On Apr. 8, 2020, Tolentino who has her own retail business and Tan, decided to form a partnership wherein they will divide profits in the ratio of 40:60, respectively. The statement of financial position of Tolentino is as follows: Tolentino Marketing Statement of Financial Position April 8, 2020 Assets Cash P 4,000 Accounts Receivable P160,000 Less: Allowance for Uncollectible Accounts 16,000 144,000 Inventory 200,000 Equipment P 50,000 Less: Accumulated Depreciation 10,000 40,000 Total Assets P388,000 Liabilities and Capital Accounts Payable P 36,000 Tolentino, Capital 352,000 Total Liabilities and Capital P388,000 Conditions agreed upon before the formation of the partnership: a. The accounts receivable of Tolentino is estimated to be 70% realizable. b. The accumulated depreciation of the equipment will be increased by P10,000. c. The accounts payable will be assumed by the partnership. d. The capital of the partnership is based on the adjusted capital balance of Tolentino. Tan is to contribute cash in order to make the partner's capital balances proportionate to the profit and loss ratio. Required: Prepare the Initial Financial Statement of the partnership.

Lawler and Riello formed a partnership on March 15, 2024. The partners agreed to contribute equal amounts of capital. Lawler contributed her sole proprietorship's assets and liabilities (credit balances in parentheses) as follows: X Data table Lawler's Business Current Market Value its. Select the explanation on the last line of the journal entry table.) Accounts Receivable 10,600 Merchandise Inventory 29,000 Prepaid Expenses 2,800 Credit 26,000 Store Equipment, Net Accounts Payable (25,000) Done More info On March 15, Riello contributed cash in an amount equal to the current market value of Lawler's partnership capital. The partners decided that Lawler will earn 60% of partnership profits because she will manage the business. Riello agreed to accept 40% of the profits. During the period ended December 31, the partnership earned net income of $70,000. Lawler's withdrawals were $36,000, and Riello's withdrawings totaled $26,000. Print Done Requirement 1. Journalize the partners' initial…

Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine decided to enter into a partnership agreement with Mr. Rain, thus the status of the business was changed in 2021. In 2022, the partnership income statement for Shine & Rain was as follows: Income Statement for the year ended 31 December 2022$ $Revenue 11,600,000ExpensesSalaries & Wages 7,600,000Employer NIS Contribution 1,400,000 Rent and Rates 2.400,000Interest 500,000Maintenance 120,000Depreciation 550,000Loss on Disposal of Vehicle 80,000Telephone 235,000Electricity 255,000General Expenses 700,000Donations 85,000Provision for Bad Debts 80,000Fines and Penalties 115,000Drawings 105,000 14,225,000Net Loss 2,625,000  Notes to the Income Statement1. $55,000 of the drawings relate to Mrs. Shine and $50,000 to Mr. Rain2. Gross Salary for Mrs. Shine was $250,000 per month, and $200,000 for Mr. Rain. Both partners worked in the business during the year. 3. The annual allowance was…

Showing your workings, answer the following question. “Carnita and Cornwall are in partnership. The following is their trial balance as at 31 October 2020.”     £ £ Capital Accounts: Carnita   400,000 Capital Accounts: Cornwall   500,000 Current Accounts: Carnita (at 1 November 2019)   164,000 Current Accounts: Cornwall  (at 1 November 2019) 41,200   Drawings Accounts: Carnita 200,000   Drawings Accounts: Cornwall 160,000   Premises at cost 1,600,000   Vehicles at cost 520,000   Accumulated depreciation on vehicles at 31 October 2020   500,000 Debtors 464,200   Creditors   539,400 Stock at 31 October 2020 268,800   Bank 67,200   Bank loan at 5%   800,000 Net profit for the year   396,000 Accrued expenses   22,000   3,321,400 3,321,400   “You are given additional information as follows:       i) Interest is charged on drawings, which has been calculated as: Carnita…