The capital accounts of Scott and Tucker at the end of the fiscal year 2019 are as follows: Sott, Capital January 1 Balance May 1 Investment October 1 Withdrawal P60,000 P210,000 90,000 Tucker, Capital January 1 Balance April 1 Withdrawal P30,000 P150,000 The partnership profit for the year ended December 31, 2019 was P300,000,
Q: GWS and BCP organized the GB Partnership on January 1, 2018. The following entries were made in…
A: Average capital of GWS = P315,000×312 + P210,000×612 +P385,000×312…
Q: From the problem below, determine the ending capital of ACHE at December 31, 2020. ON June 1, 2020,…
A: Here to discuss about the details of determination adjusted capital balance of each partners and its…
Q: The statement of financial position May Partnership on December 31, 2020 is given below: Cash…
A: Partnership is a kind of business entity in which the individuals agree to contribute their…
Q: On December 31, 2020, the Statement of Financial Position of ABC Partnership provided the following…
A: Partnership describes one type of agreement between two or more persons who agree to be the…
Q: Capital balances and profit-and-loss-sharing ratios for the Nix, Man and Per partnership on December…
A: On 31.12.2020, Profit sharing and capital balances of Nix capital = $128000 with 30% Man capital =…
Q: AA, BB and CC formed a partnership on January 1, 2022. Their capital balances before share in profit…
A: Calculation of opening capital of partners as at 01.01.2022: AA BB CC Closing capital…
Q: R, S and T
A: A profit-sharing arrange provides staff a share in their company's profits supported its quarterly…
Q: January 1, 2020, A and B have capital balances of P 200,000 and P 300,000 respectively. On July…
A: Ending capital of A = P200,000 + P10,000 = P210,000 Ending capital of B = P300,000 - P11,600 =…
Q: On December 31, 2020, the Statement of Financial Position of SAIYAN Partnership provided the…
A: "Since you have posted multiple questions, we will solve the first question for you. In order to get…
Q: Capital balances and profit-sharing percentages for the partnership of Manda, Emeril, and Fotenot on…
A: Introduction: Partnership: Its an agreement between two or more partners for forming a a business…
Q: The partners of ABC Partnership decided to liquidate the partnership on January 1, 2021. The…
A: Realization: In closing the affairs of a partnership firm, or other entity, the process of realizing…
Q: On January 1, 2020, Lim and Pan decided to form a partnership. At the end of the year, the…
A: Here in this question, we are required to find out how much net income is attributable to each of…
Q: Capital balances and profit-and-loss-sharing ratios for the Nix, Man and Per partnership on December…
A: Partnership means an association where two or more individual join together and start the business…
Q: On December 31, 2020, the Statement of Financial Position of ABC Partnership provided the following…
A: Given share of capital of D in total capital =10%
Q: On January 1, 2021, the partners decided to wind up the partnership affairs. During the winding up,…
A: It is assumed that liabilities are 40% of the net cash assets with book value.
Q: The adjusted trial balance of the Kalmia and Wardah Partnership for the year ended 31 December, 2020…
A: The question is related to Partnership Accounting. First we will calculate the Net Profit for the…
Q: The capital accounts of Scott and Tucker at the end of the fiscal year 2019 are as follows: Scott,…
A: Answer- 4. Profit and loss appropriation account ...... dr 300,000 To Scott's Capital Account…
Q: ilities Hungria, Capital Blanche Capital P1,000,000=…
A: Partnership according to section 3 (1) of the partnership act 1961 is known as the relation between…
Q: On December 31, 2019, the Statement of Financial Position of ABC Partnership provided the following…
A: Partnership refers to the form of legal act between two or more persons who have mutually agreed to…
Q: AA, BB and CC formed a partnership on January 1, 2022. Their capital balances before share in profit…
A: Calculation of opening capital : Particulars AA BB CC Closing capital before distribution…
Q: The capital accounts of Scott and Tucker at the end of the fiscal year 2019 are as follows: Scott,…
A: Lets understand the basics. Partnership is an agreement between two or more person who works…
Q: AA and BB formed a partnership in January 1, 2016 and made the following investments and withdrawals…
A: Bonus calculation Net profit after salary = 480000-360000=120000 Bonus (X)= 25%(120000-X) Bonus=…
Q: The assets and capital of QRS Partnership at the end of its fiscal year on October 31, 2021 are as…
A:
Q: The capital accounts of Scott and Tucker at the end of the fiscal year 2019 are as follows: Scott,…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: The assets and equities of the A, B and C Partnership at the end of its fiscal year on October 31,…
A: Cash Available for first distribution 65000
Q: GP Partnership, a calendar-year partnership, is owned by Grant Gilbert (60%) and Peter Paulson…
A: Partnership: It is the relation between persons who have agreed to share the profits of a business…
