Question # 01: A business owned by Cristiano Ronaldo was short of cash and Ronaldo therefore decided to form a Partnership with Lionel Messi, who was able to contribute cash to the new partnership. The assets contributed by Ronaldo appeared as follows in the balance sheet of her business: cash S600: account receivable, $34900, with an allowance for doubtful accounts of $960: inventory $45600: and store equipment, $21600. Ronaldo had recorded depreciation of $1800 during his use of the store equipment in his sole proprietorship. Ronaldo and Messi agreed that the allowance for Doubtful accounts was in adequate and should be $1800. They also agreed that a fair value for the inventory was its replacement cost of $54000 and that the fair value of the store equipment was $19000.You are required to open the partnership accounts by making a general journal entry to record the investment by Ronaldo?

Question # 01: A business owned by Cristiano Ronaldo was short of cash and Ronaldo therefore decided to form a Partnership with Lionel Messi, who was able to contribute cash to the new partnership. The assets contributed by Ronaldo appeared as follows in the balance sheet of her business: cash S600: account receivable, $34900, with an allowance for doubtful accounts of $960: inventory $45600: and store equipment, $21600. Ronaldo had recorded depreciation of $1800 during his use of the store equipment in his sole proprietorship. Ronaldo and Messi agreed that the allowance for Doubtful accounts was in adequate and should be $1800. They also agreed that a fair value for the inventory was its replacement cost of $54000 and that the fair value of the store equipment was $19000.You are required to open the partnership accounts by making a general journal entry to record the investment by Ronaldo?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Question # 01:A business owned by Cristiano Ronaldo was short of cash and Ronaldo therefore decided to form a Partnership with Lionel Messi, who was able to contribute cash to the new partnership. The assets contributed by Ronaldo appeared as follows in the balance sheet of her business: cash $600: account receivable, $34900, with an allowance for doubtful accounts of $960: inventory $45600: and store equipment, $21600. Ronaldo had recorded depreciation of $1800 during his use of the store equipment in his sole proprietorship.Ronaldo and Messi agreed that the allowance for Doubtful accounts was in adequate and should be $1800.They also agreed that a fair value for the inventory was its replacement cost of $54000 and that the fair value of the store equipment was $19000.You are required to open the partnership accounts by making a general journal entry to record the investment by Ronaldo?
Please answer the question correctly. Thank you Q39
Can you recheck the transaction on Feb. 12? It was said that the owner received P50,000 from customers, why did you deduct the P50,000 in accounts receivable? The cash came from the customers and not from the Nestle Corporation, does it? Should that P50,000 be added on the Capital? A revenue earned?
Please solve the below and provide explanation thank you
Which one of the following businesses should use the cash basis for... Which one of the following businesses should use the cash basis for determining assessable income under s 6-5? a. A petrol station. b. A hotel. c. A sole practitioner doctor. d. A large partnership of solicitors with 300 employees.
Q1 S, K and P are in a Partnership business as Machinery Manufacturers. They share Profits as 4:3:3. The following Balances was extracted on December 31, 2021. Particulars Cash at Bank Purchase of Raw Material Discount (Dr) Rent and Insurance Factory Expenses Office Expenses Sundry Debtors Furniture Telephone Opening stock of Raw Material Carriage inwards Salaries (Including sales manager salary) Repairs to Buildings Bad debts Carriage Outwards Vehicle Drawings Vehicle running expenses Travelling expenses Advertising Expenses Plant and Machinery S K P Particulars 19,320 Capital Accounts 900,000 Partner S's salary Partner K's salary Partner P's salary Closing stock was valued at 40,800 27,720 Commission Received 114,000 Sundry Creditors 7,200 Sales 38,400 19,200 1,800 70,800 288,000 43,200 2,400 9,600 10,800 15,600 28,800 26,400 25,200 13,200 16,800 21,960 57,600 S K P 1,798,800 Note: They employed a sales manager who is paid a salary and plus one percent commission on total sales.…
MIMI Indicate how each of the following transactions would affect Oriole Ltd's statement of income, statement of financial position, and statement of cash flows. If there would be no effect, then state that. b. C. a. b. b. Oriole sold a piece of equipment for $39,700. The equipment had originally cost $178,000 and had a carrying amount of $47.000 at the time it was sold. C. Oriole purchased a new piece of equipment to replace the equipment that had been sold. The new equipment had a cost of $224,000. Oriole recorded the annual depreciation on its equipment in the amount of $123,000. Increase in Net Income Ma Elfar Show Transcribed Text Statement of Income No Effect Increase in Net Income Statement of Income Decrease in Net Income Show Transcribed Text Statement of Financial Position $ V $ $ V $ $ $ $ Ć $ Statement of Cash Flows $ Statement of Financial Position $ Statement of Financial
Please answer the question correctly. Thank you.
1. Balance and solve the problem. ACCOUNTS FURNITURES ACCOUNTS RECEIVABLES & FIXTURES UTILIITES OWNER'S TRANSACTION CASH PAYABLE PAYABLE EQUITY 1. Mr. Chu invested P65,000 2. Mr. Chu bought furnitures for his business worth P9,675 3. Mr. Chu borrowed P47,000 from Ms. Chi to add to his business 4. Mr. Chu sold P31,850 worth of products on account 5. Mr. Chu paid the water, electricity and internet bill worth, 9900, P3200 and P1999, respectively 6. Mr.Chu delivered orders and received payment of P18,950 for the products 7. Mr. Chu paid Ms. Chỉ P32,000 8. Mr. Chu invested another P16,200 9. Mr. Chu Paid Ms. Chi ! 3,000 Total Assets: Total Liabilities: Total Owner's Equity:
1. Using the problem above, how much is the cash investment of PA RIN? 2. Using the same problem, how much is the total assets?
SUBJECT: Accounting and Costing .Hello, good day to you. Kindly show the detailed workings with formulae, it can be showing the answer in excel. Thank you in advance!!