*BE12-10 Data pertaining to Pelmar Co. are presented in BE12-9. Instead of payment from personal assets, assume that Fernetti receives $24,000 from partnership assets in withdrawing from the firm. Journalize the withdrawal of Fernetti.
Q: On April 1, 20Y1, Whitney Lang and Eli Capri form a partnership. Lang agrees to invest $18,000 cash…
A: Requirement 1:Prepare the journal entry for L and C’s investment in the partnership.
Q: 2. On July 1, 2019, Lola wants to retire from JKL Partnership. The Statement of Financial Position…
A: Partnership is the form of Business organization which is owned by two or more persons & shares…
Q: Problems 13 and 14 are independent problems based on the following scenario: At year-end, the Circle…
A: In the given question, goodwill amount given to Mr. C was $10,000 (extra amount given to him beyond…
Q: The capital accounts of Angel Alvarez and Emma Allison have balances of $47,000 and $73,000,…
A: Statement of partnership equity is represented as below: Note: As there is no reference for the…
Q: On January 02, 2019, the business assets and liabilities of Gail Anne & Precious were as…
A: Capital = Assets-Liabilities
Q: A local partnership is to be liquidated. Commissions and other liquidation expenses are expected to…
A: Partnership: This is the form of business entity which is formed by an agreement, owned and managed…
Q: On April 30, 2021, AAA admits BBB for an interest in his business. On this date, AAA's capital…
A: Capital contribution by new partner: A capital contribution is a sum of money or assets donated to a…
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: E12-6 Joe Keho and Mike McLain share income on a 4:2 basis, respectively. They have capital Recc…
A: The journal entry is the first step of the accounting process because when a transaction arises it…
Q: Anne Evans started has a beginning capital balance of P200,000. During the year, her share to the…
A: Capital balance at the year end = Beginning Capital balance + Net Income + Additional contribution…
Q: The statement of profit and loss of the partnership, Anita and Salwa Auditing, for the year ended 30…
A: The Indian Partnership Act, 1932 defines Partnership in the following terms: “ Partnership is the…
Q: On December 31, 2020, ABC partnership’s statement of financial positions shows that A, B, and C have…
A: A partnership is a kind of business structure in which two or more people agree to carry out…
Q: On December 31, 2018, A, B, and C decided to liquidate their partnership. The statement of financial…
A: Partnership means where two or more person comes together to do some common business activity and…
Q: The statement of financial position of the JKLM Partnership at July 31, 2021. when the partnership…
A: A Schedule of safe payments is a schedule that shows the amount of cash distributed to the partners…
Q: On December 31, 2020, ABC partnership’s statement of financial positions shows that A, B, and C have…
A: Introduction:- Calculation of the capital balance of A after the retirement of C as follows:-…
Q: B (30%), P340,000; and C (50%), P400,000. C is insolvent. ABC Co. filed for bankruptcy and is…
A: CASE 1 : Normally, Cash is distributed to partners in their profit sharing ratio. However, It…
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: On December 31, 2020, the accounting records of Alma, Brenda, and Dely partnership included the…
A: The question is related to Partnership and is of liquidation of partnership. The Alma, Brenda and…
Q: On December 31, the accounting records of Tito, Vic and Joey Partnership included the following…
A: As you have posted multiple independent questions, we are answering the first three questions.…
Q: Dino, Doods, and Dong have the following accounts and their normal balances on January 31, 2021, the…
A: Limited partner is that partner whose liability is limited to its share of capital invested in the…
Q: ng is Telinig inom the the accountant na posted the revaluation and closing entries, the credit…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: On April 30, 2021, AAA admits BBB for an interest in his business. On this date, AAA's capital…
A: Admission of the partner is the process where the person is added to the business of partnership on…
Q: The partners of ABC Partnership decided to liquidate the partnership on January 1, 2021. The…
A: Total proceeds from the realization = [(Total interest of A + Loan Receivable) / A, Capital %] +…
Q: Blossom Company at December 31 has cash $ 23,800, noncash assets $ 106,000, liabilities $ 51,600,…
A: Liquidation means where the company decide to close out the operations , sell all the assets and…
Q: On December 31, 2020, the unadjusted Statement of Financial Position of ABC Partnership shows the…
A: In a partnership, two or more parties agree to operate and manage a business and share the profits…
Q: E12-8 Dale Nagel, Keith White, and Dan Neal have capital balances of $60,000, respectively. They…
A: Introduction: Business transactions are recorded in chronological sequence. The first step in…
Q: Saktolang is retiring from the Ichuramo Partnership. The profit and loss ratio is 2:2:1,…
A: The journal entries are prepared to keep the record of day to day transactions of the 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: Jon Harris started the year with a capital balance of $134100. During the year, his share of…
A: Statement of owner's equity indicates the investment balance of the owner in the business. It can be…
Q: Alma, Brenda and Dely share profits and losses in a 5:3:2 ratio, respectively.
