10. The partners' capital (income-sharing ratio in parentheses) of Acosta,Bautista, Campos, & Dela Cruz LLP on May 31, 2020, was as follows:P195,000Acosta (20%)Bautista (20%)Campos (20%)Dela Cruz (40%)Total partners' capital (20%) P812,500260,000227,500130,000On May 31, 2020, with the consent of Acosta, Bautista, and Dela Cruz:a. Sam Campos retired from the partnership and was paid P162,500 cashin full settlement of his interest in the partnership.b. Lois Elon was admitted to the partnership with a P65,000 cashinvestment for a 10% interest in the net assets of Acosta, Bautista, DelaCruz & Elon LLP.The capital account to be credited to Elon:a. P71,500b. P87,750C. P65,000d. P81,250194

There are 4 partner in Partnership firm sharing profit ratio 2:2:2:4. Out of these four partner Sam…

Answered: The capital account to be credited to…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter12: Accounting For Partnerships And Limited Liability Companies

Section: Chapter Questions

Problem 9E

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The partner’s capital (income-sharing ratio in parentheses) of Rivadelo, Del Mundo, Galvan and Samson on May 31, 2018, was as follows: Rivadelo (20%) P 60,000 Del Mundo (20%) 80,000 Galvan (20%) 70,000 Samson (40%) 40,000 Total Partners’ Capital P 250,000 On May 31, 2018, with the consent of Rivadelo, Del Mundo, and Samson: Galvan retired from the partnership and was paid P50,000 cash in full settlement of his interest in the partnership. Mamitag was admitted to the partnership with a P20,000 cash investment for a 10% interest in the net assets of the partnership. No goodwill will be recognized. Prepare the journal entries to record the foregoing events. The condensed Statement of Financial Position of the partnership of Buenaflor and Gangoso as of December 31, 2018 showed the following: Total Assets…
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II. The partners' capital (income-sharing ratio in parenthesis) of Fiona, Shrek, Donkey and Puss on May 31, 2020, was as follows: Fiona (20%) - P60,000; Shrek (20%) - P80,000; Donkey (20%) - P70,000; Puss (40%) - P40,000. On May 31, 2020, with the consent of Fiona, Shrek and Puss, Donkey retired from the partnership and was paid P50,000 cash in full settlement of his interest in the partnership. Determine the capital balance of Shrek after the retirement of Donkey assuming the bonus approach.
For the year 2021, the partnership of AMMAR and BANU realized a net profit of P240,000. The capital accounts of the partners show the following postings: Jan. 1 May 1 July 1 Aug. 1 Oct. 1 AMMAR Debit Credit Debit Credit 20,000 10,000 120,000 BANU 10,000 10,000 5,000 80,000 20,000 Question 5 If the profits are to be divided based on average capital, how much will be the share of AMMAR?
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On December 31, 2020, the Statement of Financial Position of DTS Co. has the following balances: Total Assets Php225,000; VM Loan Php12,500; VM Capital P51,875; MR Capital Php48,125 and LP Capital Php112,500. The partners share profits and losses in the ratio of 25% to VM, 25% to MR, and 50% to LP. It was agreed among the partners that VM retires from the partnership and the partnership assets be adjusted to their fair value of Php255,000 as of December 31, 2020. The partnership also suffered net loss of Php75,000. The partnership would pay VM Php54,250 cash for his total interest in the partnership. What is the total capital of MR after retirement of VM?
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For Oriole Co., beginning capital balances on January 1, 2022, are Nancy Payne $22,500 and Ann Dody $18,800. During the year, drawings were Payne $7,300 and Dody $4,700. Net income was $27,800, and the partners share income equally. (a) Prepare the partners' capital statement for the year. (List items that increase partners' capital first.) ◄► P $ +A ORIOLE CO. Partners' Capital Statement N. Payne $ A. Dody LA LA $ Total
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The capital accounts of the partnership of Aguinaldo, Bernardo, and Caraig on June 1, 2020 are presented below with their respective profit and loss ratios: P452,400 1/2 678,600 1/3 312,000 1/6 Aguinaldo Bernardo Caraig

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The capital account to be credited to Elor