1. How much are the shares of Edulan and Labasan on the remaining capitalization of the partnership? R76 000 0nnh

Q: Partners ABC, DEF, GHI and JKL initially invested P45,000; P60,000; P65,000 and P85,000 each to form…

A: Share of net income is the total of interest on capital, salaries , bonus etc. paid to the partners.…

Q: X, Y, Z share profits and losses in the ratio of 20%, 30%, 50%, respectively. During the year, their…

A: Formula: Ending capital = Beginning Capital + share in Net profit - Withdrawals

Q: 14. Steve oE combine

A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

Q: A, B and C partnership shows the following profit and loss ratios and capital balances: A 60%…

A: Solution: Total partnership assets after revaluation = $90,000 / 20% = $450,000 Existing book value…

Q: 1β. L and M participate in the limited liability company "L" with participation percentages of 70%…

A: To address this scenario, we need to break it down step by step to determine the additional capital…

Q: P12.4A (LO 3, 4) AP Veda Storey and Gordon Rogers have a partnership agreement with the following…

A: Partnership accounting the transactions related to partnership business and partners. It lays down…

Q: 4. Assuming that the P450,000 is a loss and not a profit, compute for the shares in the loss of the…

A: Given: Profit Sharing Ratio is 3:2 Loss P450,000

Q: Guaranteed payments to partners go on what two lines of the Form 1065? What type of interest goes on…

A: A partnership is a form of business in which two or more than persons agree to carry common…

Q: X Y and Z of XYZ Partnership have beginning capital balances of P500,000, P400,000, and P300,000…

A: Partnership: It refers to an agreement that takes place between two or more than two people who gets…

Q: In the ABC partnership (to which D seeks admittance), the capital balances of A, B, and C, who share…

A: Existing partners = A, B and C ABC profit sharing ratio = 5:3:2 Admission of New partner = D…

Q: What is the amount of bonus to be credited to MMM capital in admitting FFF?

A: Total capital after admission = 600000 + 500000 + 400000 + 600000 = 2100000 Bonus = 600000 - (…

Q: 4.3 The Capital of bah and Rah are as follows: Bah 25, 000 Rah 15,000 They share profits equally.…

A: The sacrifice is deducted from the old profit sharing ratio of partners to find the new profit…

Q: if X and Y agree to establish a new partnership with a capital of 50,000 divided equally, X partner…

A: A partnership is a formal arrangement by two or more parties to manage and operate a business and…

Q: Capital balances in the WXY partnership are W, Capital P 60,000, X Capital P 50,000 and Y Capital…

A: Solution A partnership is an agreement in which two or more partners agreed to carry on business and…

Q: 17. Shivam and Vahideh are partners who share profit/loss in the ratio of 2:3. Shivam has a capital…

A: The partnership comes into existence when two or more persons agree to do the business and share…

Q: The following balance sheet was prepared for the X, Y and Z partnership on March 31, 2021: Cash –…

A: Sharing ratio is the percentage at which the profit and other distributions are made between the…

Q: mputation. Analyze and compute for the following problems. Provide a solution for your al Jessa and…

A: According to the partnership deed between partners, Jessa and Mike , they are agreed to share the…

Q: 3. Cinvests P100,000 cash for a 20% interest in the partnership's net assets and profits. If the…

A: Partnership means where two or more person comes together to do some common business activity and…

Q: , B and C partnership shows the following profit and loss ratios and capital balances: A 60%…

A: Solution: Total capital after D admission = 90000/20% = 4500000 Existing capital = 300000 + 120000 +…

Q: X is indebted to the partnership for P10,000.00 and to the managing partner, Y, for P20,000.00. Y…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : X is…

Q: bt balance is uncollectible, the share of A in the P28,000

A: The meaning of partnership business is two or more persons bringing the capital to form the business…

Q: are in eac

A:

Q: he following are the capital balances and share in each profit of Ring Partnership:   Aragorn…

A: Answer) Calculation of capital balance of Legolas prior to withdrawal by Gimli Capital Balance of…

Q: The following are the capital balances and share in each profit of Ring Partnership:   Aragorn…

A: Total capital before admission of Gandalf= Aragorn + Legolas +Gimli  = 300+200+200 = 700

Q: 49. X, Y, and Z formed a partnership on Jnauary 1, 2021, and contributed P150,000; P200,000;…

A: Partnership is one of the agreement or association between two or more than two persons, in which…

Q: he following details are related to ABC & Co, a trading partnership entity. Find the good will using…

A: Goodwill :— It is an intangible assets. It is generally used when another company is acquired.…

Q: Assuming the old partners will continue to participate their share in the original ratios. How much…

A:

Q: Which of the following transactions does the above record belong to?      a) Capital increase…

A: Journal entry is the process of recording the business transactions in the accounting books for the…

Q: Partners Lacoste, Lancome and Lanvin have capital balances of P 11,200; P 13,000 ; and P 5,800,…

A: Given that, Capital balances of -  Lacoste = P11200 Lancome = P13000 Lanvin = P5800   Profit and…

Q: resented below is the condensed balance sheet of the partnership of A, B, and C who share profits…

A: Solution: Share of B transferred to D = 10% Capital reduction of B on transfer  =120,000 * 10% =…

Q: 10. Tanya, Ursula and Vanessa are partners sharing profit and losses in the ratio 6:4:2 and with…

A: In the given question, T, U and V are partners and their profit and loss sharing ratio is 6:4:2 and…

Q: In a partnership ABC, engaged in the flowershop business, the liabilities of the partners are as…

A: Partnership- Partnership refers to a form of organization that is incorporated under a common assent…

Q: AB and CD formed a partnership on January 1, 2019 called "Black Mamba Partnership". The initial…

A: Profit/ Loss allocation schedule…

Q: A, B and C partnership shows the following profit and loss ratios and capital balances: A 60%…

A: At the time of admission, if the partner directly paid the amount to the partner then the capital…

Q: 1. Show how the following items will appear in the capital accounts of the partners Ali and Ahmed…

A: Partnership refers to an agreement where two or more people come together for a common goal. The…

Q: Candice, Charlotte and Chloe are partners in a firm called the The 3 C: Their capitalcontributions…

A:

Q: The following are the capital balances and share in each profit of Ring Partnership:   Aragorn…

A: given     partner capital balance  profit sharing ratio Aragorn     300    50% 300 50%…

Q: Guaranteed payments to partners go on what two lines of the form 1065? what type of interest goes on…

A: The two payments which are the guaranteed payments to partners which go on two lines of the form…

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.