ADMISSION OF A NEW PARTNERPROBLEM ABobie and Ella are partners sharing profits in the ratio of 2:1. On July 1, 2021, theircapital interest in the firm are as shown below:Capital40,00050,000BobieEllaOn the same date, Vince is admitted as a partner upon his investment of P30,000 in cashRequired There are 2 cases below:Vince is given a 1/3 interest and bonus is recorded. ROUND OFF ANSWERSTO THE NEAREST PESO.Case 11. How much is the capital of Bobie after admission of Vince2. How much is the capital of Ella after admission of Vince3. How much is the capital of VinceV is given a 1/5 interest4. How much is the capital of B after admission of V5. How much is the capital of E after admission of V6. How much is the capital of VCase 2

Partnership refers to arrangement which is contractual in nature where persons or individuals come…

EM A e and Ella are partners sharing profits in the ratio of 2:1. On July 1, 20 nterest in the firm are as shown below: Сapital 40,000 50,000 e same date, Vince is admitted as a partner upon his investment of F Bobie Ella d There are 2 cases below: Vince is given a 1/3 interest and bonus is recorded. ROUND OFF TO THE NEAREST PESO.

EM A e and Ella are partners sharing profits in the ratio of 2:1. On July 1, 20 nterest in the firm are as shown below: Сapital 40,000 50,000 e same date, Vince is admitted as a partner upon his investment of F Bobie Ella d There are 2 cases below: Vince is given a 1/3 interest and bonus is recorded. ROUND OFF TO THE NEAREST PESO.

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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Marie admits Neri as a partner in business. Just before the partnership’s formation, Marie's books showed the following:Cash 2,600Account Receivable 12,000Merchandise Inventory 18,000Accounts Payable 6,200Melai, capital 26,400 It was agreed that, for purpose of establishing Marie's investment in the firm, the following adjustment shall be reflected:1. Allowance for bad debts of 2% should be set up. 2. Merchandise inventory should be valued at P20,200. 3. Prepaid expenses of P350 and accrued expenses of P400 should be recognize.How much cash should Neri invest to secure a one-third interest in the partnership?
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The partnership of Chase and Chloe shares profits and losses in a 70:30 ratio respectively after Chloe receives a $11,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: If an amount is zero, enter "0". For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300) A. $40,000 Chase Chloe Total Salaries $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Remaining income allocation fill in the blank 4 fill in the blank 5 fill in the blank 6 Total division of income $fill in the blank 7 $fill in the blank 8 $fill in the blank 9 B. $6,000 Chase Chloe Total Salaries $fill in the blank 10 $fill in the blank 11 $fill in the blank 12 Remaining income allocation fill in the blank 13 fill in the blank 14 fill in the blank 15 Total division of income $fill in the blank 16 $fill in the blank 17 $fill in the blank 18 C. $(10,000) Chase…
In Crane Co, capital balances are frey $37.900 and Pedigo $45.400. The partners share income equally Vernon is admitted to the firm with a 42% interest by an investment of cash of $48,000. Journalize the admission of Vernon. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit
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3. Raja and Sam were partners in a firm sharing profits in the ratio of their capitals contributed on commencement of business which were RO. 80,000 and RO. 60,000 respectively. The firm stared business on April 1, 2001. According to the partnership agreement interest on capital and drawings are 12% and 10% p.a. respectively. Raja and Sam are to get a monthly salary of RO. 2,000 and RO. 3,000 respectively. The profits for year ended March 31, 2002 before making above appropriation was RO. 100,300. The drawings of Raja and Sam were RO. 40,000 and RO. 50,000, respectively. Interest on drawings amounted to RO. 2,000 for Raja and RO 2,500 for Sam. Prepare Profit and Loss Appropriation Account and partners' capital accounts assuming that their capitals are fluctuating.