A summary of changes in the capital accounts of the Rialubin, Rabena and Dela Cruz partnership for 2019, before closing, follows: Rialubin Rabena Dela Cruz Total P 80,000 P 80,000 P 90,000 Balance, Jan. 1,2019 Investment, Apr.1 Withdrawal, May 1 Withdrawal, July1 Withdrawal, Sept. 1 P 250,000 20,000 20,000 (15,000) (15,000) (10,000) (10,000) P 65,000 (30,000) P 60,000 (30,000) P 215,000 P 90,000 Required: Determine the allocation of the 2019 profit to the partners under each of the following

A summary of changes in the capital accounts of the Rialubin, Rabena and Dela Cruz partnership for 2019, before closing, follows: Rialubin Rabena Dela Cruz Total P 80,000 P 80,000 P 90,000 Balance, Jan. 1,2019 Investment, Apr.1 Withdrawal, May 1 Withdrawal, July1 Withdrawal, Sept. 1 P 250,000 20,000 20,000 (15,000) (15,000) (10,000) (10,000) P 65,000 (30,000) P 60,000 (30,000) P 215,000 P 90,000 Required: Determine the allocation of the 2019 profit to the partners under each of the following

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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The partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. Profits and losses are shared 50%; 30%; and 20%, respectively. С. Guess, Drawing (debit balance) Levis, Drawing (debit balance) Jag, Loan Guess, Capital Jag, Capital Levis, Capital P (32,000) (12,000) 40,000 164,000 134,000 144,000 Total assets amounted to P 638,000, including cash of P 70,000, and P 200,000 worth of liabilities. On January 2019, the partnership was liquidated, and Jag received P 111,000 cash as final settlement. Required: The total loss from the liquidation of the partnership Prepare the statement of liquidation. Journal entries to record the liquidation. 1. 2. 3.
According to the Institute of Internal Auditors (IIA), Internal Auditors should play a key role in developing and implementing enterprise risk management program for their companies. Compare and contrast what roles an auditor should and should not play against Institute Internal Auditors recommendations for the development of Enterprise Risk Management program for his/her company
Assume that Partner C's capital balance at the beginning of 2021 was $70,000. During 2021, Partner C withdrew $7,000 in cash for personal use. According to the partnership agreement, drawings in excess of $5,000 are charged to (i.e., debited to) the partner's capital immediately. Calculate Partner C's interest on capital for 2021 assuming that interest on capital is calculated at 10% of the ending capital balance before closing drawings.
At the end of its first year of operations on December 31, 2019, CAP Company’s accounts show the following. PartnerDrawing ($)Capital ($)Charlies15,00040,000Andrew10,00025,000Patrick5,00015,000 The capital balance represents each partner’s initial capital investment. Therefore, net income or net loss for 2019 has not been closed to the partners’ capital accounts. Instruction (a) Journalize the entry to record the division of net income for 2019 under each of the independent assumptions shown on the following: (1) Net income is $50,000. Income is shared 5:3:2. (2) Net income is $40,000. Charlies and Andrew are given salary allowances of $15,000 and $10,000, respectively. The remainder is shared equally. (3) Net income is $37,000. Each partner is allowed interest of 10% on beginning capital balances. Charlies is given a $20,000 salary allowance. The remainder is shared equally. No.Details$$1Income account50,000 Charlies capital account (50,000 x 5/10) 25,000 Andrew capital…
On December 31, 2020, the Statement of Financial Position of ABC Partnership provided the following data with profit or loss ratio of 1:6:3: Current Assets Noncurrent Assets 1,000,000 2,000,000 Total Liabilities A, Capital B, Capital C. Capital 600,000 900,000 800,000 700,000 On January 1, 2021, D is admitted to the partnership by purchasing 40% of the capital interest of B at a price of P500,000. • What is the capital balance of B after the admission of D on January 1, 2021? a. 540,000 b. 480,000 c. 420,000 d. 300,000
The loan and capital account balances of Hannah, Jean, Jenifer and Kristine Partnership were as follows on October 26, 2020, the date that the partnership began liquidation: Debit Credit Loan, Hannah P20,000 Loan, Jenifer P35,000 Hannah, Capital – 20% 30,000 Jean, Capital – 30% 15,000 Jenifer, Capital – 10% 25,000 Kristine, Capital – 40% 40,000 Required: 1. Prepare a cash priority program. 2. Assume that P20,000 cash is available for the first distribution, determine the cash to be received by the partners. 3. In continuation with the preceding number, another P15,000 cash is available for the next distribution, determine the cash to be received by the partners. Required: Prepare a statement of liquidation with safe payments schedule.
TOPIC: INSTALLMENT LIQUIDATIONA.The assets and equities of the NSW Partnership at the end of its fiscal year, October 31, 2020, are as follows: Profit and loss agreement is 30:50:20. CashP 150,000 Accounts receivable -net200,000 Inventory400,000 Plant Assets - net700,000 Loan to South50,000 Liabilities P 500,000 West, Loan 100,000 North, Capital 450,000 South, Capital 300,000 West, Capital 150,000 The partners decide to liquidate the partnership. They estimate that the non-cash assets other than the loan to South can be realized into P 1,000,000 over the two-month period ending December 31, 2020. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process. Required: 1. Assuming that P 650,000 is available for the first distribution, show how the available cash would be distributed.2. Assuming that a total amount of P 75,000 is available for distribution to partners after liabilities to outside creditors have…
Keri & Nick Consulting’s partners’ equity accounts reflected the following balances on August 31, 2020: Keri Lee, Capital $ 85,000 Nick Kalpakian, Capital 209,000 Lee and Kalpakian share profit/losses in a 2:3 ratio, respectively. On September 1, 2020, Liam Court is admitted to the partnership with a cash investment of $126,000. Required: Prepare the journal entry to record the admission of Liam under each of the following unrelated assumptions, where he is given: a. A 30% interest in equity -Record the admission of new partner b. A 20% interest in equity -Record the admission of new partner c. A 50% interest in equity -Record the admission of new partner
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