Capital balances and profit-and-loss-sharing ratios for the Nix, Man and Per partnership on December 31, 2020, just before the retirement of Nix, are as follows: 128,000 140,000 160,000 428,000 On January 2, 2021, Nix is paid $170,000 cash upon his retirement. Nix Capital (30%) Man Capital (30%) Per Capital (40%) Total Prepare the journal entry(s) to record Nix's retirement assuming that goodwill, as implied by the payment to Nix, is recorded on the partnership books.
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- The capital accounts of Scott and Tucker at the end of the fiscal year 2019 are as follows: Scott, Capital January 1 Balance P210,000 Мay 1 Investment 90,000 October 1 Withdrawal Р60,000 Tucker, Capital January 1 Balance P150,000 April 1 Withdrawal P30,000 The partnership profit for the year ended December 31, 2019 was P300,000. Instruction: Prepare schedule of profit allocation and journal entries to record transfer to profit to the capital accounts under each of the following independent assumptions: 1. Profit is divided 60% to Scott and 40% to Tucker. 2. Profit is divided into ratio of capital balances at the beginning of the period. 3. Profit is divided in the ratio of average capital balance. Interest of 8% is allowed on the average capital and the balance of profit is divided equally. 4. Salaries of P60,000 and P48,000 are allowed to Scott and Tucker, respectively, and the balance of the profit is divided in the ratio of capital balances at the end of the period. 5. 6. Scott is…Capital balances and profit-and-loss-sharing ratios for the Nix, Man and Per partnership on December 31, 2020, just before the retirement of Nix, are as follows: Nix Capital (30%) 128,000 Man Capital (30%) 140,000 Per Capital (40%) 160,000 Total 428,000 On January 2, 2021, Nix is paid $170,000 cash upon his retirement. Prepare the journal entry(s) to record Nix’s retirement assuming that goodwill, as implied by the payment to Nix, is recorded on the partnership books.The condensed statement of financial position of Ricablanca, Tac-an and Dimalanta partnership as of March 31, 2019 follows: Assets Cash P 28,000 Non-cash Assets 265,000 Total P293,000 Liabilities P 48,000 Ricablanca, Capital 95,000 Tac-an, Capital 80,000 Dimalanta, Capital 70,000 Total P293,000 Profit and loss ratio is 50:25:25, respectively. The partners voted to dissolve the partnership and liquidate by selling assets in installments. P70,000 was realized on the first cash sale of other non-cash assets which has a book value of P150,000.…
- The capital accounts of the partnership of Aguinaldo, Bernardo, and Caraig on June 1, 2020 are presented below with their respective profit and loss ratios: P452,400 1/2 678,600 1/3 312,000 1/6 Aguinaldo Bernardo CaraigExercise3: Retirement of a Partner G, H and I are partners whose capital balances as of January 1, 2019 are in the same proportion as their share in profit of 20:30:50. As of January 1, 2019, total partnership assets amount to P150,000 with the liabilities at P60,000. Their additional investments and withdrawals for 2019 are as follows: Additional Investments Drawing G P15,000 P9,000 H 18,000 10,000 I 12,000 H retires as of December 1, 2019, G and I agreed to a settlement for his share in equity plus 10% thereof after three months. Pending settlement, the amount due to H shall bear an interest of 12%. The partnership net income for 2019, prior to the above-mentioned interest, amounts to P32,400. Instructions: Determine the amount due to H as of December 31, 2019. Make the entries incidental to the retirement of H under each of the following assumptions: The additional consideration is to…The assets and equities of the Perdales, Ceballus and Bandonell partnership at the end of its fiscal year ended Oct. 31, 2019 are as follows: Assets Equities Cash P15,000 Liabilities P50,000 Receivable-net 20,000 Loan from Bandonell 10,000 Perdales, Capital (30%) Ceballus, Capital (50%) Bandonell, Capital (20%) Inventory 40,000 45,000 Property and Equipment 70,000 30,000 Loan to Ceballus 5,000 15,000 P150,000 P150,000 The partners decided to liquidate the partnership. They estimated that the non-cash assets, other than the loan to Ceballus, can be converted into P100,000 cash over the two-month period ending Dec. 31, 2019. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process. If P65,000 is available for the first distribution, it should be paid to Priority creditors P60,000, Perdales P5,000, Ceballus P0, Bandonell PO Priority creditors P50,000, Perdales P12,000, Ceballus P0, Bandonell P3,000 Priority creditors P60,000, Perdales…
