5: Riya, Dilip and Kirtan are partners of a partnership firm. The share of Kirtan is th ofshare of Dilip and share of Riya is double of share of Kirtan. Determine the amount of profitof each partner, if the profit of the firm at the end of the year was1,92,000.

To solve this problem, we need to find the profit share of each partner based on the given…

Answered: 5: Riya, Dilip and Kirtan are partners…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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2. The partnership of David White and Paul Wacker incurred net income of $40,000 for the current year. David had invested $30,000 and Paul had invested $45,000. Calculate he distribution share to each partner if profits are divided in the ratio of:a. Investmentsb. 3:1
22. Trixie and Uriah formed a partnership. Net income at year-end amount to P 100,000. They decided to divide profit based on average capital. Below are the capital balances of Trixie and Uriah for different periods in the year. Trixie Uriah January 1 150,000 120,000 April 1 180,000 September 1 150, 000 December 31 120,000 130,000 How much is Trixie's share in the net income of the partnership? a. P 42,975 b. P 51,923 c. P 57,025 d. P 48,077
Anubha and Kajal are partners of a firm sharing profits and losses in the ratioof 2:1. Their capital, were Rs.90,000 and Rs.60,000. The profit during the year were Rs. 45,000. According to partnership deed, both partners are allowed salary, Rs. 700 per month to Anubha and Rs. 500 per month to Kajal. Interest allowed on capital @ 5%p.a. The drawings at the end of the period were Rs. 8,500 for Anubha and Rs. 6,500 for Kajal. Interest is to be charged @ 5% p.a. on drawings. Prepare partners capital accounts, assuming that the capital account are fluctuating.
Answer the following three questions. Paul and Roger are partners who share income in the ratio of 3:2 (3/5 to Paul and 2/5 to Roger). Their capital balances are $90,000 and $130,000, respectively. The partnership generated net income of $50,000 for the year. What is Paul’s capital balance after closing the revenue and expense accounts to the capital accounts? a.$108,000 b.$115,000 c.$180,000 d.$120,000 Jackson and Campbell have capital balances of $100,000 and $300,000, respectively. Jackson devotes full time and Campbell devotes one-half time to the business. Determine the division of $150,000 of net income in the ratio of capital balances. a.$75,000 and $75,000 b.$37,500 and $112,500 c.$100,000 and $50,000 d.$50,000 and $100,000 Douglas pays Selena $42,600 for her 27% interest in a partnership with net assets of $126,700. Following this transaction, Douglas's capital account should have a credit balance of a.$126,700 b.$11,502 c.$42,600 d.$34,209
X, Y and Z are in partnership. X receives a salary of $14,000. If the profits for the year are $80,000 and the partners share profits equally, what is Y's share of the profits? A $14,000 B $22,000 C $26,000 D $26,667
. A and B share equally in partnership profits and losses. During the year, A's capital account has a net increase of P50,000. Partner A made contributions of P10,000 and capital withdrawals of P60,000 during the year. How much was the partnership profit for the year? a. 180,000 b. 200,000 c. 210,000 d. 480,000
Assume that partners A and B share all profits and losses in the ratio of 3:2. Partner B has $100,000 credited to her Partnership Capital account when net income is allocated at year‐end. The amount of partnership net income for the year is ??? Why is the answer = $250,000?
3. How much was the share of A?
John Prado and Ayana Nicks formed a partnership, dividing income as follows:1. Annual salary allowance to Prado, $10,000 and Nicks, $28,000.2. Interest of 5% on each partner’s capital balance on January 1.3. Any remaining net income divided equally.Prado and Nicks had $20,000 and $50,000, respectively, in their January 1 capital balances. Net income for the year was $30,000.How much net income should be distributed to Prado and Nicks?
Please Answer the following step by step. Tomas and Saturn are partners who share income in the ratio of 3:1 (3/4 to Tomas and 1/4 to Saturn). Their capital balances are $93,800 and $70,600, respectively. The partnership generated net income of $44,800. What is Tomas's capital balance after closing the revenue and expense accounts to the capital accounts? a.$142,660 b.$132,265 c.$127,400 d.$122,029
Adriana Gonzalez and Sylvester Van Horne formed a partnership, dividing income as follows: 1. Annual salary allowance to Gonzalez of $25,000. 2. Interest of 5% on each partner's capital balance on January 1. 3. Any remaining net income divided to Gonzalez and Van Horne, 2:1. Gonzalez and Van Horne had $126,000 and $189,000, respectively, in their January 1 capital balances. Net income for the year was $115,000. Required: How much net income should be distributed to Gonzalez and Van Horne? Gonzalez: $ Van Horne:
Can you help me calculate the amount of net income distributed to each partner asap for my homework

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5: Riya, Dilip and Kirtan are partners of a partnership firm. The share of Kirtan is th of share of Dilip and share of Riya is double of share of Kirtan. Determine the amount of profit of each partner, if the profit of the firm at the end of the year was 1,92,000.