430.0011:19 AYAA, BB, and CC are partners sharingprofits and loss in the ratio of 4:3:3,respectively. On January 1, 2019, theydecided to liquidate the partnershipand the balance sheet were preparedas follows:LIABILITIES and CAPITALLkablities68. oon.CCJoon.AA, copital.AB. copltal.CC. conital.Total kab & copitaASSETSCosh...Other Assets.P 1.000F3.0002.5001,2507.22523.0003,750P24 000Total Asels.P24.000The Iolowing transactions as aresut of iquidation ware an tolloWshook valuePayment ofof ossels Proceed tiquidationhom soe EaensesP 2503755002.500PaymentCoshJunuory P6.000Febnuory 3.500MarchP5,2503,0005.0002.500to Creciton WithheldP1.000S001.250P3.0007 S006000April32. The amount to be receivedby Partner BB for the month ofJanuary? *Your answer33. The amount to be receivedby Partner CC for the month ofFebruary? *Your answer

AA, BB and CC are partner sharing Profit and Loss is 4:3:3 Ratio. On 1st January they are…

Answered: 32. The amount to be received by…

Business

Accounting

32. The amount to be received by Partner BB for the month of January?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

allowance of $6,000 per month to partner C. The articles of partnership provide for a salary If C withdrew only $4,000 per month, would a partner's cash withdrawal in lieu of edited to interest from another Dartner and (b) by contribu- tion of assets to the partnership. accoi what 9. Why is it important to state all partnership assets in terms of current prices at the time of the admission of a new partner? 10. Why might a partnership pay a bonus to a newly admitted partner? pactice Exercises PE 12-1A Journalizing partner's original investment Catrina Santana contributed a patent, accounts receivable, and $23,000 cash to a parthersinpa The patent had a book value of $8,000. However, the technology covered by the patent ap peared to have significant market potential. Thus, the patent was appraised at $85,000. The accounts receivable control account was $38.000, with an allowance for doubtful accounts of $2,000. The partnership also assumed a $10,000 account payable owed to a Santana…
A partnership agreement states that following: the partners shall participate in profits: partner 1 - 70%, partner 2 - 25% and partner 3 - 5%. if the partnership had net income for the year of $135,000, what would be partner's 2 share of the income? a. $33,750. b. $94,500. c. $100,000. d. $6,750.
Tiger partnership has the following partners: Partner Matt Partnership % 40% 30% 30% Year end Tony, Inc. Tilly, Inc. What year end is Tiger required to use? 12/31 6/30 9/30
Entries for Allocation of Net Income Danny Spurlock and Tracy Wilson decided to form a partnership on July 1, 20-1. Spurlock invested $100,000 and Wilson invested $25,000. For the fiscal year ended June 30, 20-2, a net income of $79,000 was earned. Determine the amount of net income that Spurlock and Wilson would receive under each of the following independent assumptions: Income to be allocated $fill in the blank 1 Spurlock Wilson Total 1. There is no agreement concerning the distribution of net income. $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 2. Each partner is to receive 10% interest on their original investment. The remaining net income is to be divided equally. $fill in the blank 5 $fill in the blank 6 $fill in the blank 7 3. Spurlock and Wilson are to receive a salary allowance of $33,000 and $24,000, respectively.The remaining net income is to be divided equally. $fill in the blank 8 $fill in the blank 9 $fill in the blank 10 4. Each…
in a partnership, a partner receives a salary allowance based on: a. amount of years the partner is in the business b. time devoted to the business c. amount of sales the business makes d. original investment made in business
The following information relates to partner for the year ended 29 February 2020: Current account credit balance on 29 February 2020 20 000 Profit share 50 000 Salaries 180 000 Interest on capital 24 000 Drawings 220 000 Interest on drawings 2 000 What is the balance in the Current account of the partner on 01 March 2019? A. R12 000 DR O B. R116 000 DR OC. R52 000 CR O D. R12 000 CR
Partner's Salary of RO 6000 paid to partner Ahmed for the year. The adjustment Journal entry for the above transaction will be: O a. Debit : Ahmed's Salary account RO 6000 Credit: Cash account RO 6000 O b. Debit : Ahmed's Salary account RO 6000 Credit: Ahmed's Capital account RO 6000 O. Debit : Ahmed's Capital account RO 6000 Credit: Ahmed's Salary account RO 6000 Od. Debit : Cash account RO 6000 Credit: Ahmed's Salary account RO 6000
Case 2 X, Y and Z were the partners in a partnership firm. The following information were relating to the business at the end of the year 2019: I. Capital balance of partners X, Y, Z as on 1" January, 2019 was RO 120000, RO 80000 and RO 60000 respectively. Current account balance of partners as on 1" January, 2019: X: RO 45500 (Cr). ii. Y: RO 32600 (Dr) Z: RO 22100 (Cr) Drawings taken by the partners during the year was: X: RO 8800 Y: RO 7500 Z: RO 5400 Interest on drawings was @ 7% and interest on capital was RO 5% Partner X entitied to a salary of RO 3200 per year and Partner Y entitled to a salary of RO 150 per month. iv. V. vi. Partner has earned a commission of RO 3800 vil. Partner Z has paid an additional capital of RO 7000 and partner X has withdrawn the capital of RO 24000 vill. There was a profit of RO 45000 which was transferred from profit and loss appropriation account and partners X, Y, Z shared that profit in the ratio of 3:4:3 respectively. Question: Prepare partners'…
Exercise 7: Statement of Partners’ Capital Rommel and Racquel are partners dividing net income as follows: Salary allowance of P5,000 is allowed to Rommel; remainder is divided in the ratio of 4:6. The capital of Rommel and Racquel on January 1, 2019 were P30,000 and P35,000 respectively, Rommel withdrew his salary allowance for 2019 of P5,000 in October. Net income for 2019 amounted to P30,000. Required: Statement of Partners’ capital for 2019.
A partner retires from the partnership firm on 31st March. He is liable for all the acts of the firm up to the: a. End of the current accounting period b. Date of his retirement c. End of the previous accounting period o d. Date of his final settlement
est 21 Grades-ACCT-1020-L01 - Prin... P Homework and Tests - Karl Willi... Saved Partners are taxed on their withdrawals, not on their share of partnership income. True or False True False < Prev 4 of 28 www
Which of the following accounts could be found in the general ledger of a partnership? Income tax expense interest expense on partner loans A NO NO B YES NO C YSE YES D NO YES Select one: a. NO , NO b. YES , NO c. NO . YES d. YES , YES