Advanced Accounting
14th Edition
ISBN: 9781260247824
Author: Joe Ben Hoyle, Thomas F. Schaefer, Timothy S. Doupnik
Publisher: RENT MCG
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Chapter 14, Problem 15P
To determine
Identify the amount of
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12.
Following are the capital account balances and profit and loss percentages (indicated parenthetically) for the William, Jennings, and Bryan partnership: William (40%) $ 280,000 Jennings (40%) 230,000 Bryan (20%) 210,000 Darrow invests $325,000 in cash for a 30 percent ownership interest. The money goes to the business. No goodwill or other revaluation is to be recorded. After the transaction, what is Jennings’s capital balance? Multiple Choice $234,600 $230,000 $327,500 $233,450
Following are the capital account balances and profit and loss percentages indicated parenthetically) for the Alden, Boyd, and Carmel
partnership
Alden (40%)
Boyd (40%)
Carmel (20%)
$ 230,000
180,000
160,000
Required:
Del Mar trivests $260,000 in cash for a 30 percent ownership Interest. The money goes to the business. No goodwill or other
revaluation is to be recorded. After the transaction, compute Boyd's capital balance.
Bonus to onginal partners
Boyd's ownership share
Boyd's share of bonus
Boyd's capital before bonus
Boyd's capital after bonus
5
$
0
W and X are partners who have agreed to admit Y, who will invest P15,000 for a 20 percent interest. The previous capital balances were P15,000 and P30,000 for W and X, respectively. W and X had shared profits and losses equally. What amount will be recorded in Y's Capital account?
a. P6,000 credit
b. P12,000 credit
c. P15,000 credit
d. P9,000 credit
Chapter 14 Solutions
Advanced Accounting
Ch. 14 - Prob. 1QCh. 14 - Prob. 2QCh. 14 - Prob. 3QCh. 14 - Prob. 4QCh. 14 - Prob. 5QCh. 14 - Prob. 6QCh. 14 - Prob. 7QCh. 14 - Prob. 8QCh. 14 - Prob. 9QCh. 14 - Prob. 10Q
Ch. 14 - Prob. 11QCh. 14 - Prob. 12QCh. 14 - What is a partnership dissolution? Does...Ch. 14 - Prob. 14QCh. 14 - Prob. 15QCh. 14 - Prob. 16QCh. 14 - Prob. 17QCh. 14 - When a partner withdraws from a partnership, why...Ch. 14 - Prob. 1PCh. 14 - Prob. 2PCh. 14 - Prob. 3PCh. 14 - Prob. 4PCh. 14 - Prob. 5PCh. 14 - Prob. 6PCh. 14 - Prob. 7PCh. 14 - Prob. 8PCh. 14 - Prob. 9PCh. 14 - Prob. 10PCh. 14 - Prob. 11PCh. 14 - Prob. 12PCh. 14 - Prob. 13PCh. 14 - Prob. 14PCh. 14 - Prob. 15PCh. 14 - Prob. 16PCh. 14 - Prob. 17PCh. 14 - Prob. 18PCh. 14 - Prob. 19P
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