BES Sufian and Amar are partners in a Partnership. On 30/6/2020, Sufian takes a loan from the firm of JD10000 for 3 years. The rate of interest is 9% p.a. the interest will be transfer to Sufian Current Account semi-annually Required: Journalize the above transactions at a Partnership records during 2020.

BES Sufian and Amar are partners in a Partnership. On 30/6/2020, Sufian takes a loan from the firm of JD10000 for 3 years. The rate of interest is 9% p.a. the interest will be transfer to Sufian Current Account semi-annually Required: Journalize the above transactions at a Partnership records during 2020.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 2PA: Arun and Margot want to admit Tammy as a third partner for their partnership. Their capital balances...

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Please answer number 1 and letter d
SECTION: PROFESSOR: Problem #14 Admission by Investment of Assets On Jan. 31, 2019, Partners Abad, Ramos and Cammayo had the following loan and capital account balances (after closing entries for Jan.): Loan receivable from Abad P 20,000 dr 60,000 cr Abad payable to Cammayo Abad, Capital Ramos, Capital Cammayo, Capital 30,000 dr 120,000 cr 70,000 cr The partnership's income-sharing ratio was Abad, 50%; Ramos, 20%; and Cammayo, 30%. On Jan. 31, 2019, Gonzales was admitted to the partnership for a 20% interest in total capital of the partnership in exchange for an investment of P40,000 cash. Prior to Gonzales's admission, the existing partners agreed to increase the carrying amount of the partnership's inventories to current fair value, a P60,000 increase. Required: Prepare the journal entries the increase in inventories and the admission of Gonzales.
Problem Solving: On January 1,2018, John and Frank decided to form a partnership. At the end of the year, the partnership made a net income of P120,000. The capital accounts of the partnership show the following transactions: John, Capital Frank, Capital Dr. Cr. Dr. Cr. Jan. 1 P40,000 P25,000 a Apr. 1 P5,000 Jun. 1 10,000 Aug. 1 10,000 Sep. 1 P3,000 ta Oct. 1 5,000 1,000 Dec. 1 4,000 5,000 55. Assuming th at the partnership's net income is divided on the basis of the average capital ratio, the share of John in the profits is? 50. Assuming that the partnership's net income is divided on the basis of the average capital ratio, the share of Frank in the profits is? 57. Assuming that an interest of20% per annum is given on average capital and the balance of the profits is divided equally, the share of John in the profits shall be: 58. Assuming that an interest of 20% per annum is given on average capital and the balance of the profits is divided equally, the share of Frank in the profits…
2) The balance of capital for partner Mansoor at the end of the year will be: a. RO 42720 b. RO 40720 c. RO 47220 d. RO 42270
Balances in the ledger at 30 June 2021 R Capital : Tas Capital : Naz 407 000 363 000 Current account: Tas credit balance at 1 July 2020 8 052 Current account: Naz: debit balance at 1 July 2020 2 640 Drawings : Tas Drawings : Naz Profit for the year 88 000 140 800 438 636 Additional Information: The partnership agreement provides for the following that needs to be taken into account: 1. Partners are entitled to salaries as follows: Tas - R8 000 per month, Naz - R10 000 per month. 2. Interest on capital accounts are allowed at 12% per year on each partners capital on a pro-rata basis. Note the following that on 1 January 2021: Tas decreased her capital account by R27 000; and Naz increase her capital account by R17 000. 3. Interest at 10% per year is applicable to the opening balance of each partner's current account. 4. Naz is entitled to an annual bonus equal to 2% of the profit for the year before any appropriation from the profit for the year. 5. The remaining profits or losses are…
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Esc In terms of the partnership agreement, partners Henry and Peter are entitled to salaries of R10 000 per month and R12 000 per month respectively from 01 March 2022 (the beginning of the financial year) to 31 May 2022: The salaries were increased by 10% with effect from 01 June 2022. How much will be reflected as partners' salaries for the financial year ended 28 February 2023? O A. R290 400 OB. R264 000 OC. R270 600 OD. R283 800 Previous page Type here to search F1 F2 F3 Ai F4 F5 TEATE F6 F7 F8 F9 F10 F11 N M F
On January 01, 2020, Malachi and Haggai agreed to form a partnership. The following are their assets and liabilities. ACCOUNTS MALACHI HAGGAI P 136,000 P 76,000 48,000 Cash Accounts Receivable 88,000 304,000 364,000 480,000 Inventories Machinery Accounts Payable Notes Payable 440,000 144,000 216,000 140,000 60,000 Malachi decided to pay-off his notes payable from his personal assets. It was also agreed that Haggai's inventories were overstated by P24,000 and Malachi machinery was over-depreciated P20,000. Haggai is to invest/withdraw cash in order to receive a capital credit that is 20% more than Malachi's total net investment in the partnership. Immediately after the formation, compute for the following: 1. Total cash of the partnership 2. Total assets of the partnership 3. Total capital of the partnership
these entries will be recorded 1) record the entry for formation of partnership june 1 2020 2) record the withdrawl by partner november 20 3) record the closing of profit to capital may 31 4) record the admissin of william for 20% interest june 01 these are not subparts i have mentioned these only for ur help
EXERCISE 7. Journal Entries. Catriona and Pia are partners who contributed P100,000 and P70,000, respectively, to the partnership upon its inception in 2018. The 2021 partnership ledger showed the following movements in their capital accounts: Catriona, Capital Jan. 1 300,000 Apr. 1 Jul. 1 100,000 Oct. 1 190,000 Pia, Capital Jan. 1 200,000 Oct. 1 40,000 Apr. 1 150,000 Dec. 1 75.000 Profit of the partnership for 2021 was P280,000. Prepare and upload journal entries related to profit distribution under the following independent cases, assuming permanent capital balances are not maintained and Catriona and Pia agreed to share profits and losses: 1. In the ratio 3:2, respectively 2. According to original capital 3. According to beginning capital 4. According to average capital 5. According to ending capital 20,000
The partnership of Benedict, Joshua and Constantine have asked you to assist it in winding up the affairs of the business. You compile the following information: a) The trial balance of the partnership on June 30, 2020 is: Debit Credit Cash 6,000 Accounts Receivable (net) 22,000 Inventory 14,000 Plant and Equipment (net) 99,000 Loan to Benedict 12,000 Loan to Constantine 7,500 Accounts Payable 17,000 Benedict, Capital 67,000 Joshua, Capital 45,000 Constatine, Capital 31,500 Total…
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