Q: Assume that Partner C's capital balance at the beginning of 2021 was $70,000. During 2021, Partner C…
A: Here in this question, we are required to calculate interest on capital of partner. A partnership is…
Q: The accounts of the partnership of R, S and T at the end of its fiscal year on November 30, 2021 are…
A: Given, R, S and T profit sharing ratio = 30%, 50% and 20% respectively
Q: The following balances of AJD Partnership on 2020 before liquidation process are as follows:…
A: Total Non Cash Assets=(External liabilities+Capital)-Cash
Q: On December 31, 2020, the Statement of Financial Position of DEL Partnership shows the following…
A: The capital of partners are restructured after admitting a new partners based on the new…
Q: On December 31, 2019, the balance sheet for the XYZ Partnership follows: The percentages shown are…
A: At the time of liquidation first the outside liabilities are settled and then if any cash remain it…
Q: The accounts of the partnership of TJ, SR and MD at the end of its fiscal year on October 31, 2021…
A: Answers to the questions -
Q: GP Partnership, a calendar-year partnership, is owned by Grant Gilbert (60%) and Peter Paulson…
A: In a partnership, two or more parties agree to operate and manage a business and share the profits…
Q: A summary of changes in the capital accounts of the Rialubin, Rabena and Dela Cruz partnership for…
A: Beginning capital (Rialubin) = 80,000 Beginning capital (Rabena) = 80,000 Beginning capital…
Q: The capital accounts of Scott and Tucker at the end of the fiscal year 2019 are as follows: Scott,…
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…
Q: The statement of financial position May Partnership on December 31, 2020 is given below: Cash…
A: In a partnership, two or more parties agree to operate and manage a business and share the profits…
Q: On December 31, 2019, the statement of financial position of BRY Partnership shows the following…
A: Solution Working note Amount available for distribution to partners Cash 1500000 Cash from…
Q: The accounts of the partnership of TJ, SR and MD at the end of its fiscal year on October 31, 2021…
A: In case of a partnership firm the partners will receive profits and share losses in the ratio of…
Q: On December 31, 2020, the Statement of Financial Position of DTS Co. has the following balances:…
A: A partnership is a kind of business structure in which two or more people agree to carry out…
Q: The assets and capital of QRS Partnership at the end of its fiscal year on October 31, 2021 are as…
A: Amount received by Q = (Amount available for distribution + Loan to R) x Q's capital percentage
Q: On December 31, 2020, the Statement of Financial Position of EYBISI Partnership with profit or loss…
A: Liquidation of Partnership: The event of liquidation of a partnership firm, when the partners…
Q: On January 1, 2021, the partners decided to wind up the partnership affairs. During the winding up,…
A: A partnership is indeed a legally binding contract between two or more persons to manage and run a…
Q: As of December 31, 2020, the books of Abad, Sison, and Dario Partnership showed capital balances of…
A: Total of Partners' capital: Abad: 80000 Sison: 50000 Dario: 10000 Total. 150000 Other liabilities…
Q: How much is the proceeds from the sale of non-cash assets in January 2022?
A: The determination of proceeds from the sale of non-cash assets is shown hereunder : Liabilities to…
Q: As of December 31, 2020, the books of ABC partnership showed capital balances of: A, P60,000; B,…
A: Introduction: Partnership: Its an agreement between two or more partners for forming a business and…
Q: As of December 31, 2020, the books of ABC partnership showed capital balances of: A, P60,000; B,…
A: Solution: Total partnership capital = P60,000 + P30,000 + P5,000 = P95,000 Available cash = P20,000…
Q: Capital balances and profit-sharing percentages for the partnership of Manda, Emeril, and Fotenot on…
A: Partnership: Its an agreement between two or more partners for forming a a business and sharing the…
Q: The assets and equities of the Perdales, Ceballus and Bandonell partnership at the end of its fiscal…
A: Through a proper formal agreement, two or more parties agree to operate and manage a business and…
Q: The assets and equities of the Perdales, Ceballus and Bandonell partnership at the end of its fiscal…
A: SOLUTION- EXPLANATION- PERDALES (7500 *30%) 2250 CERBALLUES (7500 * 50%) 3750 BANDONELL…
Step by step
Solved in 2 steps
