X,Y,Z were partners in a firm whose Balance Sheet as on 31st March 2013 was as under: BALANCE SHEET as at 31.3.2013 Liabilities $4 Assets $4 Creditors General Reserve X's Capital Y's Capital Z's Capital 18,240 7,500 20,000 14,500 10,000 Cash Debtors Stock Furniture 28,740 10,000 26,500 5,000 70,240 70,240 Y retired on that date in this connection it was decided to make the following adjustments: (a) To reduce Stock and Furniture by 5% and 10% respectively. (b) To provide for Doubtful Debts at $1,125. (c) A long dispute with the Creditors was settled and firm has to pay $8,050. In anticipation $ 5,000 have already been included in sundry creditors for this purpose. (d) Goodwill was valued at $ 12,000 and Y's share of the same be adjusted into the accounts of X and Z (e) To share profits and losses in 5:3 respectively. O Y should be paid off and the the adjusted capitals of the partners should be in their new profit sharing ratio. Adjustments to be made through cash. Prepare Revaluation Account, Partners' Capital Accounts

X,Y,Z were partners in a firm whose Balance Sheet as on 31st March 2013 was as under: BALANCE SHEET as at 31.3.2013 Liabilities $4 Assets $4 Creditors General Reserve X's Capital Y's Capital Z's Capital 18,240 7,500 20,000 14,500 10,000 Cash Debtors Stock Furniture 28,740 10,000 26,500 5,000 70,240 70,240 Y retired on that date in this connection it was decided to make the following adjustments: (a) To reduce Stock and Furniture by 5% and 10% respectively. (b) To provide for Doubtful Debts at $1,125. (c) A long dispute with the Creditors was settled and firm has to pay $8,050. In anticipation $ 5,000 have already been included in sundry creditors for this purpose. (d) Goodwill was valued at $ 12,000 and Y's share of the same be adjusted into the accounts of X and Z (e) To share profits and losses in 5:3 respectively. O Y should be paid off and the the adjusted capitals of the partners should be in their new profit sharing ratio. Adjustments to be made through cash. Prepare Revaluation Account, Partners' Capital Accounts

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 10P: Comprehensive The shareholders equity section of Superior Corporations balance sheet as of December...

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A, B and C were partners sharing profits and losses in the proportion 5:3:2 respectively. Their balance sheet as at 31.3.2013 was - BALANCE SHEET as at 31.3.2013 Liabilities $ Assets 2,000 20,000 1,00,000 20,000 58,000 Creditors Bank 22,000 18,000 General Reserve Debtors Profit and Loss A/c A's Capital B's Capital C's Capital 10,000 50,000 50,000 Building Plant and Machinery Patents 50,000 2,00,000 2,00,000 On the same date C retired on following terms: - (i) Building is to be increased to 140%. (ii) Plant and Machinery to be decreased to 80%. (iii) $25,000 is to be transferred to C's loan and balance is to paid through bank. For this purpose loan is to be taken over from bank. (iv) The Capital of the entire firm is fixed at $ 1,50,000 and is to be divided amongst remaining partners in their new profit sharing ratio. The balance is to be adjusted through their current accounts. Prepare Revaluation Account, Partners' capital Accounts and Balance Sheet immediately after C's retirement.
Activity No. 5. Dev Xe Company in partner's equity has the following transactions for the year ended December 31, 2020. Prepare a COMPLETE Statement of Changes in Equity. Capital, January 2020, Partner 1 Capital, January 2020, Partner 2 200,000.00 Capital, January 2020, Partner 3 150,000.00 Net Income Investment, Partner 1 Investment, Partner 2 Investment, Partner 3 Withdrawals, Partner 1 75,000.00 50,000.00 100,000.00 20,000.00 40,000.00 37,500.00 Withdrawals, Partner 2 50,000.00 Withdrawals, Partner 3 75,000.00 lyong sagot Activity No. 6. Enumerate accounts that points out different parts of the Statement of Changes in Equity. a. specifically, accounts that Increases the equity - b. specifically, accounts that Decreases the equity
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The following information relates to partner for the year ended 29 February 2020: Current account credit balance on 29 February 2020 20 000 Profit share 50 000 Salaries 180 000 Interest on capital 24 000 Drawings 220 000 Interest on drawings 2 000 What is the balance in the Current account of the partner on 01 March 2019? OA. R12 000 DR. B. R116 00O DR OC. R52 000 CR D. R12 000 CR S Type here to search
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a. Prepare a profit distribution account for the year ended 31 October 2021. b. Prepare the partners' current accounts (in columnar form) for the year to 31 October 2021. c. (Note: All the figures must be rounded up to the nearest RM) note i need the answer in full format thank you
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Prepare the Statement of Changes in Equity for the year ended 28 February 2022.INFORMATIONThe information given below was extracted from the accounting records of Sunray Traders, a partnership business withSunny and Raymond as partners.Extract from the ledger of Sunray Traders as at 28 February 2022DEBITCREDITRRCapital: Sunny 1 000 000Capital: Raymond 600 000Current a/c: Sunny (01 March 2021) 60 000Current a/c: Raymond (01 March 2021) 40 000Drawings: Sunny 300 000Drawings: Raymond 400 000The following must be taken into account:(a) The Statement of Comprehensive Income reflected a net profit of R900 000 for the year ended 28 February 2022.(b) The partnership agreement provided for interest on capital at 12% p.a. on the balances on the capital accounts.Note: Sunny increased his capital contribution by R200 000 on 01 June 2021 whilst Raymond decreased hiscapital contribution by R200 000 on 01 September 2021. The capital changes have been recorded.(c) The partners are entitled to the…
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Based on information in photo: Prepare a schedule showing the division of net income under assumption (3) above Prepare a partner's capital statement for the year under assumption (3) above