Exercise 9: Beth, Steph, and Linda have been operating a small gift shop for several years. The partners concluded that the business needed to expand in order to provide an adequate return to the partners. The following balance sheet is for the partnership prior to the admission of a new partner, Mary. Cash $160,000 Other Assets 640,000 $800,000 Liabilities $200,000 Beth, Capital (40%) 265,000 Steph, Capital (40%) 215,000 Linda, Capital (20%) 120,000 $800,000 Figures shown parenthetically reflect profit-loss percentages.

SCORE: NAME: PROFESSOR: SECTION: Problem #15 Determining a New Partner's Investment Cost respectively. P150,000 Accounts Payable Morales, Capital Gamino, Capital Quito, Capital Total Liabilities and Capital 260,000 P 40,000 710,000 Cash 180,000 Other Assets 160,000 P750,000 Total Assets P750,000 Assume that the partnership decided to admit Abello as a new partner with a one. fourth interest. Required: For each of the following independent cases, determine the amount that Abello must contribute in cash or other assets: 1. No goodwill or bonus will be recorded. 2. A bonus of P24,000 is to be paid by Abello and allocated to the prior partners. 3. The partners agreed that total resulting capital should be P820,000 and no goodwill should be recognized. 4. Other assets are written down by P20,000 and a bonus of P40,000 is paid to Abello at the time of admission.

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Beth, Steph, and Linda have been operating a small gift shop for several years. After an extensive review of their past operating performance, the partners concluded that the business needed to expand in order to provide an adequate return to the partners. The following balance sheet is for the partnership prior to the admission of a new partner, Mary. Cash   $154,000 Other Assets   624,000     $778,000 Liabilities   $196,000 Beth, Capital (40%)   270,000 Steph, Capital (40%)   198,000 Linda, Capital (20%)   114,000     $778,000 Figures shown parenthetically reflect agreed profit-and-loss sharing percentages.Prepare the necessary journal entries to record the admission of Mary in each of the following independent situations. Some situations may be recorded in more than one way.             (a)     Your answer is correct.     Mary is to invest sufficient cash to receive a one-sixth capital interest. The parties agree…

EXERCISE 4. Journal Entries - Cash, non-cash, and industry contributions. Prepare and upload the journal entries to record contributions of Kim and Krislam into the partnership under the following independent assumptions: 1. Cash contribution amounting to $45,000 each. 2. Kim contributed $35,000 cash and a store equipment with carrying value of $27,000. Krislam contributed $15,000 cash and a delivery vehicle with a fair market value of $195,000. Kim and Krislam agreed that each depreciable asset is overvalued by $4,000. 3. Kim contributed $10,000 cash and furniture and fixtures with carrying value of $32,000. Krislam contributed $5,000 cash and a building with a fair market value of $295,000 and an unpaid mortgage of $27,500. Kim and Krislam agreed that building is undervalued by $9,000. 4. Kim contributed $25,000 cash, a store equipment with fair market value of $47,000, and delivery vehicle with a fair market value of $175,000. Krislam, an industrial partner, was to contribute her…

Can I please get help wtih this question?6.3   Ries, Bax, and Thomas invested $48,000, $64,000, and $72,000, respectively, in a partnership. During its first calendar year, the firm earned $416,100. Required: Prepare the entry to close the firm’s Income Summary account as of its December 31 year-end and to allocate the $416,100 net income under each of the following separate assumptions.   1. The partners did not agree on a plan, and therefore share income equally.

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1. 2. EXERCISE 4. Journal Entries - Cash, non-cash, and industry contributions. Prepare and upload the journal entries to record contributions of Kim and Krislam into the partnership under the following independent assumptions: 3. Page 4. 9 Cash contribution amounting to P45,000 each. Kim contributed P35,000 cash and a store equipment with carrying value of $27,000. Krislam contributed P15,000 cash and a delivery vehicle with a fair market value of P195,000. Kim and Krislam agreed that each depreciable asset is overvalued by $4,000. Kim contributed P10,000 cash and furniture and fixtures with carrying value of P32,000. Krislam contributed P5,000 cash and a building with a fair market value of P295,000 and an unpaid mortgage of P27,500. Kim and Krislam agreed that building is undervalued by P9,000. Kim contributed P25,000 cash, a store equipment with fair market value of P47,000, and delivery vehicle with a fair market value of P175,000. Krislam, an industrial partner, was to contribute…

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.

Question-based on, "income for year".   I have tried it but confused about it.   Thanks for the help.