Adnan, Ahmad and Ali are partners in a firm. partners share net income based on ending partners' capital balances. Their capital on 1/1/2020 $100,000,$80,000, $70,000 respectively. During 2020, the partnership earned net income of $100,000, Adnan reduce his capital of $20,000, Ahmad made drawings of$10,000, and introduced additional capital of S25,000. While Ali reduce his capital of $5,000. Ali's share profit isO 28000O 26000O 42000O 32000A Moving to another question will save this response.Question 20 of 22 >»e to search11:37 AM37°C Нaze9/1/2021DELLF9F10F11F12PrtScrDeleteNumLock%2#Backspace3 r48PERY7.DIJKEnterV }ВУNTShiftیAltCtrlI :)

Partnership can be defined as a form of business organization under which two or more parties come…

Adnan, Ahmad and Ali are partners in a firm. partners share net income based on ending partners' capital balances. Their capital on 1/1/2020 $100,000, $80,000, $70,000 respectively. During 2020, the partnership earned net income of $100,000, Adnan reduce his capital of $20,000, Ahmad made drawings of $10,000, and introduced additional capital of $25,000. While Ali reduce his capital of $5,000. Ali's share profit is O 28000 26000 42000 O 32000 other question will save this response Question 20 of 22 o o o o

Adnan, Ahmad and Ali are partners in a firm. partners share net income based on ending partners' capital balances. Their capital on 1/1/2020 $100,000, $80,000, $70,000 respectively. During 2020, the partnership earned net income of $100,000, Adnan reduce his capital of $20,000, Ahmad made drawings of $10,000, and introduced additional capital of $25,000. While Ali reduce his capital of $5,000. Ali's share profit is O 28000 26000 42000 O 32000 other question will save this response Question 20 of 22 o o o o

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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Ahmed And Ali had beginning capital balances of OMR 50,000 and OMR40,000, respectively. The two partners fail to agree on a profit -and loss-sharing ratio. For the first month (May 2020), the partnership had a net loss of OMR12,000. Required: The loss goes to Ahmed would be: OMR The loss goes to Ali would be: OMR Ahmed capital balance at May 31, would be: OMR Ali capital balance at May 31, would be: OMR
In 2017, Ryan, Chen and Win established a firm partnership and they agreed to share the profits in a 2:1:1 ratio. In mid-2018, with operations running profitably, they decided to dissolve the firm's partnership. Based on the following facts, prepare a summary of the partner's capital balance showing how much, if any, is available to settle in final settlement. A B Value of net assets paid in to partnership firm... $50,000 $22,500 $20,000 Company partnership net income for 1976 $30,000 divided into Ratio 2:1:1.. $15,000 $7,500 $7,500 1986 private take... $15,000 $10,000 $10,000 Net assets at the time of dissolution are assessed For $65,000 and distributed to $16,250 $16,250 Allies according to a ratio of 2:1:1..... $32,500
May and Jun are partners with profit and loss ratio of 40:60 and capital balances of $600,000 and $400,000 respectively. On June 09, 2022, Julie was admitted into the partnership by investment for a 20% of the total partnership capitalization. What is Jun's new Profit and Loss Ratio after the admission of Julie? Note: Express your answer either in percentage or decimal. example: 50% or 0.50
Partners Coleen and Norlyn received a salary of 150000 and 300000 and will share profit and loss in a 2:1 ratio respectively. If the partnership suffered a 150,000 loss in 2020, determine how the loss will be distributed to Coleen and Norlyn.Coleen's share on profit or loss?Norlyn's share on profit or loss?How much is the total amount to be distributed using the 2:1 ration?
Coburn (beginning capital, $60,000) and Webb (beginning capital $90,000) are partners. During 2020, the partnership earned net income of $80,000, and Coburn made drawings of $18,000 while Webb made drawings of $24,000. (Assume the partnership income-sharing agreement calls for income to be divided 45% to Coburn and 55% to Webb. Prepare the journal entry to record the allocation of net income) What are the account titles and explanations? What is debit? What is credit?
Daggett, Lamppin, and Pendergast are partners who share profits and losses 50%, 30%, and 20%, respectively. Their capital balances are $140,000, $80,000, and $55,000, respectively. (a) Your answer is correct. Assume Sanford joins the partnership by investing $135,000 for a 25% interest with bonuses to the existing partners. Prepare the journal entry to record his investment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Cash Sanford, Capital Daggett, Capital Lamppin, Capital Pendergast, Capital + + + Debit 135000 Credit 102500 16250 9750 6500
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Partners Charlie and Delta share profits in the ratio of 6:4 respectively. On December 31, 2018 their respective capital balances were Charlie, P120,000 and Delta, P100,000. On that date Mae was admitted as partner with a one-third interest in capital and profits for an investment of P80,000. The new partnership began in 2019 with total capital of P300,000. Immediately after Mae’s admission, Charlie’s capital should be: a.P160,000 b.P108,000 c.P120,000 d.P100,000
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AHRI, AKALI and JINX are partners sharing profits and losses in the ratio of 3:2:1,respectively. On June 30, 2021 AHRI decided to withdraw from the partnership as he was offered a better opportunity outside the partnership. On the day after dividing profit for the year ended June 30, 2021, partners have a capital balances as follows: AHRI –P346,000AKALI– P213,000JINX– P133,000It was agreed that AHRI is to be paid P310,000 and that assets are fairly valued. What would be the capital balance of AKALI after the withdrawal of AHRI?