Journal entry worksheet1Record the distribution of remaining cash to partners.Note: Enter debits before creditsDateGeneral JournalJan 01, 2021Cheat entryRecord entry< PrevDebit CreditView general journal7 or 10Next > Martha Wheaton, Bess Chen, and Sam Smith were partners in an urban Calgary tea shop called Wake and showed the followingaccount balances as of December 31, 2020.MarthaSanAccum.Deprec.BuildingBessChen,Smith,CashBuildingAccountsPayableWheaton,CapitalLandCapital CapitalAccount balances December 31, 2020$188,000 $832,000 $484,000 $212,000 $132,000$324,000 $(56,000) $340,000Due to difficulties, the partners decided to liquidate the partnership. The land and building were sold for $691,000 on January 1, 2021.The partners share any profit (loss) in the ratio of 2:1:1 for Wheaton, Chen, and Smith, respectively Capital deficiencies of liquidation areabsorbed by the remaining partners according to their income (loss) ratio.Required:Complete the schedule. Prepare the entry to distribute the remaining cash to the partners. (Negative answers should be indicated bya minus sign.)AccumCashBuildingLandDeprec..BuildingSmithAccountsPayable132,000 sMarthaWheaton,Capital324 000 $BessChen,CapitalAccount balances December 31 2020S 188 000 S 832.000 $484.000 $ 212 000 $156.000 $348.000

Partnership refers to the legal act of agreement between two or more persons who decided to run the…

Answered: General Journal Debit Credit

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter19: Accounting For Partnerships

Section: Chapter Questions

Problem 1CE

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On April 1, 2022, Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Comeau Lavoi Contribution $304,000 cash $202,000 land $144,900 building Profit sharing $184,800 salary allowance 5% of original capital investments 5% of original capital investments 40% of remaining 60% of remaining Cash withdrawal March 20, 2023 $129,800 Net Income during the year was $509,600 and was in the Income Summary account.On April 1, 2023 Travis Roberts invested $139,400 and was admitted to the partnership for a 20% interest in equity.Required:1. Prepare journal entries for the following dates.a. April 1, 2022
choices: P415,000 P370,000 P380,000 P460,000
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What is the amount of cash received by A on February 28, 2021? P75,000P25,000P50,000None
The following are balances of a partnership between Shoe and Lace as at 2021 December 31: DR CR Capital on 2021 January 01: S S Shoe 30 000 Lace 30 000 Current Accounts on 2021 January 01: Shoe 1 500 Lace Drawings during the year were: Shoe Lace Land and building Equipment Cash at bank Bank loan 90 000 Electricity Office salaries Advertising Bad debts Provision for bad debts 700 Debtors Creditors 9 500 Provision for depreciation: Equipment 2 000 Stock on 2021 December 31 Gross profit for the year 150 000 Additional information: i. Provision for bad debts is to be increased by $50. ii. Amount for advertising included payment of $120 for 2022. iii. Electricity bill of $145 is due. iv. Equipment is to be depreciated at 20% per annum. v. Interest on capital is allowed at 20% per annum. vi. Interest on drawings is 5% per annum. vii. Profits and losses are to be shared between Shoe and Lace in the ratio 2:3. A. Prepare Profit and Loss and Appropriation Account for year ended 2021 December…
The following information relates to partner for the year ended 29 February 2020: Current account credit balance on 29 February 2020 20 000 Profit share 50 000 Salaries 180 000 Interest on capital 24 000 Drawings 220 000 Interest on drawings 2 000 What is the balance in the Current account of the partner on 01 March 2019? OA. R12 000 DR. B. R116 00O DR OC. R52 000 CR D. R12 000 CR S Type here to search
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The following information relates to partner for the year ended 29 February 2020: Current account credit balance on 29 February 2020 20 000 Profit share 50 000 Salaries 180 000 Interest on capital 24 000 Drawings 220 000 Interest on drawings 2 000 What is the balance in the Current account of the partner on 01 March 2019? A. R12 000 DR O B. R116 000 DR OC. R52 000 CR O D. R12 000 CR
CengageNOW2| Online teachin X Erie Community College : Home x Student Home ps://v2.cengagenow.com/iln/takeAssignment/takeAssignmentMain.do?invoker%=&takeAssignmentSessionLocator... Calculator Alpha and Beta are partners who share income in the ratio of 1:2 and have capital balances of $40,000 and $70,000, respectively, at the time they decide to terminate the partnership. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $50,000. What amount of loss on realization should be allocated to Alpha? Oa. $50,000 Ob. $30,000 Oc. $60,000 Od. $20,000
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↓ A アレ AU ✓ 2 1. Lalit, Madhur and Neena were partner's sharing profits as 50%, 30% and 20% respectively. On 31st December, 2020 their balance sheet was as follows Balance Sheet Liabilities Creditors Reserve Fund Capital A/cs Lalit Madhur Neena Amount (RO) 28.000 10,000 50,000 40.000 25.000 Class Ac 153,000 Assets Cash Debtors Stock Investments Building Profit and Loss A/c Amount (RO) 34.000 44000 15,000 40,000 10,000 10,000 1553,000 On this date, Madhur retired and Lalit and Neena agreed to continue on the following terms 1. The goodwill of the firm was valued at RO 51,000. 2. There was an unrecorded liability to the extent of RO 6,000 3. Investments were brought down to RO 15,000. 4. Provision for bad debts was 5% on debtors. 5. Madhur was paid RO 10,300 in cash and the balance was transferred to his loan account 6. Prepare revaluation account and partners' capital accounts

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