share profits and losses 50%, 30%, and 20%, respectively. Their capital balances are $111,000, $62,000, and $32,000, respectively. Assume instead that Foss leaves the partnership. Foss is paid $129,000 with a bonus to the retiring partner. Prepare the journal entry to record Foss’s withdrawal. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)