Peter and James are partners in Apostles Partnership. They share profits and losses in the ratio of 2:3. The following are the account balances of the partnership: Cash P 350,000 Accounts Receivable 55,000 Accounts Payable Notes Payable P 30,000 25,000
Q: Question 1 Joan is a 30 percent partner in the OJT Partnership when she sells her entire interest to…
A: Partnership is an agreement between two or more parties to run a business and sharing profit. The…
Q: Please Correct solution with Explanation and Do not Give solution in image format
A: Companies use a cash flow hedge in a forward contract as part of their risk management strategy to…
Q: amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the…
A: Journal entry is an art of recording, summarizing, and classifying the business transaction in…
Q: On January 1, Year 1, Carrot, an individual, paid $16,400 for 5 percent of the stock in Root Corp.,…
A: A person partner in a firm or shareholder in an S corporation earned a distributive share of the…
Q: 2022, Wynn Sheet Metal had taxable income of $8,050. The amount of depreciation reported in the 2022…
A: There could be difference between accounting income and taxable income. Accounting income is income…
Q: Monthly operating expenses for the company are given below: Variable: Sales commissions Fixed:…
A: Note: As per Bartleby guidelines if a student asked multiple sub-questions in the primary question…
Q: Required information Skip to question [The following information applies to the questions displayed…
A: Total cost of job refers to the total production cost incurred on the job. Production cost is the…
Q: The information that follows relates to equipment owned by Sweet Acacia Limited at December 31,…
A: Under ASPE undiscounted cash flows is used to determine the impairment process to determine the…
Q: You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door…
A: The variance is the difference between the actual data and standard output of the production. The…
Q: The following select account data is taken from the records of Reese Industries for 2019. Account…
A: Net Sales :— It is gross sales less sales return and allowance less sales discount. Net Sales =…
Q: Flexible Budgeting and Variance Analysis
A: Under the variance analysis, we compare the standard budget with actual results. It helps us to know…
Q: Snake Creek Company has a trusted employee who, as the owner said, “handles all of the bookkeeping…
A: The shortage in cash due to theft (or being stolen) is called embezzlement. It is a misappropriation…
Q: Dont uplode any image in answer Tanner-UNF Corporation acquired as a long-term investment $250…
A: A journal entry is a record in accounting that captures a business transaction by showing the debit…
Q: the income is derived solely and exclusively from emoluments, from which tax at source is deducted…
A: Tax at source refers to the system in which taxes are withheld or deducted by the payer of income…
Q: The income statement for Huerra Company for last year is provided below: Total Unit Sales $…
A: Since you have posted a question with multiple sub parts, we will provide the solution only to the…
Q: Supply Ltd entered into a non-cancellable five-year lease arrangement with Customer Ltd on 1 July…
A: A lease is a contractual agreement between two parties, the lessor and the lessee, in which the…
Q: The company has the following data: Fixed product cost is 10,000; Total Variable cost is 50,000;…
A: Total cost is the amount of cost incurred on the manufacture and selling of the goods. It includes…
Q: 26. MC.03.031 Beach Company receives $25,000 cash revenue for services performed. The transaction…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: C. 2,00 d. 4,200,000 Problem 4-15 (AICPA Adapted) Steven Company provided the following information…
A: Account receivables closing balance is calculated as : Opening Balance + Total credit sale…
Q: Thor Corporation is a small private corporation that sells desktop printers to local businesses and…
A: Adjusted Trial Balance - Adjusted Trial Balance is a Summary of all the ledgers after posting…
Q: Required information SB Exercise E8-5 to E8-10 [The following information applies to the questions…
A: A budget is a tool used by the management within the entity to forecast or estimate certain areas of…
Q: The capital accounts of Susan Yu and Ben Hardy have balances of $100,000 and $90,000 respectively.…
A: "Admission of new partners" refers to the process of bringing in new individuals or entities to a…
