as fast as poss The condensed, adjusted trial balance of the Mario and Luigi Partnership as at December 31, 2024, appears below:MARIO AND LUIGI PARTNERSHIPAdjusted Trial BalanceDecember 31, 2024Current assetsEquipmentAccounts payableLong-term debt..Mario, capital.Mario, drawingsLuigi, capital..Luigi, drawings....Service revenueOperating expenses.New2.Debit$25,00080,000270,0008245,000Credit$7,00044,00026,00018,000593,000The partnership agreement stipulates that a division of partnership profit or loss is to be made as follows:1.A salary allowance of $310,000 to Mario and $250,000 to Luigi.The remainder is to be divided equally.68,000$688,000 $688,000Instructionsa) Prepare a schedule that shows the division of profit to each partner.b) Prepare the closing entries for the division of profit and for the drawings accounts at December 31, 2024.

Lets understand the basics.The partnership comes into existence when two or more persons agree to do…

The condensed, adjusted trial balance of the Mario and Luigi Partnership as at December 31, 2024, appears below: MARIO AND LUIGI PARTNERSHIP Adjusted Trial Balance December 31, 2024 Current assets Equipment. mauabla ************** Debit $25,000 80,000 Credit $7,000

The condensed, adjusted trial balance of the Mario and Luigi Partnership as at December 31, 2024, appears below: MARIO AND LUIGI PARTNERSHIP Adjusted Trial Balance December 31, 2024 Current assets Equipment. mauabla ************** Debit $25,000 80,000 Credit $7,000

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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The condensed, adjusted trial balance of the Gary and James Partnership as at December 31, 2024, appears below: Current assets Equipment Accounts payable Long-term debt GARY AND JAMES PARTNERSHIP Adjusted Trial Balance December 31, 2024 Gary, capital Gary, drawings James, capital James, drawings Service revenue Operating expenses 1. 2. Debit $50,000 117,500 295,000 270,000 93,000 $825,500 Credit $32,000 69,000 51,000 43,000 630,500 The partnership agreement stipulates that a division of partnership profit or loss is to be made as follows: A salary allowance of $347,500 to Gary and $287,500 to James. The remainder is to be divided equally. $825,500
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Problem 1. Alucard and Chou organized their partnership on 01/01/19. The following entries were made into their capital accounts during 2019. Required: If partnership profits for the year equaled P66,000, indicate the allocations between the partners under the following independent profit-sharing allocation conditions: Interest of 10% is allocated on weighted average capital balance and the remainder is divided equally. A salary of P9,000 will be allocated to Chou; 10% interest on ending capital is allocated to the partners; remainder is divided 60/40 to Alucard and Chou, respectively. Salaries are allocated to Alucard and Chou in the amount of P10,000 and P15,000, respectively and the remainder is allocated in the proportion to weighted average capital balances. A bonus of 10% of partnership profits after bonus is credited to Alucard, a salary of P35,000 is allocated to Chou, a P20,000 salary is allocated to Alucard, 10% interest on weighted capital is allocated, and remainder is…
The partnership contract for the SDF and MGB Partnership, a generat partnership, provided for annual salaries of P140,000 and P175,000 to SDF and MGB, respectively, with the resulting profit or loss to be divided equally. 1. Profit before salaries for the year ended June 30, 2018 was P315,000. Required: Give the entry to transfer income summary account balance to drawing accounts of the partners.
Exercise3: Retirement of a Partner G, H and I are partners whose capital balances as of January 1, 2019 are in the same proportion as their share in profit of 20:30:50. As of January 1, 2019, total partnership assets amount to P150,000 with the liabilities at P60,000. Their additional investments and withdrawals for 2019 are as follows: Additional Investments Drawing G P15,000 P9,000 H 18,000 10,000 I 12,000 H retires as of December 1, 2019, G and I agreed to a settlement for his share in equity plus 10% thereof after three months. Pending settlement, the amount due to H shall bear an interest of 12%. The partnership net income for 2019, prior to the above-mentioned interest, amounts to P32,400. Instructions: Determine the amount due to H as of December 31, 2019. Make the entries incidental to the retirement of H under each of the following assumptions: The additional consideration is to…
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Karan Sub: accounting
On December 31, 2020, the accounting records of the Friends Partnership included the following information: Raflyn, drawing (debit balance) P 120,000 Jane, drawing (debit balance) Pablo, loan Raflyn, capital Jane, capital Pablo, capital 45,000 150,000 615,000 502,500 540,000 Total assets amounted to P2,392,500, including P262,500 cash, and liabilities totaled P750,000. The partnership was liquidated on December 31, 2020, and Jane received P416,250 cash pursuant to the liquidation. Raflyn, Jane, and Pablo share net income and losses in a 5:3:2 ratio, respectively. Compute for the total loss on realization.
Balances in the ledger at 30 June 2021 R Capital : Tas Capital : Naz 407 000 363 000 Current account: Tas credit balance at 1 July 2020 8 052 Current account: Naz: debit balance at 1 July 2020 2 640 Drawings : Tas Drawings : Naz Profit for the year 88 000 140 800 438 636 Additional Information: The partnership agreement provides for the following that needs to be taken into account: 1. Partners are entitled to salaries as follows: Tas - R8 000 per month, Naz - R10 000 per month. 2. Interest on capital accounts are allowed at 12% per year on each partners capital on a pro-rata basis. Note the following that on 1 January 2021: Tas decreased her capital account by R27 000; and Naz increase her capital account by R17 000. 3. Interest at 10% per year is applicable to the opening balance of each partner's current account. 4. Naz is entitled to an annual bonus equal to 2% of the profit for the year before any appropriation from the profit for the year. 5. The remaining profits or losses are…
EXERCISE 7. Journal Entries. Catriona and Pia are partners who contributed P100,000 and P70,000, respectively, to the partnership upon its inception in 2018. The 2021 partnership ledger showed the following movements in their capital accounts: Catriona, Capital Jan. 1 300,000 Apr. 1 Jul. 1 100,000 Oct. 1 190,000 Pia, Capital Jan. 1 200,000 Oct. 1 40,000 Apr. 1 150,000 Dec. 1 75.000 Profit of the partnership for 2021 was P280,000. Prepare and upload journal entries related to profit distribution under the following independent cases, assuming permanent capital balances are not maintained and Catriona and Pia agreed to share profits and losses: 1. In the ratio 3:2, respectively 2. According to original capital 3. According to beginning capital 4. According to average capital 5. According to ending capital 20,000
Please give three parts entries thnku
The information below relates to “NOT partnership business” for the year ended 31st December, 2019Nyamekye Oliver TwistGH¢’000 GH¢’000 GH¢’000Capital Introduced 20,000 30,000 40,000Drawings 10,000 15,000 20,000i. Nyamekye is entitled to a salaries amounted to GH¢ 9,350,000 per annum, sharing Profit or loss on the basis of capital contributed.ii. Net profit for the period ended 31st December, 2019 was GH¢ 38,500,000. Interest on drawings and Capital are 5% and 10% per annum respectively. All expenses and incomes accrue evenly.iii. Oliver advanced a loan amounted to GH¢ 300,000,000 to “NOT Partnership Business” on 1stSeptember, 2019 but charged an interest of 12.5% per annum on the loan.iv. Twist Retired on 31st December, 2019 but granted his net worth in the partnership business as a loan to the business charging Interest of 9% per annum on the loan.Required a. Prepare Profit or Loss Appropriation for the year ended 31/12/2019. b. Partners’ Capital Account for the year ended 31/12/2019…