- At the end of its first year of operations on December 31, 2019, CAP Company’s accountsshow the following.Partner Drawing CapitalCharlies $15,000 $40,000Andrew 10,000 25,000Patrick 5,000 15,000The capital balance represents each partner’s initial capital investment. Therefore, net incomeor net loss for 2019 has not been closed to the partners’ capital accounts.Instruction(a) Journalize the entry to record the division of net income for 2019 under each of theindependent assumptions shown on the following:(1) Net income is $50,000. Income is shared 5:3:2.(2) Net income is $40,000. Charlies and Andrew are given salary allowances of$15,000 and $10,000, respectively. The remainder is shared equally.(3) Net income is $37,000. Each partner is allowed interest of 10% on beginningcapital balances. Charlies is given an $20,000 salary allowance. The remainderis shared…The assets and equities of the A, B and C Partnership at the end of its fiscal year on October 31, 2019 are as follows: Assets: Liabilities and capital Liabilities – creditors P50,000 Loan from C Cash P15,000 Receivable – net 20,000 10,000 Inventory Plant assets – net 40,000 70,000 5,000 A, Capital B, Capital C, Capital 45,000 30,000 15,000 Loan to B The partners decide to liquidate the partnership. They estimate that the noncash assets, other than the loan to B, can be converted into P100,000 cash over the two months period ending December 31, 2021. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process. Assuming P65,000 is available for first distribution, it should be paid to (and how much)For Crane Co., beginning capital balances on January 1, 2022, are Nancy Payne $21,200 and Ann Dody $17,200. During the year, drawings were Payne $7,000 and Dody $5,900. Net income was $26,500, and the partners share income equally. (a) Prepare the partners' capital statement for the year. (List Items that increase partners' capital first.) (b) : eTextbook and Medial Save for Later $ $ CRANE CO. Partners' Capital Statement N. Payne Prepare the owners' equity section of the balance sheet at December 31, 2022. CRANE CO. Partial Balance Sheet $ $ A. Dody Attempts: 0 of 5 used Total Submit Answer
- At the end of its first year of operations on December 31, 2020, NBS Company's accounts show thefollowing.Partner Drawings CapitalArt Niensted $23,000 $48,000Greg Bolen 14,000 30,000Krista Sayler 10,000 25,000The capital balance represents each partner's initial capital investment. Therefore, net income or netloss for 2020 has not been closed to the partners' capital accounts.Instructions:a. Journalize the entry to record the division of net income for the year 2020 under each of thefollowing independent assumptions. SHOW YOUR CALCULATIONS.1. Net income is $40,000. Income is shared 6:3:1.2. Net income is $50,000. Niensted and Bolen are given salary allowances of $15,000 and $10,000,respectively. The remainder is shared equally.3. Net income is $19,000. Each partner is allowed interest of 10% on beginning capital balances.Niensted is given a $12,000 salary allowance. The remainder is shared equally.b. Prepare entries to close the drawing accounts.c. Prepare a partners' capital statement…The partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. Profits and losses are shared 50%; 30%; and 20%, respectively. Guess, Drawing (debit balance)P (32,000)Levis, Drawing (debit balance)(12,000)Jag, Loan40,000Guess, Capital164,000Jag, Capital134,000Levis, Capital144,000 Total assets amounted to P 638,000, including cash of P 70,000, and P 200,000 worth of liabilities. On January 2019, the partnership was liquidated, and Jag received P 111,000 cash as final settlement.Required:1.The total loss from the liquidation of the partnership2.Prepare the statement of liquidation.3.Journal entries to record the liquidation.Use the following information for numbers 29 and 30. On June 30, 2018, the balance sheet for the partnership of D, E and F, together with their respective profit and loss ratios, is summarized as follows: Assets 300,000 D, Loan 15,000 D, Capital (20%) 70,000 E, Capital (20%) F, Capital (60%) Total Liabilit ies and Capital 65,000 150,000 Total Assets 300,000 300,000 D has decided to retire from the partnership, and by mutual agreement the assets are to be adjusted to their fair values of P260,000 at June 30, 2018. It is agreed that the partnership will pay D, P102,000 cash for his interest exclusive of his loan which is to be repaid in full. After D's retirement, what are the capital balances of each partner? 29. Partner E. 30. Partner F.