QUESTION 5Which one of the following alternatives represents the correct salary to partner: Bheleamount to be disclosed in the statement of changes in equity of BO Cosmetics for theyear ended 28 February 20.2?A. 290 400B. 319 440C. 351 480D. 240 000E. 386 640F. 264 000 BO COSMETICEXTRACT OF FINANCIAL INFORMATION AT 28 FEBRUARY 20.2:RAllowance for credit lossesInventoryPurchasesInterest expense on long-term loanOffice equipment at costGross profit for the yearProfit for the yearAccumulated depreciation: Office equipment (1 March 20.1)Land and buildingsTrade receivables controlCapital: Bhele (1 March 20.1) CrCapital: Omhle (1 March 20.1) CrCurrent account: Bhele (1 March 20.1) CrCurrent account: Omhle (1 March 20.1) DrLong-term loan from Bhele2 400156 000792 5006 20095 EolZoo3 398899 80014 100955 00090 300660 660750 81050 82063 89063 4011. Terms of the partnership agreement:1.1 Interest charged per annum on the balances of the partners'capital accounts.6%1.2 Interest charged per annum on the opening balances of thepartners' current accounts.1.3. Partner's monthly salaries are as follows1.3.1. Bhele salary8%24 2001.3.2. Omhle salary1.4. Bhele and Omhle share profits in the ratio of 4:6 respectively.1.4. A bonus equal to 1% of the gross profit is allocated to thepartner's according to their profit-sharing ratio.26 010

Answer Bhele salary Monthly = 24,200

QUESTION 5 Which one of the following alternatives represents the correct salary to partner: Bhele amount to be disclosed in the statement of changes in equity of BO Cosmetics for the year ended 28 February 20.2? A. 290 400 B. 319 440 C. 351 480 D. 240 000 E. 386 640 F. 264 000

QUESTION 5 Which one of the following alternatives represents the correct salary to partner: Bhele amount to be disclosed in the statement of changes in equity of BO Cosmetics for the year ended 28 February 20.2? A. 290 400 B. 319 440 C. 351 480 D. 240 000 E. 386 640 F. 264 000