Q: An aging of a company's accounts receivable indicates that the estimate of uncollectible receivables…
A: Bad debts expense: Bad debts expense is recognized in the books of the company when a debtor is…
Q: The information that follows relates to equipment owned by Sweet Acacia Limited at December 31,…
A: A One step model is used for impairment testing for fixed assets under IFRS. Under this model, the…
Q: Cost, Revenue, Profit You decide to begin selling ice cream cones at the local park and swap. Your…
A: Fixed costs are those costs that remain fixed irrespective of the output level. Variable costs in…
Q: On July 16, 2021, Habagat Company acquire 1,000 ordinary shares of Ondoy Company at P42 per share…
A: Stock Dividend Stock Dividend - It is a process wherein company distributes the shares to its…
Q: a. Prepare a contribution margin by sales territory report. Compute the contribution margin ratio…
A: Businesses often utilize the contribution margin ratio as a tool to help them decide on pricing,…
Q: 3. Complete the below grid. Submit your answers in a grid/table. Sales Turnover Average Inventory…
A: Ratio analysis is a tool to assess the performance and position of the firm by determining various…
Q: Problem 8-5 Modified Accelerated Cost Recovery System (MACRS), Election to Expense (Section 179) (LO…
A: Straight-line Method It is a method of calculating depreciation. In this method the fixed asset is…
Q: Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes…
A: Journal Entry is the primary step to record the transactions in the books of accounts. The increase…
Q: The LaGrange Corporation had the following budgeted sales for the first half of the current year:…
A: Total credit sales = Accounts receivable/Uncollected percentage of sales Total cash collected = Cash…
Q: Best Beans Coffee Company issued bonds with a $270,000 face value on January 1, Year 1. The bonds…
A: The bonds are financial instruments that are issued to raise money from the investors. The bonds are…
Q: Typhoon Sons & Company manufactures various types of golf clubs to third party vendors. On April 1,…
A: Journal entries are the very basic and foremost step in accounting. It records all economic…
Q: Tina disposed of a painting on 1 July 2022 for $600,000 which she had bought February 2018 for…
A: The capital gains and capital loss are the loss or gain on the property and assets held for the…
Q: dont uplode images in answer
A: Journal entry refers to the process of recording financial transactions in a company's accounting…
Q: Income Statement Revenues Cost of sales Gross profit Selling, distribution, general, and…
A: Income Statement - An income Statement is a financial statement that includes Revenue earned and…
Q: Differences between pretax accounting income and taxable income for Ayers Services were as follows…
A: Deferred tax liability is a balance sheet item that represents the amount of income tax that a…
Q: Rosenberg Sports Inc. manufactures and sells two products, baseball bats and baseball gloves. The…
A: bats Gloves Total Sales per unit $ 40.00 $ 100.00 Less variable cost per unit…
Q: f beginning work in process inventory completed during the perio
A: Solution: Equivalent units of beginning work in Process Inventory Direct material = 0…
Q: Calder Company has a defined benefit pension plan. Pension-related data for the current calendar…
A: Net gain or loss is the amount of money earned or incurred by the entity. It is the amount which…
Q: a corporation whose only source of income is rental income will not be subject to the personal…
A: The Internal Revenue Agency (IRS) levies a tax known as the personal holding company penalty tax on…
Q: Blue Spruce Corporation is a public company that manufactures farm implements, such as tractors,…
A: When the assets current market value is different from the book value of the assets, the assets are…
Q: Excavation Co ants began the current year 29,100 common shares cuistanding issued add shares of…
A: The weighted average number of shares are calculated on the basis of number of shares outstanding on…
Q: Prepare the budgeted mul le-step income statement for the year. (Note: income taxes are not…
A: Given in the question: Sales Budget Anticipated Volume in units are as follows Product JB 50 =…
Q: Which of the following is true regarding Social Security benefits? a.Up to 100 percent of S
A: Social Security benefits are a government-administered retirement, disability, and survivor benefit…
Q: Explain what this means in terms of the Statement of Financial Position: Income tax payable as of…
