Alvin and Aldrin are partners sharing profits 60% and 40% respectively. The averageprofits for the past two years are to be capitalized at 20% per year (for purposes ofadmitting a new partner) in determining the aggregate capital of Alvin and Aldrin,after adjusting the profits for the following items omitted from the books:Omissions at year-end 20x820x9P3, 200Prepaid expenseAccrued expenseP2,400Deferred incomeP2,800Accrued incomeP2,000Other pertinent information are as follows:20x820x9Net income of partnershipP28,800P27, 200Capital accounts, end of theyear90,800108,000AlvinAldrin90,000110,000The aggregate capital of Alvin and Aldrin after capitalizing the average profits at20% per annum is:

Partnership is one of the agreement between two or more than two parties, in which they decide for…

Alvin and Aldrin are partners sharing profits 60% and 40% respectively. The average profits for the past two years are to be capitalized at 20% per year (for purposes of admitting a new partner) in determining the aggregate capital of Alvin and Aldrin, after adjusting the profits for the following items omitted from the books: 20x8 20x9 Omissions at year-end Prepaid expense Accrued expense P3, 200 P2,400 Deferred income P2,800 Accrued income P2,000 Other pertinent information are as follows: 20x8 20x9 Net income of partnership P28,800 P27, 200 Capital accounts, end of the year 90,800 108,000 Alvin Aldrin 90,000 110,000 The aggregate capital of Alvin and Aldrin after capitalizing the average profits at 20% per annum is:

Alvin and Aldrin are partners sharing profits 60% and 40% respectively. The average profits for the past two years are to be capitalized at 20% per year (for purposes of admitting a new partner) in determining the aggregate capital of Alvin and Aldrin, after adjusting the profits for the following items omitted from the books: 20x8 20x9 Omissions at year-end Prepaid expense Accrued expense P3, 200 P2,400 Deferred income P2,800 Accrued income P2,000 Other pertinent information are as follows: 20x8 20x9 Net income of partnership P28,800 P27, 200 Capital accounts, end of the year 90,800 108,000 Alvin Aldrin 90,000 110,000 The aggregate capital of Alvin and Aldrin after capitalizing the average profits at 20% per annum is:

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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Goodman, Pinkman, and White formed a partnership on January 1, 2020, and made capital commibutions of $125,000 (Goodman, $175,000 Pinkman and $250,000 (White), respectively. With respect to the division of income, they agreed to the following: interest of an amount equal to 10% of the that partner's beginning capital balance for the year. 12) annual compensation of $15,000 to Pinkman and (3) the remainder of the Income or loss to be spilt among the partners In the following percentages (8) 20% for Goodman: b) 40% for Pinkmen; and (c) 40% for White. Net Income was $200,000 in 2020 and $240,000 in 2021. Each partner withdrew $1,500 for personal use every month during 2020 and 2021 What was the remainder portion of net income allocated to White for 202 о O Choc 562360 $5,000 $90,000 574160
Regina Harrison is a partner in Pressed for Time. An analysis of Regina Harrison's capital account indicates that during the most recent year, she withdrew $20,000 from the partnership. Her share of the partnership's net loss was $16,000 and she made an additional equity contribution of $10,000. Her capital account ended the year at $150,000. What was her capital balance at the beginning of the year? a. $124,000 O b. $176,000 ○ c. $192,000 Od. $144,000
M, N and O are partners sharing profits in the ratio of 2: 2: 2. N dies on 30th Jun 2020 due to ill health. The company profits for the last 3 years was OMR 20,000, OMR 20,000 and OMR 20,000. Calculate the profit share of N? O a. None of the options are correct O b. OMR 3333.33 O c. OMR 20,000 d. OMR 10,000