A: Dely share profits and losses
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: In January 2019, the events took place during the process of liquidating the partnership: Jan. 6…
A: Liquidating of partnership journal entries : In January 2019, Jan 6 - Accounts receivable collected…
Q: On April 30, 2021, AAA admits BBB for an interest in his business. On this date, AAA's capital…
A: Working Note BBB share's in partnership = 1/3 Existing capital of AAA partnership firm = 158400…
Q: On September 30, 2021, Lopez admits Mendez for an interest in his business. On this date, Lopez's…
A: The question is based on the concept pf Financial Accounting.
Q: What is the capital balance of B after the retirement of C?
A: Given: Capital A P800,000, Capital B P600,000 Capital C P200,000 Profit or loss ratio of 1:4:5 C…
Q: Jose, Kiko and Lola share profits and losses in the ratio 5:3:2, respectively. The partners agreed…
A: Old ratio=5:3:2 New ratio=5:3 Gaining Ratio of Jose=New Ratio-Old Ratio=58-510=1080 Gaining Ratio of…
Q: U8la, Porter, and Sims are $27,600, $39,300, and $17,400, respectively. total $44,100, $72,900, and…
A: Partnership is defined as the legal form of business organization which is established by two or…
Q: Sameer, Hani, and Ali are partners in SHA Partnership. On 1/1/ 2021, they decide to liquidate their…
A: Liquidation of partnership refers to a process by which a partnership firm comes to an end. The…
Q: |The following account balances were taken from the books of Aztra, a sole proprietor before…
A: Journa Entries in the Books of Aztra (amounts in Php) 1) Bad Debts A/c…
Q: On December 31, 2020, the accounting records of Alma, Brenda, and Dely partnership included the…
A: Answer - Particulars Working Amount Alma credit balance after drawings (307500 -…
Q: The following information applies to the following three questions: Bori contributed land with a…
A: The partners basis in a partnership is determined by the following two things:(a) Cash contributed…
Q: On December 31, 2030, ABC Partnership’s Statement of Financial Positions shows that A, B and C have…
A: Calculation of excess over capital attributable to C- Particulars Amount Capital contributed by…
Q: The capital accounts of Angel Alvarez and Emma Allison have balances of $47,000 and $73,000,…
A: a. (1)
Q: On April 30, 2021, AAA admits BBB for an interest in his business. On this date, AAA's capital…
A: The determination of amount of cash to be invested by BBB is shown hereunder : Capital balance of…
Q: .) On December 31, 2018, the unadjusted Statement of Financial Position of LAV Partnership shows the…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: The capital accounts of Angel Alvarez and Emma Allison have balances of $44,880 and $71,910,…
A: Debit the receiver and credit the giver. Debit what comes in and credit what goes out. Debit…
Q: On December 31, 2022, ABC Partnership’s Statement of Financial Positions shows that A, B and C have…
A: A partnership is a form of business where two or more partners carry a business and share the profit…
Q: On December 31, 2018, the unadjusted Statement of Financial Position of LAV Partnership shows the…
A: SOLUTION- WE NEED TO CALCULATE THE CAPITAL AFTER RETIREMENT OF CONTINUING PARTNER.
Q: Total Assets 100,000 Total Liabilities 40,000…
A: The right answer is option C. 21,875
Please,just solve the Queestion BE12-10>>Iam up load for you 2 pic:
the pic one is Question BE12-9MAYBE YOU NED IT.
