How much cash should Catherine invest to give her 70% interest in the partnership?
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![2. Therese admits Catherine as a partner in her business.
Accounts in the ledgers of Therese on June 1, 20YY just
prior to the admission of Catherine show the following
balances:
Cash
Accounts Receivable
Merchandise Inventory
Notes Payable
Accounts Payable
Therese, Capital
It is agreed that for purposes of establishing Therese's
interest, the following adjustments shall be made:
a. Only 95% of the total accounts
receivable is ascertained to be
collectible.
P 15,000
30,000
75,000
5,000
10,000
105,000
b. The merchandise inventory is to be valued at P81,000.
c. Prepaid expenses of P 6,500 and
interest expense of P500 on the note
issued by Therese are to be
recognized.
How much cash should Catherine
invest to give her 70% interest in the
partnership?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb94ea56a-0f7f-4e50-9288-d200b0624aba%2F7174424a-52bb-4506-8fd3-0a5ef09c0a3a%2Fdyjwxh_processed.jpeg&w=3840&q=75)
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- Hi, below are the things that need to be adjusted in Tom and Jerry's business. Please apply the adjustments in the statement of financial position. Just before the partnership formation, the financial position of Tom’s and Jerry’s businesses are in the pictures attached. Tom’s business: Bad accounts of P3,000 are to be written off. A 4% allowance for doubtful accounts is to be recognized on the remaining accounts receivable after write off. Merchandise inventory ‘s present market value is P70,800 Furniture’s and Fixtures account should be adjusted to replacement value of P45,000. After adjustment to replacement value, the asset should be considered as 50% depreciated. Jerry’s business: Only 10% allowance for doubtful accounts is to be recognized on the outstanding accounts receivable as of June 30, 2020. The office equipment should be depreciated further by 8% The fair market value of the merchandise is P46,450.37 The total amount of uncollectible accounts expense recognized over the life of a business will be the smallest under the Multiple Choice O OPAKOVOU DE O O direct write-off method. percent of revenue method. percent of receivables method. Jury All methods produce the same amount of uncollectible accounts expense recognized over the life of a business.Annie is a sole trader who does not keep full accounting records. The following details relate to her transactions with credit customers and suppliers for the year ended 30 June 20X6: Trade receivables, 1 July 20X5 Trade payables, 1 July 20X5 Cash received from customers Cash paid to suppliers Discounts received Contra between payables and recervables lodgers Trade receivables, 30 June 20X6 Trade payables, 30 June 20X6 130,000 60,000 686,400 302,800 2,960 2,000 181,000 84,000 What figure should appear for purchases in Anniets statement of profit or loss for the year ended 30 June 20X6?
- Bert has extracted the following list of balances from his general ledger at 31 October 20X5: $ 258,542 9,649 142,958 34,835 63,960 31,746 13,864 1,783 12,525 Sales Opening inventory Purchases Expenses Non-current assets (carrying amount) Receivables Payables Cash at bank Capital What is the total of the debit balances in Bert's trial balance at 31 October 20X5? $267,049 $275,282 $283,148 $284,931 A DThe following information is relevant for Questions 20.4 and 20.5. A is a sole trader who does not keep full accounting records. The following details relate to her transactions with credit customers and suppliers for the year ended 30 November 20X3. 24 Trade receivables, 1 December 20X2 Trade payables, 1 December 20X2 Cash received from customers Cash paid to suppliers 130,000 60,000 687,800 302,800 2,960 4,160 Discounts received Irrecoverable debts Amount due from a customer who is also a supplier offset against an amount due for goods supplied by him Trade receivables, 30 November 20X3 Trade payables, 30 November 20X3 2,000 181,000 84,000 20.4 Based on the above information, what should be the figure for sales revenue in A's statement of profit or loss for the year ended 30 November 20X3?Annie is a sole trader who does not keep full accounting records. The following details relate to her transactions with credit customers and suppliers for the year ended 30 June 20X6: $ 130,000 60,000 686,400 302,800 2,960 2,000 181,000 84,000 Trade receivables, 1 July 20X5 Trade payables, 1 July 20X5 Cash received from customers Cash paid to suppliers Discounts received Contra between payables and receivables ledgers Trade receivables, 30 June 20X6 Trade payables, 30 June 20X6 What figure should appear for purchases in Annie's statement of profit or loss for the year ended 30 June 20X6?
- Ali had the following transactions: (a) Sales of goods on credit for RM150 to Brian (b) Return of goods from Carey originally sold for RM300 in cash to Carey Required: State the double entry for the following transactions.Activity 2 Directions: Compute the uncollectible account expense using the percent of accounts receivable method. The following information needed in the computation of uncollectible accounts expense for March 2021 is available for Parkland Enterprises: Sales Cash Sales Accounts Receivable-ending 200,000.00 50,000.00 5,000.00 Assume that the company decided that five percent (5%) of accounts receivable are deemed uncollectible.On 1st January, 2020, Kamal 's account in Vimal's ledger showed a debit balance of * 15,000. The following transactions took place between Vimal and Kamal during the quarter ended 31st March, 2020: Jan. Jan. 2020 Feb. Feb. Feb. March March March 11 24 01 04 07 01 18 23 Vimal sold goods to Kamal Vimal received a promissory note from Kamal due after 3 months Kamal sold goods to Vimal Vimal sold goods to Kamal Kamal returned goods to Vimal Kamal sold goods to Vimal Vimal sold goods to Kamal Kamal sold goods to Vimal ₹ 18,000 15,000 30,000 24,600 3,000 16,800 27,600 12,000 Accounts were settled on 31st March, 2020 by means of a cheque. Prepare an Account Current to be submitted by Vimal to Kamal as on 31 March, 2020, taking interest into account @ 10% per annum. Calculate interest to the nearest multiple of a rupee.
- Directions: Record the following transactions in the appropriate journals. Lloyd Gurango Co. completed the following sales transactions during the month of June 2021. A credit sales have terms of 3/10, n/30, and all invoices are dates as at the transaction date. June 1 4 7 9 13 ಈ 15 18 20 Mr. Gurango invested P52 000 of his funds in the business Sold merchandise on account to KRA Company, P32 000. Invoice number 377 Sold P46 000 of merchandise for cash. Received payment from KRA Company, fewer discounts. Received payment from LRM Trading, fewer discounts. Sold merchandise to JPT Store on account, P62 000. Invoice number 379. Collected the amount due from JPT Store. Fewer discounts. Paid the employees' wages for the month amounting to P5,000 Acquired merchandise to YMC Trading worth P15, 000 payable next month Acquired merchandise on credit from ABS Manufacturing worth P15, 000. The invoice number is 201 and the credit term is n/30On 10 January 2021, Mrs D Africa sold goods to three different clients, Mr P Lucky, Mrs V Happy and Mr T Busy. Sales invoices number 0001, 0002 and 0003 were issued to them respectively. They have paid the amounts and receipts number 0002, 0003 and 0004 were issued to Mr P Lucky, Mrs V Happy and Mr T Busy respectively. The source document to be used to record this transaction is a/an ... . Select one: a. cash register roll b. duplicate receipt c. original receipt d. original cash invoiceMar. 17 Received $275 from Shawn McNeely and wrote off the remainder owed of $1,000 as uncollectible. July 29 Reinstated the account of Shawn McNeely and received $1,000 cash in full payment. Journalize the above transactions, using the allowance method of accounting for uncollectible receivables. Refer to the Chart of Accounts for exact wording of account title Chart of Accounts: CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Shawn McNeely 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable…