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- May, Jun, and Julie are partners with profit and loss ratio of 2:2:1 and capital balances of P1,200,000, P1,000,000 and P600,000, respectively. Julie decided to withdraw from the partnership to focus on her coffee business. She was paid P1,000,000 by the partnership for her capital interest. The difference in amount is due to the recognition of bonus. How much is the capital balance of May after the withdrawal of Julie?Xanrea, Yolly, and Zandro formed a partnership. They agreed that their business will continue for 6 years. After 6 years, Zandro decided to sell his share to Mila. Is the sale of Zandro of his share to Mila a ground to dissolve the Partnership? Yes or No? Explain your answer.Willow Construction Company is a partnership with three equal partners. On April 4, 2020, one of the partners fell off some scaffolding and was permanently paralyzed. He could no longer contribute to the company, so he withdrew his partnership. The other two partners bought out his part of the company and continued the company with only two partners. However, they still had to rewrite the partnership agreement to form a new partnership. This is because a change in partners causes O mutual agency. O unlimited liability for the remaining partners. O partnership dissolution. O partnership realignment.
- The TimpRiders LP has operated a motorcycle dealership for a number of years. Lance is the limited partner, Francesca is the general partner, and they share capital and profits equally. Francesca works full time managing the partnership. Both the partnership and the partners report on a calendar-year basis. At the start of the current year, Lance and Francesca had bases of $10,800 and $3,200, respectively, and the partnership did not have any liabilities. During the current year, the partnership reported the following results from operations: Net sales $ 657,000 Cost of goods sold Operating expenses Short-term capital loss Tax-exempt interest $1231 gain 502,000 166,000 2,600 2,200 6,200 On the last day of the year, the partnership distributed $3,200 each to Lance and Francesca. Comprehensive Problem 20-81 Part 1 (Algo) a. What outside basis do Lance and Francesca have in their partnership interests at the end of the year? b. How much of their losses are currently not deductible by…May, Jun, and Julie are partners with profit and loss ratio of 2:2:1 and capital balances of P1,200,000, P1,000,000 and P600,000, respectively. Julie decided to withdraw from the partnership to focus on her coffee business. She was paid P1,000,000 by the partnership for her capital interest. The difference in amount is due to the recognition of bonus. How much is the capital balance of May after the withdrawal of Julie?Roland Go, Gina Go, and Mia Ting organized a partnership and they named it as HO-TING Partnership. After 5 years of operation, Mia Ting met an accident and died. Roland Go and Gina Go continued the operation of the business. They still retained the name GO-TING Partnership. Is the name of the partnership allowed by law despite the death of Mia? Yes or No? Explain.
- Fitzee, Chesher and Klotia have a partnership. They share income on the basis of the following ratio: 2:3:5. Each partner has the following capital balances respectively $220,000, $250,000, and $145,000. They decided to liquidate their business on July 3 because they wanted to pursue other interests. They had a big liquidation sale and they sold all non-cash assets for $445,000. They have the following accounts: Cash $200,000 Supplies $50,000 Equipment $150,000 Truck $65,000 Building $300,000 AP $200,000 Prepare all of the journal entries to close this business General Journal Page Date Particulars PR Debits CreditsA Base and Zad are sharing income and loss in a 4:3:2 ratio respectively and decided to liquidate their partnership. Prior to the final distribution of cash to the partners. All has a capital balance of $(10,000), Basel has a capital balance of $24,000, and Ziad has a capital balance of $36,000. Also, cash balance is $50,000. All is NOT able to pay the amount he owes the partnership ?Which of the following two journal entries are right to record this liquidation case 6,000 4,000 Basel Capital A O Ziad Capital 10,000 All Capital 18,000 Basel capital 32,000 Ziad capital Cash 50,000 4,000 Basel Capital B O Ziad Capital 6,000 10,000 All Capital 18,000 32,000 Basel capital Ziad capital Cash 50,000 Basel Capital .CO Ziad Capital All Capital Basel capital Ziad capital Cash Basel Capital .D O Ziad Capital Ali Capital Basel capital Ziad capital Cash 50,000 10,000 50,000 10,000 50,000 السؤال 6 6,000 4,000 32,000 18,000 5,000 5,000 19,000 31,000Nancy and Perry are partners, and each has a capital balance of P100,000. To gain admission to the partnership, Mitch pays P52,000 directly to Nancy for one-half of her equity. After the admission of Mitch, the total partners' equity in the records of the partnership will be
- Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts receivable with a face amount of $50,000 and equipment with a cost of $185,000 and accumulated depreciation of $101,000. The partners agree that the equipment is to be valued at $67,800, that $4,000 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $1,800 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Tim contributes cash of $21,500 and merchandise inventory of $45,000. The partners agree that the merchandise inventory is to be valued at $48,500. Journalize the entries in the partnership accounts for (a) Jesse's investment and (b) Tim's investment. If an amount box does not require an entry, leave it blank. a. b.The TimpRiders LP has operated a motorcycle dealership for a number of years. Amir is the limited partner, Francesca is the general partner, and they share capital and profits equally. Francesca works full time managing the partnership. Both the partnership and the partners report on a calendar-year basis. At the start of the current year, Amir and Francesca had bases of $11,900 and $4,100, respectively, and the partnership did not have any liabilities. During the current year, the partnership reported the following results from operations: Net sales Cost of goods sold Operating expenses Short-term capital loss Tax-exempt interest §1231 gain On the last day of the year, the partnership distributed $4,100 each to Amir and Francesca. $ 684,000 511,000 186,000 Comprehensive Problem 09-81 Part 1 (Algo) a. Year-end basis b. Loss limited by tax basis c. Loss limited by passive activity 2,800 3,100 7,100 Required: a. What outside basis do Amir and Francesca have in their partnership interests…Dewwy, Screwum, and Howe are forming a partnership. Dewwy is transferring $93,000 of personal cash to the partnership. Screwum owns land worth $27,000 and a small building worth $205,000, which she transfers to the partnership. Howe transfers to the partnership cash of $19,000, accounts receivable of $47,700 and equipment worth $35,000. The partnership expects to collect $45,000 of the accounts receivable. Cash 93000 Dewwy Capital 93000 Equipment 27000 Building 205000 Screwum Capital 232000 Cash 19000 Accounts Recievable 47700 Equipment 35000 Doubtful 2700 Howe Capital 99000 What amount would be reported as total owners’ equity immediately after the investments? I would have expected $99,000 since this was agreed upon. What did I miss in the reading?
