Financial position for ZBM Partnership at December 31 2019: Cash 26,000 Accounts Payable 45,000 Equipment 24,000 Zara Capital 44,000 Building 67,000 Bong Capital 32,000 Merry Capital (4, 000) Total 117,000 Total 117,000 Assume that profits and losses are shared in the following ratios: 50:40:10. The partnership is liquidating and selling the partnership's non-cash assets for USD81,000. Merry is unable to make any payment on any capital

Financial position for ZBM Partnership at December 31 2019: Cash 26,000 Accounts Payable 45,000 Equipment 24,000 Zara Capital 44,000 Building 67,000 Bong Capital 32,000 Merry Capital (4, 000) Total 117,000 Total 117,000 Assume that profits and losses are shared in the following ratios: 50:40:10. The partnership is liquidating and selling the partnership's non-cash assets for USD81,000. Merry is unable to make any payment on any capital

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 57P

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The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $40,000 B. $25,000 C. ($5,000) In addition, show the resulting entries to each partners capital account. Tatums capital account balance is $50,000 and Brooks is $60,000.
The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a $7,000 salary and Sue receives a $6,500 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $10,000 B. $5,000 C. ($12,000) In addition, show the resulting entries to each partners capital account.
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The second cash payment to any partner/s under the program of priorities shall be made thus?
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GWS and BCP organized the GB Partnership on January 1, 2018. The following entries were made in their capital accounts during 2018. Debit Credit GWS, Capital: January 1 April 1 October 1 P315,000 P105,000 175,000 Debit Credit ВСР, Саpital: January 1 March P413,000 1 September 1 November 1 52,500 105,000 94,500 Required: А. If the partnership profit for the year 2018 computed before salaries or interest is P217,000, determine its distribution between the partners under each of the following independent profit-sharing agreements: (1) Interest at 6% is allowed on average capital investments and the remainder of the profit is divided equally. (2) A salary of P126,000 is to be credited to BCP, 6% interest is allowed on each partner on his ending capital balance and the remainder of the profit in the ratio of 3:2. Salaries are allowed GWS and BCP in amounts of P119,000 and P133,000, respectively, and the remaining profit or resulting loss is divided in the ratio of average capital balance.…
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