A 60% P300,000 B 30% P120,000 10% P50,000 The partners decided to sell D 20% of their respective capital and profit and loss interests for a total paymer P90,000. D will pay directly to the partners. If the partners agreed to revalue the assets prior to the admissi
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- The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $40,000 B. $25,000 C. ($5,000) In addition, show the resulting entries to each partners capital account. Tatums capital account balance is $50,000 and Brooks is $60,000.The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have capital balances of $45,000 each. Prepare a schedule showing how the bonus should be divided if Ashanti joins the partnership with a $60,000 investment. The partners new agreement will share profit and loss in a 1:3 ratio.Juan contributes marketable securities to a partnership. The book value of the securities is $7,000 and they have a current market value of $10,000. What amount should the partnership record in Juans Capital account due to this contribution? A. $10,000 B. $7,000 C. $3,000 D. none of the above
- A B and C partnership shows the following profit and loss ratios and capital balances: A 60% 300000 B 30% 120,000 C 10% 50,000 The partners decided to sell D 20% of their respective capital and profit and loss interests for a total payment of 90,000. D will pay directly to the partners. If the partners agreed to revalue the assets prior to the admission of D, what is the capital balance of B after D's admission?5. Assume that a partnership had assets with a book value of P240,000 and a market value of P195,000, outside liabilities of P70,000, loans payable to partner Able of P20,000, and capital balances for partners Able, Baker, and Chapman of P70,000, P30,000, and P50,000. How much would Able receive upon liquidation of the partnership assuming profits and losses are allocated equally? a. P70,000 b. P90,000 C. P75,000 d. P55,0002. The capital balances of partners Po and Gi are as follows:Po GiJanuary 1, Beginning P100,000 P200,000June 30, investment 50,000 -September 30, withdrawal - (100,000)Balance P150,000 P100,000Their agreement is to share profit and loss based on average capital balance. How muchis the share of Gi in the partnership’s income of P450,000?
- of their respective capital & profit or loss interests for 20.000. RADON will pay the money directly to the other parthers. the admission of RADON under Bonus Method, the partners agreed to adjust their capital balances in proportion to the new Profit & Loss ratio. What are the fapital balances of the Me ma partnership? HELIUM/ (aP 144,000. P 155,200 P 155,200 P 173,200 of cap KRYPTON RADON P 80,000 P 80,000 P 90,000 P 90,000 NEON ARGON P 96,000 P 86,400 P 86,400 P 98,400 P 48,000 P 41,600 P 41,600 P 47,600 P 32,000 P 36,800 P 36,800 :32 P 40,800 31. 20arry & Curly were partners with capital balances on January 2, 2012 of P 78,000, P 50,000 & P44,000 respectively. Their profit ratio is 5:3:2 while their capital interest ratio is 4:4:2. on July 1, 2012, Andy was admitted by the partnership for 26% interest in capital & 20% in profits by contributing P 42,000 cash & the old partners agree to bring their interest to their old capital & profit interest sharing ratio. The partnership had a…A, B and C partnership shows the following profit and loss ratios and capital balances: A 60% B 30% C 10% 300,000 120,000 50,000 The partners decided to sell D 20% of their respective capital and profit and loss interests for a total payment of 90,000. D will pay directly to the partners. If the partners agreed to revalue the assets prior to the admission of D, what is the capital balance of C after D's admission? On October 1, A and B pooled their assets to form a Partnership, with the firm to take over the business assets and assume liabilities. Partners capitals are to be based on net assets transferred after the following adjustments. The partners agreed to the following adjustments: A’s inventory is to be increased by P15,000, while B’s inventory has a current fair market value of P100,000 and an agreed value of P110,000. B’s unadjusted inventory amounted to P90,000. Machinery and equipment are over-depreciated by P5,000 and P8,000 for A and B, respectively. Furnitures and…