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Required information Problem 12-3A (Algo) Allocating partnership income LO P2 [The following information applies to the questions displayed below] Ries, Bax, and Thomas invested $56,000, $72,000, and $80,000, respectively, in a partnership. During its first calendar year, the firm earned $430,200. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $430,200 net income under each of the following separate assumptions. Problem 12-3A (Algo) Part 3 3. The partners agreed to share income and loss by providing annual salary allowances of $40,000 to Ries, $35,000 to Bax, and $47,000 to Thomas, granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Complete this question by entering your answers in the tabs below. Appropriation of profits General Journal Allocate $430,200 net indome by providing annual salary allowances of $40,000 to Ries, $35,000 to Bax, and $47,000 to…
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Case 1 Mazin, Mansoor and Malik started a partnership firm on January 1, 2019. They contributed RO. 50,000, RO. 40,000 and RO. 30,000 respectively as their capitals and decided to share profits in the ratio of 3:2:1. The partnership deed provided that Mazin is to be paid salary of RO. 12000 p.a. and Mansoor commission of RO. 2,500 every 6 months. It also provided that interest on capital be allowed @ 6% p.a. The drawings for the year were: Mazin RO. 6,000, Mansoor RO. 4,000 and Malik RO. 2,000. Interest on drawings was RO. 270 for Mazin, RO.180 for Mansoor and RO. 90 for Malik. The net amount of profit as per the profit and loss account for the year ended 2019 was RO. 35,660. Question: Prepare the necessary accounting entries, the profit and loss appropriation account and the partners' capital accounts. Based on the above information answer the following ‘3’ questions. (Do not upload any documents in the moodle) 31. Identify which one of the following accounting entry for payment…
Problem #5 Withdrawal of a Partner On July 10, 2019, Partner Ibrahim decided to withdraw from Cebedo, Basa, and Ibrahim Partnership. Their profit and loss ratio is 3:2:1, respectively. Partnership assets are to be used to acquire Ibrahim’s partnership interest. The statement of financial position for the partnership on that date follows: Cebedo, Basa and Ibrahim Statement of Financial Position July 10, 2019 AssetsCash - P 74,000Trade Accounts Receivable (net)- 36,000Plants Assets (net)- 135,000Goodwill (net)- 30,000Total Assets- P275,000Liabilities and Partners' CapitalLiabilities-P 45,000Cebedo, Capital- 120,000Basa, Capital- 60,000Ibrahim, Capital- 50,000Total Liabilities and Partners' Capital-P275,000 Required: Prepare the journal entries to record Ibrahim’s withdrawal under each of the following assumptions: Ibrahim is paid P54,000, and the excess amount paid over Ibrahim’s capital account balance is recorded as a bonus to Ibrahim from Cebedo and Basa. Ibrahim is paid…
Question 5 Allan, Bryan and Catty are partners in a partnership engaging in a food catering business. The terms of the partnership agreement until 30 September 2021 were as follows: Allan Bryan Catty RM RM RM Capital contribution Salary per annum Interest on capital per annum Partners' private expenses 90,000 60,000 105,000 75,000 72,000 54,000 5% 5% 5% 10,000 9,000 7,000 On 30 September 2021, Bryan withdrew as a partner. Upon the withdrawal of Bryan, the interest on capital for Allan and Catty was revised to 4% per year with the other terms remaining the same. The profit or loss is shared equally among the partners throughout the whole year. The provisional adjusted income for the year ended 31 December 2021 was RM280,926. The capital allowance on the plant and machinery was RM4,000. The partnership made a cash donation of RM6,000 to an approved institution on 30 June 2021. Required: Compute the divisible income for the partnership and the total income of the partners for the year of…
Problem 2 At April 30, partnership capital of EASCY ANG BM 99.5 Company are Mr. Easy P 52,000, Mr. Ang, P 48,000 and Mr. BM 99.2 P 18,000. The income sharing ratios are 5:4:1, respectively. On May 1, the EASY ANG BM 99.2 Company is formed by admitting Mr. PAPASA AKO to the firm as a partner. Instructions a. Journalize the admission of Mr. PAPASA AKO under each of the following independent assumptions. 1. Mr. PAPASA AKO purchase 50% of Mr. BM 99.2's ownership interest by paying him P 16,000 in cash. a. Mr. PAPASA AKO purchase 33 1/3% of Mr. Ang's ownership interest by paying him P 15,000 in cash b. Mr. PAPASA AKO invest P 62,000 ofr a 30% ownership interest, and bonuses are given to the old partners. C. Mr.PAPASA AKO invest P 42,000 for a 30% ownership interest, which includes a bonus to the new partner. 2. Mr. Ang's capital balance is P 32,000 after admitting Mr. PAPASA AKO to the partnership by investment. IF Mr. Ang's ownership interest is 20% of total partnership capital, what were…
SCO PROFESSOR: NAME: SECTION: Problem #20 Withdrawal of a Partner position for the partnership on that date follows: Cebedo, Basa and Ibrahim Statement of Financial Position July 10, 2019 Liabilities and Partners' Capital 骨 Assets P 74,000 36,000 135,000 30,000 P275,000 Liabilities P 45,000 120,000 Cash Trade Accounts Receivable (net) Plant Assets (net) Goodwill (net) Cebedo, Capital Basa, Capital Ibrahim, Capital 60,000 50,000 P275,000 Total Total Required: Prepare the journal entries to record Ibrahim's withdrawal under each of the following assumptions: 1. Ibrahim is paid P54,000, and the excess amount paid over Ibrahim's capital account balance is recorded as a bonus to Ibrahim from Cebedo and Basa. 2. Ibrahim is paid P45,000, and the difference is recorded as a bonus to Cebedo and Basa from Ibrahim. * 1oranim accepted cash of P40,500 and plant assets (equipment) with a current fair value of P9,000. The equipment had cost P30.000 and was 60% depreciated, with sidual value (Record…
Exercise 3: Retirement of a Partner Hector is retiring from the partnership with Fred and Gabby as of July 1, 2019 and is paid P16,000. Their capital balances as of January 1, 2019 and shares in profits are as follows: Capital Balance P/L Ratio Fred 30% P20,000 30,000 Gabby 40 Hector 10,000 30 Hector's drawing for the first half of 2019 amounted to P1,500 and net income for the first half of 2019 amounted to P15,000. Make the entry or entries incidental to the retirement of Hector under each of the following assumptions: a. The asset revaluation of the partnership is recorded b. The additional payment to the retiree is a bonus from the remaining partners.
Required information Problem 12-3A (Algo) Allocating partnership income LO P2 Skip to question [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $58,000, $74,000, and $82,000, respectively, in a partnership. During its first calendar year, the firm earned $361,500. Required: Prepare the entry to close the firm’s Income Summary account as of its December 31 year-end and to allocate the $361,500 net income under each of the following separate assumptions.
Required information Problem 12-3A (Algo) Allocating partnership income LO P2 [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $58,000, $74,000, and $82,000, respectively, in a partnership. During its first calendar year, the firm earned $361,500. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $361,500 net income under each of the following separate assumptions. Problem 12-3A (Algo) Part 1 1. The partners did not agree on a plan, and therefore share income equally. View transaction list Journal entry worksheet 1 Record the entry to close the income summary account assuming the partners did not agree on a plan, and therefore share income equally. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal
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