QUESTION 3 3.1 Two people are working together in a business sharing profits. Identify the business form, advantages, disadvantages and the role of each of the individuals within this business combination 3.2 Susan and Jane decided to enter into the business combination identified in 3.1. The following capital where contributed: Susan contributes R200 000 cash and equipment worth R100 000 Jane contributes R100 000 cash and a vehicle worth R300 000 REQUIRED: Record all transactions in the general ledger

QUESTION 3 3.1 Two people are working together in a business sharing profits. Identify the business form, advantages, disadvantages and the role of each of the individuals within this business combination 3.2 Susan and Jane decided to enter into the business combination identified in 3.1. The following capital where contributed: Susan contributes R200 000 cash and equipment worth R100 000 Jane contributes R100 000 cash and a vehicle worth R300 000 REQUIRED: Record all transactions in the general ledger

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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Question 1 Not yet onewered John and Saah met at law school and decide to start a small law practice after graduation. They agree to split revenues and expenses evenly. The most common form of business organization for a business such as this would be a a. Proprietorship b. Partnership. c. Joint venture. O d. Corporation. Question 5 Not yet answered IFRS are determined by the a. International Auditors' Standards Body. b. International Accounting Studies Board. O c. Internal Accounting Standards Body. O d. International Accounting Standards Board. Question 3 Not yet answered If total liabilities increased by ¥45,000 and equity increased by ¥10,000 during a period of time, then total assets must change by what amount and direction during that same period? a. ¥35,000 increase O b. ¥35,000 decrease c. ¥55,000 decrease O d. ¥55,000 increase
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Please answer requirement 1 parts d and e. Please note that the full question is attached. Thank you.
Problem 6 Z admits A as a partner in business. Accounts in the ledger for Z on November 20, 2018, just before the admission of A, show the following balances: Cash Accounts receivable Merchandise Inventory Prepaid expense Accounts payable Z, Capital 6,800.00 14,200.00 20,000.00 1,000.00 9,000.00 33,000.00 It is agreed that the purposes of establishing Z's interest the following adjustments shall be made: a) An allowance for doubtful accounts of 3% of accounts receivable is to be established b) The merchandise inventory is to be valued at P23,000. c) Prepaid salary expenses of P600 and accrued rent expense of P800 are to be recognized. A is to invest sufficient cash to obtain a 1/3 interest in the partnership.
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I - PROBLEM SOLVING: Eugene and Alfred are partners in their Ghost Fighting business. Alfred is the managing partner. As of December 2020, their capital account showed the following: Eugene Capital_ 45000 300000 1-Jan Alfred Capital 90000450000 1-Jan 1-Jul -Apr 1-Dec 30000 30000 1-Apr 1-Dec 105000 150000 1-Jun 105000 1-Nov 195000 1-0ct 75000 435000 195000 795000| CASE I: Assuming the partnership earned a net profit of P360,000. CASE II: Assuming the partnership incurred a net los of P60,000 Required: On your answer sheet (yellow pad), using the following agreements, distribute the profit and losses in Case I & II to Eugene & Alfred. Make a journal entry after your computation. 1) Equally 2:4 ratio to Eugene and Alfred, respectively 3) 2) 4) 5) 6) Based on average capital balances 60%:40% ratio respectively Based on beginning capital balances Based on ending capital balances Using Case I only, the partners agreed to divide the net profit by: a) allowing 10% interest on average…
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Can you help me answer this problem with a detailed solution so I can be able to understand it and learn further how to solve similar problems as this one? I'd prefer it if you'd present it with an excel and give some explanations to accompany it. Thank you so much in advance. Your help is greatly appreciated. PROBLEM: Alpha, Beta and Gamma are partners who have capital balances of $480,000, $500,000, and $180,000 respectively. P/L is distributed in the ratio of 4:2:1. Beta received $260,000 as a result of liquidating the partnership when 60% of the non cash assets of the partnership is realized. The partnership has total assets totalling to $500,000 including $50,000 cash before liquidation. The partnership also incurred $35,000 liquidation expenses and withheld $28,000 for the unpaid liabilities of the partnership. What is the loss on realization of noncash assets? A. 632,000 B. 875,000 C. 855,000 D. 612,000