The pic 2 is the question I need the help.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a $7,000 salary and Sue receives a $6,500 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $10,000 B. $5,000 C. ($12,000) In addition, show the resulting entries to each partners capital account.For the year 2021, the partnership of AMMAR and BANU realized a net profit of P240,000. The capital accounts of the partners show the following postings: Jan. 1 May 1 July 1 Aug. 1 Oct. 1 AMMAR Debit Credit Debit Credit 20,000 10,000 120,000 BANU 10,000 10,000 5,000 80,000 20,000 Question 5 If the profits are to be divided based on average capital, how much will be the share of AMMAR?Capital balances in Sama Co. are Saleh $60,000, Sama $45,000, and Sona $40,000. Saleh and Sama agree to pay Sona $30,000 from their personal assets. Saleh and Sama each receive 50% of Sona's equity. The partners share income equally. Saleh's capital balance after recording the withdrawal of Sona is 40000 45000 60000 80000 O O O O
- 3. The following are shown in the capital accounts of partners AA, BB, and CC in a year: AA BB CC Capital, January 1 Investment, June 1 Investment, October 1 P200,000 100,000 P300,000 P250,000 50,000 If the partnership has a net income of P500,000 for the year, distribute the net income on the basis of ending capital balances. Solution:X, Y, and Z are partners sharing profits and losses in the ratio of 5:3:2. During the year, their investments and withdrawals are as follows: Investment of X, Y, and Z for P200,000, P175,000 and P375,000 respectively. Withdrawals of X, Y, and Z amounting to P125,000, P62500 and P62,500 respectively. On December 31, 2021, the partners decided to liquidate their business. After exhausting partnership assets, liabilities of P125,000 remain unpaid. X is personally insolvent. The gain or loss on realization is:A, B, C and D are partners, sharing earnings in the ration of 3:4:6:8. The balance of their capital accounts on December 21,2020 are as follows: A- P25,000; B- P625,000; C- P625,000 and D- P225,000. The partners decided to liquidate, and they accordingly convert the non-cash assets into P580,000 of cash. After paying the liabilities amounting to P75,000, they have P555,000 cash available for payment to partners. Assume that a debit balance in any of partner’s capital account is uncollectible. The book value of non-cash assets amounted to: ___
- 3. Cabello and Dacanay are partners in a trading company. During 2020, they withdrew their salary allowances of P250,000 and P375,000, respectively. Profits and losses are shared in the ratio of 3:2. The income summary account before any profit allocation has a credit balance of P750,000. The partners' capital account show the following: Cabello Dacanay P750,000 P500,000 Beginning balances Additional investments 250,000 Withdrawals other than salary allowances (250,000) (125,000) 125,000 What are the capital balances of the partners for the year 2020 after closing income summary and withdrawals accounts? Cabello a. P700,000 b. P450,000 Dacanay P675,000 P300,000 P425,000 c. P575,000 d. P950,000 P1,050,000Required: 3. Prepare journal entry to record Pedro’s admission. 4. During the first year of operations, the partnership earned P650,000. After Pedro’s admission, the profitand loss sharing ratio is 40:40:20 for Juan, Pablo, and Pedro, respectively, based on capital credits.Drawings were made in these amounts: Juan, P100,000; Pablo, P130,000; Pedro – P56,000. What isthe capital balance of Pedro after the first year?*E12-13B S. Heerey, E. Jenks, and N. Garland have capital balances of $60,000, $50,000, and $45,000, respectively. Their income ratios are 4 : 3 : 3. Garland withdraws from the partnership under each of the following independent conditions. 1. Heerey and Jenks agree to purchase Garland’s equity by paying $25,000 each from their personal assets. Each purchaser receives 50% of Garland’s equity. 2. Jenks agrees to purchase all of Garland’s equity by paying $33,000 cash from her personal assets. 3. Heerey agrees to purchase all of Garland’s equity by paying $38,000 cash from her personal assets. Instructions Journalize Garland’s withdrawal under each of the assumptions above.
- On December 31, the capital balances and income ratios in Ivanhoe Co. are as follow: Partner. Capital Bal Income Ratios Trayer $63000. 50% Emig 42000 30% Posada 35000. 20% Journalize the withdrawal of Posada under each of the following assumptions: A) Each continuing partner agrees to pay $17400 in cash form personal funds to purchase Posadas's ownership equity. Each receives 50% of Posada's equity. B) Emig agrees to purchase Posada's ownership interest for $23,400 cash. C) Posada is paid $39160 from partnership assets, which includes a bonus to the retiring partner. D) Posada is paid $25720 from partnership assets and bonuses to the remaining patners are recognized. And then if Emigs capital balance after posada’s withdrawal is $45750 what were 1, the total bonus to the remaining partners and 2, the cash paid by the partnership to posada?Ange partnership begins its first year of operations with the following capital balances: Ange, Capital P70,000 Bill, Capital P90,000 Cayne, Capital P110,000 The articles of partnership stipulate that profits and losses be assigned in the following manner: Each partner is allocated interest equal to 10% of the beginning capital. Bill is allocated compensation of P2,000 per month. Any remaining profits of losses are allocated on a 4:2:4 basis, respectively. Each partner is allowed to withdraw up to P3,000 cash per year. Assuming that the net income, is 50,000 and that each partner withdraws the maximum amount allowed, what is the balance of the capital of partner Ange at the end of that year?Partners Adan and Eba have capital balances of Paradise partnership of P400,000 and P600,000, respectively. They agree to share profits and losses as follows: Adan Eba As salaries P100,000 P120,000 As interest on capital at the beginning of the year 10% 10% Remaining profits or losses 50% 50% Based on the information above, answer the following: If income for the year was P300,000, what will be the distribution of income to Adan? If net loss for the year was P20,000, what will be the distribution to Eba?