- Income summary shows a credit balance of 1,800,000 at the end of the first year of operations.1. By what amount will the capital balance of MAR182 be credited on January 1, 2018?2. By what amount will the capital balance of MAR186 be credited on January 1, 2018?3. How much is the total assets of the partnership at the date of formation?4. What is the net effect of the adjustments made on January 1 to MAR186 capital balance?5. What is the weighted average capital of MAR182 in 2018?6. How much is the bonus given to MAR186?7. How much is the share of MAR182 in the partnership net income?8. How much is the share of MAR186 in the partnership net income?9. What is the ending adjusted capital balance of MAR182?10. What is the ending adjusted capital balance of MAR186?The condensed, adjusted trial balance of the Gary and James Partnership as at December 31, 2024, appears below: Current assets Equipment Accounts payable Long-term debt GARY AND JAMES PARTNERSHIP Adjusted Trial Balance December 31, 2024 Gary, capital Gary, drawings James, capital James, drawings Service revenue Operating expenses 1. 2. Debit $50,000 117,500 295,000 270,000 93,000 $825,500 Credit $32,000 69,000 51,000 43,000 630,500 The partnership agreement stipulates that a division of partnership profit or loss is to be made as follows: A salary allowance of $347,500 to Gary and $287,500 to James. The remainder is to be divided equally. $825,500Exercise3: 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 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)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…these entries will be recorded 1) record the entry for formation of partnership june 1 2020 2) record the withdrawl by partner november 20 3) record the closing of profit to capital may 31 4) record the admissin of william for 20% interest june 01 these are not subparts i have mentioned these only for ur help
- Identify which one of the following accounting entry for transfer of net profit at the end of the year: a. Dr: Profit and Loss account RO 35660 Cr: Profit and Loss Appropriation account RO 35660 b. Dr: Profit and Loss Appropriation account RO 35660 Cr: Profit and Loss account Ro 35660 c. Dr: Profit and Loss account RO 35660 Cr: Partners' Capital Account RO 35660 d. Dr: Partner's Capital Account RO 35660 Cr: Profit and Loss account RO 35660Current Attempt in Progress The Ivanhoe Partnership reported profit of $66,000 for the year ended February 29, 2024. Salary allowances are $49,500 for H. Robinson and $27,500 for S. Lewi. Interest allowances of 5% are calculated on each partner's opening capital account balance. Capital account balances at March 1, 2023, were as follows: H. Robinson $79,000 (Cr.) and S. Lewi $52,000 (Cr.). Any remainder is shared equally, Calculate the division of profit to each partner. Profit allocated to partners H. Robinson S. LewiIdentify which one of the following accounting entry for transfer of net profit at the end of the year: Oa. Dr: Profit and Loss account RO 35660 Cr: Partners' Capital Account RO 35660 O b. Dr: Profit and Loss Appropriation account RO 35660 Cr: Profit and Loss account Ro 35660 Oc. Dr: Profit and Loss account RO 35660 Cr: Profit and Loss Appropriation account RO 35660 d. Dr: Partner's Capital Account RO 35660 Cr: Profit and Loss account RO 35660 The balance of capital for partner Mansoor at the end of the year will be: O a. RO 42270 O b. RO 42720 Ос RO 47220 O d. RO 40720 Identify which one of the following accounting entry for payment of salary to partner Mazin at the end of the year: Oa. Dr: Mazin's salary account RO 1000 Cr: Mazin's capital account RO 1000 O b. Dr. Mazin's Salary account RO 12000 Cr: Mazin's capital account RO 12000
- The assets and equities of the Perdales, Ceballus and Bandonell partnership at the of its fiscal year ended Oct. 31, 2019 are as follows: Installment Liquidation: Cash Priority Program Equities Assets P 50,000 Liabilities Loan from Bandonell P 15,000 20,000 40,000 70,000 5,000 10,000 45,000 30,000 15,000 P150,000 Cash Perdales, Capital (30%) Ceballus, Capital (50%) Bandonell, Capital (20%) Receivable-net Inventory Property and Equipment Loan to Ceballus P150,000 The partners decided to liquidate the partnership. They estimated that the non-cas assets, other than the loan to Ceballus, can be converted into P100,000 cash over th two-month period ending Dec. 31, 2019. Cash is to be distributed to the appropriat parties as it becomes available during the liquidation process. Required: 1. The partner most vulnerable to partnership losses on liquidation is: a. Perdales b. Bandonell C. Ceballus d. Ceballus and Perdales equally 2. If P65,000 is available for the first distribution, it should…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…October 1, 2019, Deku and Dabi decided to pool their assets and form a partnership. The firm is to take over the business assets and assume business liabilities; equities are to be based on net assets transferred after the following adjustments: a. Dabi's inventory is to be valued at P350,000 b. An allowance for uncollectible accounts of P9,000 and P7,500, respectively should be set up. c. Accrued expenses of P21,000 are to be recognized on Deku's books. d. Dabi is to contribute sufficient cash to give him 60% interest in the new firm Statements of financial position for Deku and Dabi in October 1 before adjustments are presented below: Cash Accounts receivable Merchandise inventory Equipment Accum. Depr. - Equip. Total assets Accounts payable Capital Total liabilities and capital Instructions: Dabi Deku 187,500 112,500 450,000 375,000 400,000 300,000 250,000 300,000 (112,500) (37,500) 1,175,000 1,050,000 345,000 830,000 1,175,000 250,000 800,000 1,050,000 1. Give the entries to adjust…