X&Y are PartnersJan or Initial Capital01March 30 Addl. CapitalJune 30 withdrawalAgreements. Int. on Ave. cape 10%Salary allow, y, 200k9, 100Remainder X, 60%Y₁ 40%%Propit for the year $1,200,000.X$ 800.000 $400,000100.00050.000Required. Compute the FF.I. Ave. Cap.oF2. lust-on Ave. cap. X3. Share on balapterSalaries & Int. X4. Total ShareX

Partnership is one of the form of business organisation, under which two or more than persons join…

Answered: ·X&Y are Partners Jan. 01 Initial…

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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Problem 8:- X and Y are partners sharing profits in the ratio of 4 :1 with capitals of $ 1, 50, 000 and $ 2,50,000 respectively. X is allowed an annual salary of $ 50,000. Interest on capitals is agreed @ 10% p.a. The profits for the year 2014 prior to allowing interest on capital but after charging X" salary is $ 5,00,000. A provision of 10% of the profit is to be made in respect of commission to manager. Prepare relevant account (s) to allocate profits.
4G Gl 0.3K/s D û 9:57 AM Vo) 4G LTÉ 75% Document (23)... Assignment X and Y are partners sharing profit and loss in the ratio of 7:3. their capital accounts as at 1st April 2019 stood at X rupees 5 00000, Y Rupees 400000. partners are allowed interest on capital at the rate of 5% per annum. drawings of X and Y during the year ended 31st March 2020 Rs. 72000 and 50000 respectively. profit for the year before allowing interest on capital and salary to Y at the rate of rupees 5000 per month was rupees 8,00,000. 10% of the divisible profit is to be set aside as General reserve. Prepare profit and loss appropriation account. () II
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Question #2: Toto profit 56,000 The ABCD Partnership has the following balance sheet at January 1, 2012, prior to the admission of new partner, Eden. Cash and current assets Land Building and equipment Total $ 39,000 234,000 130,000 $ 403,000 Liabilities Adams, capital Barnes, capital Cordas, capital Davis, capital Total $ 52,000 26,000 52,000 117,000 156,000 $ 403,000 Eden contributed $124,000 in cash to the business to receive a 20% interest in the partnership. Goodwill was to be recorded. The four original partners shared all profits and losses equally. After Eden made his investment, what were the individual capital balances?
question 83
A and B are two partners. Theyagreed to allow interest on capital@5% per annum. Capital accountsas 1.4.16 were A 20,000 RS and B15,000 rsA introduced further capital of rs5000 on 1.10.16 and B introduced rs3000 on 1.10.16Calculate interest on Capital of eachPartner as 31.3.17 Please avoid solutions in image thnku
PROBLEM 1 (FTG REVISED) VAL, KHU, and LAWRENCE are partners in VAKHULAW CO. sharing profits in the ratio of 3:3:2. Investments are P600,000, P400,000, and P300,000, respectively. The partners agreed to admit TYONG-GO on the following basis: TYÖNG-GO is to pay VAL, P400,000 for 1/2 of VAL's interest; TYONG-GO is also to invest P300,000 in the business. The partners agreed that revaluation of assets must be determined based on the agreed capital. The total capital of the partnership is to be P2,000,000, of which TYONG-GO's interest is to be P500,000 upon admission. REQUIRED: 1. Prepare a statement of partners equity that will show the capital balances of VAL, KHU, LAWRENCE and TYONG-GO after admission of TYONG-GÒ, respectively. Present your solution and the statement in good form. 2. Prepare the entries upon admission of TYONG-GO.
Direction: Answer the following questions in problem 3: [6,7,8]
19 ALPHA AND BETA Alpha and Beta are in partnership. They share profits equally after Alpha has been allowed a salary of $4,000 capital accounts. The trial balance of the partnership at 31 December 20X8 before adjusting for any of the items below, is as follows: pa. No interest is charged on drawings or allowed on current accounts or Dr Cr So00 So00 Capital Alpha Beta 30 25 Current Alpha Beta 3 Drawings Alpha Beta 4 5. Sales 200 Inventory 1 Jan 20X8 30 Purchases 103 Operating expenses 64 Loan Beta (10%) Gamma (10%) 10 20 Land and buildings 60 Plant and machinery cost 70 depreciation to 31 December 20X8 40 Receivables 40 Payables 33 Bank 11 - 376 376 (i) Closing inventory on hand at 31 December was S24,000. On 31 December Alpha and Beta agree to take their manager, Gamma, into (ii) partnership. Gamma's loan account balance is to be transferred to a capital account as at 31 December. It is agreed that in future Alpha, Beta and Gamma will all share profits equally. Alpha will be allowed a…
Acct 102
PROBLEM 6 – 3: RECONSTRUCTION OF INFORMATION A and B's partnership agreement stipulates the following: Annual salary of P20,000 to A 10% bonus to A, based on profit after salaries and bonus The balances are shared on 60:40 ratio. Requirement: If B's share in the pai tnership profit for the year is P32,000, how much is the partnership profit before salary and bonus? A В Total Amount being allocated 7 Allocation: 1. Salaries 20,000 20,000 2. Bonus 4 3. Allocation of remaining profit As allocated 32,000 32,000 5 3 6
Vusi and Vuma are in partnership trading as VV Traders specialising in manufacturing protective wear related to COVID-19. The partners share profits equally. The following information pertains to the business activities of the partnership for the year ended 30 June 20.2: VV TRADERS EXTRACT OF FINANCIAL INFORMATION AS AT 30 JUNE 20.2 Note R Loan to Vusi Land and buildings (at cost) Machinery (at cost) Vehicles (at cost) Accumulated depreciation: Machinery Accumulated depreciation: Vehicles Allowance for credit losses Capital contribution: Vusi Capital contribution: Vuma Allowance for settlement discount granted Long-term loan Inventory Trade receivables control Trade payables control Bank Petty cash Current account: Vusi (1 July 20.1) Current account: Vuma (1 July 20.1) 92 650 462 330 160 690 Cell Styles 201 580 29 220 9 810 3 710 350 280 350 280 8 940 70 850 49 490 97 450 41 530 84 590 1 570 42 840 63 220 Profit before year-end adjustments 170 370 Additional information 1. The…

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