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A: Hi student Since there are multiple questions, we will answer only first question.
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A: Hi! As per the honor code, We’ll answer the first question since the exact one wasn’t specified.…
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A: The answer is option (c) [i.e, 20 percent ] Refer step 2 for explanation.
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A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
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A: SOLUTION- 1-CAPITAL BALANCE OF BANNER =65000 AND STRANGE = 35000 2- PROFIT AND LOSS AFTER ADMISSION…
Q: se explain it properly
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A: Note: Hi! Thank you for the question, As per the Honor Code, we are allowed to answer the three…
Q: The following are the capital balances and share in each profit of Ring Partnership: Aragorn…
A: given partner capital balance profit sharing ratio Aragorn 300 50% 300 50%…
Problem III
The following are the capital balances and share in each profit of Ring
Aragorn 300 50%
Legolas 200 30%
Gimli 200 20%
11. How much did Gandalf have invested for 25% interest if after his admission in the firm the capital balance of Legolas increased by P24?
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- 13:05 ecorded as goodw 62 21. B. Raffy, B. Danny, and B. Leo are partners with capital balances of P180,000, P120,000, and P160,000 respectively. They share profits and losses in the ratio of 30:40:30. Danny decides to withdraw from the partnership. Danny receives 160,000 in settlement of his interest. If the bonus method is used, what is the capital balance of Leo immediately after the retirement of Danny? А. 160,000 В. 200,000 С. 140,000 D. 180,000 22. Using the information in No. 22 and assuming that bonus method is used, what is the total partnership capital immediately after the retirement of Danny? A. 240,000 В. 280,000 С. 320,000 D. 200,000 23. A partner retired from the partnership and received an amount which exceeds his capital interest by 40,000. The remaining partners have profit and loss ratio of 3:2. Under the bonus method, the excess of payment will be shared by the remaining partners as follows: A. 36,000 and 24,000 B. 24,000 and 16,000 C. 12,000 and 8,000 D. 48,000 and…18 Pepe and Pilar are partners having capital balances of P 35,000 and P 25,000, respectively. They share profits in the ratio of 6:4. Juan is to invest sufficient cash to give him a 40% interest in the new capital, which is proportionate to his share in the earnings. The old partners will share in the balance of the earnings using their original profit sharing ratio. to 000.8 REQUIRED: a. Give the entry to record the admission of Juan. b. Show the interest of each partner (expressed as a percentage) in the total capital before and after the admission of Juan. c. What is the new profit and loss sharing ratio?A and B are two partners. Theyagreed to allow interest on capital@5% per annum. Capital accountsas 1.4.16 were A 20,000 RS and B15,000 rsA introduced further capital of rs5000 on 1.10.16 and B introduced rs3000 on 1.10.16Calculate interest on Capital of eachPartner as 31.3.17 Please avoid solutions in image thnku
- acc14 Almahnad and Khalid profit sharing ratio is 4:2. Khalifa is newly admitted for 1/6th share. Abdullah brings OMR 45,000 Capital and goodwill OMR 15,000. Goodwill already appears in the Balance Sheet is OMR 10,000. What is the share of Goodwill written off to Khalid which is already appears in the balance sheet? a. None of the options b. OMR 9999.99 c. OMR 6666.66 d. OMR 3333.33If the net income is P 200,000, salaries given to partners amount to 60,000, interest to partners’ capital amount to 40,000 and bonus is 20% of net income after salaries, interest, and bonus, how much is the bonus?
- The following data were taken from the books of A&B Co, a partnership of Alpha and Beta for 20x1: Alpha Capital 240,000 Beta, Capital 360,000 PL ratio 1:2 Net income for the year 260,000 The partners agreed on the following profit and loss sharing terms: Salary of P 5,000 a month for Beta 10% interest on the capital balances 20% bonus for Alpha Round your answer to the nearest thousandth. How much is the share of Beta if bonus is to be computed after deducting salaries and interest? P 171,000 P 156,000 P 104,000 Some other amount How much is the share of Alpha if bonus is to be computed after salaries, interest and bonus? P 89,000 P 171,000 P 86,000 P174,000The capital accounts and profit and loss ratio of A and B are shown below: Capital Profit and Loss ratio P 60,000 40,000 P 100,000 50% 50% 100% A в Give the journal entries under the following cases: 1. C purchases one-half interest of A for P35,000. 2. B sells one-fourth of his interest to C for P12,000. 3. C purchases one-half interest of both A and B for P55,000 (use two methods) 4. C invests P20,000 for a one-sixth interest in the new firm. The agreeed new capital is p120,000. 5. C invests P40,000 for a one-fourth interest in the new firm. 6. C invests P35,000 for a one-fourth interest in the new firm with agreed capitalization of *135,000. 7. Cinvests P35,000 for a one-fourth interest in the firm. The agreed new capital is P140,000. After the admission of C, the capital con- tributions must be made equal to the new profit and loss ratio. 8. Cinvests P40,000 for a one-third interest in the firm with a total new capital of P150,000.9.You have a signed a partnership agreement distributing profits based on salary and investment with your college roommate. If profit for the first year is $45,000, how much will you receive based on the following: your original investment, $35,000; your partner's investment, $25,000; and you earn a $30,000 annual salary? LU 21-4(1) Total Invested Profit minus saleary You Partner
- Chapter 11, Question 3PA2. LO 15.4Arun and Margot want to admit Tammy as a third partner for their partnership. Their capital balances prior to Tammy's admission are $50,000 each. Prepare a schedule showing how the bonus should be divided among the three, assuming the profit or loss agreement will be 1:3 once Tammy has been admitted and her contribution is: A. $20,000 B. $80,000 C. $50,000.7. Show solution in good accounting form