CHAPTER 11 Partnerships204 SContributionProfit sharingBalance shared equallyCash withdrawal during yearExercise 11-3 Journalizing partnership entries LO2, 3CHECK FIGURES: 1. Share of profit: Regal: $135,250; Merle: $41,750On April 1, 2023, Harry Regal and Meghan Merle formed a partnership in Alberta, renting reusable mboxes.Regal77,000то97,000 cash107,000 salary allowance15% of original capital investmentsreioanExercise 11-4 Journalizing partnership entries LO2, 3CHECK FIGURES: 1. Share of profit: Williams: $116,000; Xie: $44,000On February 1 2023 Tessa Williams and Audron, v.CUnitx Price pe62,000Replacedx Price perMerEstimated137,000 land50,000 building15% of original capital investmentsAccrucReplacEstinNet Income during the year was $177,000 and was in the Income Summary account.Required1. Present general journal entries to record the initial capital investments of the partners, their cash witdrawals, and the December 31 closing of the Income Summary and withdrawals accounts.2. Determine the balances of the partners' capital accounts as of the end of 2023.MdGu!!!MPubHExerciseCHECK FIJensen arand $20to JenseRequi2.ExeCHLiare$2

A partnership is a type of business in which two or more persons formally agree to share ownership,…

Exercise 11-3 Journalizing partnership entries LO2, 3 On April 1, 2023, Harry Regal and Meghan Merle formed a partnership in Alberta, renting reusable mo CHECK FIGURES: 1. Share of profit: Regal: $135,250; Merle: $41,750 boxes. Contribution Profit sharing Balance shared equally Cash withdrawal during year Regal 97,000 cash 107,000 salary allowance 15% of original capital investments 77,000 Mer 137,000 land 50,000 building 15% of original capital investments 62,000 E C Net Income during the year was $177,000 and was in the Income Summary account. Required 1. Present general journal entries to record the initial capital investments of the partners, their cash wit drawals, and the December 31 closing of the Income Summary and withdrawals accounts. 2. Determine the balances of the partners' capital accounts as of the end of 2023.931TE0

Exercise 11-3 Journalizing partnership entries LO2, 3 On April 1, 2023, Harry Regal and Meghan Merle formed a partnership in Alberta, renting reusable mo CHECK FIGURES: 1. Share of profit: Regal: $135,250; Merle: $41,750 boxes. Contribution Profit sharing Balance shared equally Cash withdrawal during year Regal 97,000 cash 107,000 salary allowance 15% of original capital investments 77,000 Mer 137,000 land 50,000 building 15% of original capital investments 62,000 E C Net Income during the year was $177,000 and was in the Income Summary account. Required 1. Present general journal entries to record the initial capital investments of the partners, their cash wit drawals, and the December 31 closing of the Income Summary and withdrawals accounts. 2. Determine the balances of the partners' capital accounts as of the end of 2023.931TE0

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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Concept explainers

Partnership Accounting

A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.

Partner Admission and Withdrawal

A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.

Question

CHAPTER 11 Partnerships
204 S
Contribution
Profit sharing
Balance shared equally
Cash withdrawal during year
Exercise 11-3 Journalizing partnership entries LO2, 3
CHECK FIGURES: 1. Share of profit: Regal: $135,250; Merle: $41,750
On April 1, 2023, Harry Regal and Meghan Merle formed a partnership in Alberta, renting reusable m
boxes.
Regal
77,000
то
97,000 cash
107,000 salary allowance
15% of original capital investments
reioan
Exercise 11-4 Journalizing partnership entries LO2, 3
CHECK FIGURES: 1. Share of profit: Williams: $116,000; Xie: $44,000
On February 1 2023 Tessa Williams and Audron, v.
C
Unit
x Price pe
62,000
Replaced
x Price per
Mer
Estimated
137,000 land
50,000 building
15% of original capital investments
Accruc
Replac
Estin
Net Income during the year was $177,000 and was in the Income Summary account.
Required
1. Present general journal entries to record the initial capital investments of the partners, their cash wit
drawals, and the December 31 closing of the Income Summary and withdrawals accounts.
2. Determine the balances of the partners' capital accounts as of the end of 2023.
M
d
Gu!!!MPubH
Exercise
CHECK FI
Jensen ar
and $20
to Jense
Requi
2.
Exe
CH
Lia
re
$
2

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