Q17 The share of profit of the Co-venturer maintaining all the Joint Venture transactions in his books is _________ Select one: a. debited to Joint Venture Account b. debited to other Co-venturer’s Personal Account c. neither credited nor debited to Joint Venture Account d. debited to Profit & Loss Accoun

Q17 The share of profit of the Co-venturer maintaining all the Joint Venture transactions in his books is _________ Select one: a. debited to Joint Venture Account b. debited to other Co-venturer’s Personal Account c. neither credited nor debited to Joint Venture Account d. debited to Profit & Loss Accoun

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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5 Required information Phil Williams and Liz Johnson are 60% and 40% partners, respectively, in Williams & Johnson Partnership. Their beginning basis is $33,000 for Phil and $31,000 for Liz. The partnership had the following activity during the year: Income Interest income Dividend income (qualified) Long-term capital gains Total revenue Expenses Salaries and wages (nonpartners) Guaranteed payments Williams Johnson Depreciation (MACRS-includes $9,000 $ 179 expense) Interest expense Taxes and licenses Meals (100%) Auto Insurance (nonpartner health) Accounting and legal Repairs Charitable contributions Payroll penalties Total expenses Net income $ 336,123 1,259 4,586 13,458 $ 355,426 $ 47,000 Williams & Johnson Partnership's non-financial information is as follows: • Name: Williams and Johnson Partnership 75,000 50,000 41,888 5,220 15,548 15,257 5,254 6,000 2,800 1,200 2,500 500 $ 268,167 $ 87,259 Check m
12 The undistributed Profit in the partnership firm is shown in _____________ of the old Balance Sheet. a. Asset Side Only b. Liabilities Side Only c. None of the options d. Asset Side and Liabilities Side
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Q15 Profit or loss on a joint venture is shared by the co-ventures __________. Select one: a. as per the agreement b. equally c. as per managerial involvement in the operations of the joint venture d. in the capital ratio
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question 80
Problem 19.5A (Algo) Accounting for revaluation of assets and liabilities of a partnership, investment of a new partner, and withdrawal of a partner. LO 19-6, 19-8, 19-9 The balance sheet of Adams Pharmacy after the revenue, expense, and partners’ drawing accounts have been closed on December 31, 20X1, follows: ADAMS PHARMACY Balance Sheet December 31, 20X1 Assets Cash $83,100 Accounts Receivable 16,700 Merchandise Inventory 430,500 Equipment $171,000 Accumulated Depreciation—Equipment 99,500 71,500 Building 414,000 Accumulated Depreciation—Building 327,000 87,000 Land 47,000 Total Assets $735,800 Liabilities and Partners' Equity Liabilities Accounts Payable $411,900 Taxes Payable 22,900 Total Liabilities 434,800 Partners’ Equity Larry Adams, Capital $167,000 Hazel…
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27 Statement I: When a partner sells an interest to a new partner at an amount that exceeds the carrying amount of the equity sold, the difference is recognized as a personal gain of the selling partner from the transaction. Statement II: The amount of net assets invested of a new partner into an existing partnership is not always equal to the amount credited to his capital account. O True, true Faise, false Fase, true O True false
Vusi and Vuma are in partnership trading as VV Traders specialising in manufacturing protective wear related to COVID-19. The partners share profits equally. The following information pertains to the business activities of the partnership for the year ended 30 June 20.2: VV TRADERS EXTRACT OF FINANCIAL INFORMATION AS AT 30 JUNE 20.2 Note R Loan to Vusi Land and buildings (at cost) Machinery (at cost) Vehicles (at cost) Accumulated depreciation: Machinery Accumulated depreciation: Vehicles Allowance for credit losses Capital contribution: Vusi Capital contribution: Vuma Allowance for settlement discount granted Long-term loan Inventory Trade receivables control Trade payables control Bank Petty cash Current account: Vusi (1 July 20.1) Current account: Vuma (1 July 20.1) 92 650 462 330 160 690 Cell Styles 201 580 29 220 9 810 3 710 350 280 350 280 8 940 70 850 49 490 97 450 41 530 84 590 1 570 42 840 63 220 Profit before year-end adjustments 170 370 Additional information 1. The…