A: A Statement of Financial Position, also known as a balance sheet, is a financial statement that…
Q: [The following information applies to the questions displayed below.] Preble Company manufactures…
A: The variance is the difference between the actual data and standard cost of production. The flexible…
Q: 1. Earned $1,400 of cash revenue. 2. Borrowed $2,400 cash from the bank. 3. Adjusted the accounting…
A: Interest expense is the cost incurred for the amount borrowed. The amount borrowed is a liability…
Q: Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for…
A: Under aging of accounts receivable method, the accounts receivables are categorized according to its…
Q: Framly, Inc. presented the followed partial worksheet. Trial Balance Debit Credit 1,030 Accumulated…
A: The debit column of an Income Statement includes all items of expenses that are incurred during the…
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
Please do not give solution in image format thanku
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- The following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Gulian, loan Total assets $ 86,000 805,000 52,000 $ 943,000 Accounts payable Zahiri, loan Gulian, capital Singh, capital Zahiri, capital Total liabilities and capital Beginning balances Sold assets Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments Required: The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $185,000. Prepare a proposed schedule of liquidation at this point in time. Note: Amounts to be deducted should be entered with a minus sign. GULIAN, SINGH, AND ZAHIRI Proposed Schedule of Liquidation Cash Other Assets Accounts Payable $ 132,000 51,000 310,000 230,000 220,000 $943,000 Gulian, Loan and Capital Singh, Capital Zahiri, Loan & CapitalThe partnership of Nott and Reese reports net income of P6o,000. The partners share equally in income and losses. The entry to record the partners' share of net income will include a* credit to Income Summary for P60,000. credit to Nott, Capital for P30,000. debit to Reese, Capital for P30,000. credit to Reese, Drawing for P30,000.The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Hardwick, loan Total assets $ 93,000 815,000 44,000 Beginning balances Sold assets $952,000 Accounts payable Ferris, loan Hardwick, capital Saunders, capital Ferris, capital Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments Total liabilities and capital The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $125,000. Prepare a proposed schedule of liquidation at this point in time. (Amounts to be deducted should be entered with a minus sign.) HARDWICK, SAUNDERS, AND FERRIS Proposed Schedule of Liquidation Cash Other Assets $ 48,000 54,000 380,000 240,000 230,000 $952,000 Accounts Payable Hardwick, Loan and Capital Saunders, Capital Ferris, Loan & Capital
- The following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Gulian, loan Total assets $ 89,000 820,000 55,000 $ 964,000 Accounts payable Zahiri, loan Gulian, capital Singh, capital Zahiri, capital Total liabilities and capital Beginning balances Sold assets Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments Required: The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $115,000. Prepare a proposed schedule of liquidation at this point in time. Note: Amounts to be deducted should be entered with a minus sign. X Answer is complete but not entirely correct. GULIAN, SINGH, AND ZAHIRI Proposed Schedule of Liquidation Cash $ 89,000 115.000 $ 204,000 0 ›› Other Assets (60,000)✔ $ 144,000 $ $ 820,000 $ 60,000 (328,000) ✔ 0 492,000 $ 60,000 (492,000) Accounts Payable 0 0 $ 0 (60,000) 0 Gulian, Loan $…The following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Gulian, loan Total assets $ 80,000 750,000 31,000 Beginning balances Sold assets $ 861,000 Accounts payable Zahiri, loan Gulian, capital Singh, capital Zahiri, capital Total liabilities and capital Required: The partners decide to liquidate the partnership. Fifty percent of the other assets are sold for $260,000. Prepare a proposed schedule of liquidation at this point in time. Note: Amounts to be deducted should be entered with a minus sign. Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments GULIAN, SINGH, AND ZAHIRI Proposed Schedule of Liquidation Cash Other Assets Accounts Payable $ 280,000 41,000 250,000 150,000 140,000 $ 861,000 Gulian, Loan and Capital Singh, Capital Zahiri, Loan & CapitalThe following condensed balance sheet is presented for the partnership of Nick, Pick, andNick, who share profits and losses in the ratio 4:3:3, respectively: Cash P 45,000 Accounts payable P 105,000 Other assets 415,000 Rick, loan 15,000 Nick, loan 10,000 Nick, capital 155,000 Pick, capital 100,000 Rick, capital 95,000 P 470,000 P 470,000 Questions: 1. Assume that the assets and liabilities are fairly valued on the balance sheet and that thepartnership decides to admit Tick as a partner, with a 20% interest. No goodwill or bonusis to be recorded. How much should…
- The following condensed balance sheet is presented for the partnership of Nick, Pick, and Nick, who share profits and losses in the ratio 4:3:3, respectively: Cash P 45,000 Accounts payable P 105,000 Other assets 415,000 Rick, loan 15,000 Nick, loan 10,000 Nick, capital 155,000 Pick, capital 100,000 Rick, capital 95,000 P 470,000 P 470,000 Assume that the assets and liabilities are fairly valued on the balance sheet and that the partnership decides to admit Tick as a partner, with a 20% interest. No goodwill or bonus is to be recorded. How much should Tick contribute in cash or other assets? Assume that instead of admitting a new partner, the partners decide to liquidate the partnership. If the other assets are sold for P350,000, how much cash should be distributed to Nick?Problem: The following statement of financial position is presented for the partnership of Maia, Cheska and Chinchin who shares profits and losses in the ratio of 5:3:2 respectively. ASSETS LIABILITIES AND EQUITY Cash P120,000.00 Liabilities P280,000.00 Other assets 1,080,000.00 Maia, Equity 560,000.00 Cheska, Equity 320,000.00 Chinchin, Equity 40,000.00 P1,200,000.00 P1,200,000.00 Question No. 4. Assume that the assets and liabiities are fairly valued on the statement of financial position and the partnership decided to admit Joco as a new partner with a 1/5 interest. No goodwill or bonus is to be recorded. How much should Joco contribute in cash or other assets? a. P240,000.00 b. P230,000.00 c. P184,000.00 d. P147.200.00 e. None of these. Question No. 5. Assume tha instead of admitting a new partner, the partners decided to liquidate the partnership. If the other assets are sold for P800,000.00, how should the available cash be distributed to each partner? a. Maia, P280,000.00;…Item Nos. 3 to 5 are based on the following information: After the realization of noncash assets, the following account balances appeared in the general ledger of the partnership of See, Chap, and Pwe: P 10,000 Cash 30,000 Liabilities 5,000 Pwe Loan- 15,000 See Capital- 10,000 Chap Capital- 10,000 Pwe Capital- Profits are shared 2:4:4 for See, Chap, and Pwe, respectively. Pwe is insolvent. 3. How much was the loss on realization? C. P 70,000. a. P 50,000. d. P 80,000. b. P 60,000. 4. How much did See receive in the liquidation? C. P 5,000. a. PO. d. P 15,000. b. P 3,000. 5. How much additional investment did Chap make? a. P 10,000. C. P 15,000. b. P 14,000. d. P 20,000.
- The following accounts pertain to Ali and Basil partnership: cash 10000, non-cash assets 90000, liabilities 30000, Ali capital 50000 and Basil capital 20000. The income ration 3:2. The partnership was liquidated and non-cash assets were sold for 110000. The balance of cash after sales on non-cash assets will be - O a. 120000 O b. 140000 O c. 130000 Od 150000Use the following account balance information for Granobfin Partnership with income ratios of 2:4:4 for Robert, Noble, and Finn, respectively. Cash Assets $50400 Accounts receivable 133000 Inventory O $286740. O $311100. O $204000. O $520500. 437900 $621300 Liabilities and Owner's Equity. Accounts payable $125200 Robert, Capital Noble, Capital Finn, Capital 137400 47600 311100 $621300 Assume that, as part of liquidation proceedings, Granobfin sells its noncash assets for $510000. The amount of cash that would ultimately be distributed to Finn would beThe condensed balance sheet and profit – sharing ratio of the partnership of Wenda, Wendy, and Wilma are presented below: Cash P 22,500.00 Liabilities P52,500.00 Due from Wanda 7,500.00 Due to Wilma 10,000.00 Other assets 205,000.00 Wanda, cap’l (4) 75,000.00 Wendy, cap’l (3) 50,000.00 Wilma, cap’l (3) 47,500.00 Total assets P235,000.00 Total equities P235,000.00 21. The partners agreed to liquidate and they sold all the Other assets for P150,000.00. How much of the available cash should go to Wanda? a. P45,500.00 b. P75,000.00 c. P42,500.00 d. P53,000.00 22. Refer to No. 21 above, how much will be received by Wendy in the partnership liquidation a. P41,000.00 b. P74,000.00 c. P33,500.00 d. P66,600.00