AB Partnership earned profit of ₱120,000 in 20x1. What is the capital balance of B on December 31, 20x1?
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AB Partnership was formed on February 28, 20x1. Partner A invested ₱150,000
cash while Partner B invested land that he originally bought for ₱70,000 but has a
current fair value of ₱180,000. B invested additional cash of ₱60,000 on November 1, 20x1. The partnership contract states the following:
AB Partnership earned profit of ₱120,000 in 20x1. What is the capital balance of B on December 31, 20x1?
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- Bacalso and tenajeros have respective partnership capital balances of 48,000 and 24,000 on Jan 1.Bacalso withdrew 6,000 on May 1 and 6,000 on July 1. Tenejeros invested an additional 12,000 onApril 1 and withdrew 8,000 on Oct. 1. The average caital balances for Bacalso and Tenajeros for theyear areA. 36,000; 28,000B. 41,000; 31,000C. 42,000; 26,000 D. 48,000; 24,0004. A and B's partnership agreement provides for an annual salary allowance of P100,0 for A and 10% interest on the weighted average capital balance of B. The remainder is shared equally. During the period, the partnership earned profit of P200,000. B's capital account had a beginning balance of P120,000. B made additional investments of P60,000 on March 1, P40,000 on Sept. 30, and made drawings of P30,000 on Aug. 1 and P9,000 on Nov. 1. Requirement: Compute for the respective shares of the partners in the profit.The following are the capital account balances and profit and loss ratios of the partners in AB Partnership as of Jan. 1, 20x1: Capital accounts Profit & loss ratios A, Capital 600,000 40% B, Capital 1,000,000 60% 1,600,000 On Jan. 1, 20x1, C was admitted into the partnership when he invested equipment with a historical cost of ₱400,000 and fair value of ₱320,000 for a 20% interest. The net assets of the partnership as of this date approximate their fair values. If the bonus method is used to record the admission of C, how much would be credited to C's capital account?
- he partnership of A and B was formed on March 31, 2021. On this date, A invested P50,000 cash and office equipment valued at P30,000. B invested P70,000 cash, merchandise valued at P100,000, and furniture valued at P100,000 subject to a notes payable of P50,000 which the partnership did not assume. The partnership provides that A and B shares profits and losses 25:75 respectively. The agreement further provides that the partners should initially have an equal interest in the partnership capital. The total capital of the partnership after the formation is:Assume the G&L partnership forms with cash contributions of $100,000 each from G and L. The partnership then borrows $800,000 on a nonrecourse loan and purchases a building on leased land for $ 1,000,000. Assume that the building is rented and that annual cash revenues equal cash expenses but depreciation of $50,000 per year results in a $50,000 annual loss. All items of income, loss, and deduction are shared equally. When is the first year that the partnership will record Partnership Minimum Gain ( PMG)? Please don't use any AI. It's strictly prohibited. Help me out asap ThanksAB Partnership was formed on February 28, 20x1. Partner A invested P150,000 cash while Partner B invested land that he originally bought for P70,000 but has a current fair value of P180,000. B invested additional cash of P60,000 on November 1, 20x1. The partnership contract states the following: A B • Monthly salary (recognized as expenses and withdrawn 10,000 20,000 periodically) Interest on beginning capital • Bonus on profit before salaries 12% p.a. 12% p.a. 20% and interest but after bonus • Remaining profit or loss 50% 50% AB Partnership earned profit of P120,000 in 20x1. What is the capital balance of A on December 31, 20x1?
- On January 1, 2022, A and B decided to form a partnership by contributing their respective assets and equities subject to adjustments. Cash Accounts Receivable Building A 50,000 20,000 520,000 B 40,000 10,000 30,000 Computer Equipment An Allowance for Doubtful Accounts of 3% of accounts receivable is set up for each partner, and a mortgage of P30,000 is assumed from building contribution. Compute the adjusted capital account of A after the formation.On January 1, FRED and GEMMO formed a partnership by contributing cash of P405,000 and P270,000, respectively. On February 1. Fred contributed an additional P135,000. On May 1, Gemmo contributed machinery with a fair market value of P90,000 and a net book value/cost of P75,000 when contributed. On November 1 Gemmo contributed an additional P45,000 cash to the partnership. Profit or loss agreement are as follows: • Interest at 6% is allowed on average capital balances; • Salaries of P2,700 per month to each partner; • Bonus to Fred of 10% of net income; and • Balance to be divided in the ratio of 6:4 to Fred and Gemmo, respectively. ASSUMPTIONS: 1. The company had a revenue of 458,300 and expenses of 227, 900 resulting in a profit of 257,400. 2. The company had a revenue of 227, 900 and expenses of 458,300 resulting in a loss of 257,400. 3. The company had a revenue of 458,300 and expenses of 406,325 resulting in a profit of 51,975. Required: 1. Table showing the computation of average…X and Y are partners sharing profits 6:4, respectively. Capital accounts as of October 1, 2021 are: X-P 560,000, YP 480,000. They agree to admit Z as a new partner with an investment of P260,000 for a ¼ interest in the partnership and that the assets are fairly valued, what would be the capital of Y after the admission of Z?
- 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:Please answer properlyAhmed and Salim form a partnership on June 1. Ahmed contributes OMR 15,000 cash, inventory with a market value of OMR 40,000 , and Accounts Payable of OMR 80,000. Ahmed also contributed computer equipment with a cost of OMR 80,000 and accumulated depreciation of OMR 20,000 . Current market value is OMR 85,000 Ahmed's Capital will be Select one: O a. Credit, 30,000 O b. Credit, 60,000 O c. Debit, 30,000 O d. Debit, 60,000