Homework Answers
a.
| Realization a/c | |||
| Assets: | Liabilities | ||
| Building | 500000 | Acc depreciation - building | 60000 |
| Furniture and fittings | 275000 | Acc depreciation - furniture and fittings | 55000 |
| Inventory | 350000 | Creditors | |
| Debtors | 200000 | ||
| Cash (selling expenses) | 3750 | Cash | 1000000 |
| Rose [ 213750*5/10] | 106875 | ||
| Pink [ 213750*3/10] | 64125 | ||
| White [ 213750*2/10] | 42750 | ||
| Total | 1328750 | Total | 1328750 |
b.
| Capital a/c | |||||||
| Particulars | Rose | Pink | White | Particulars | Rose | Pink | White |
| Cash | 373125 | 287875 | 485250 | Op bal | 300000 | 280000 | 420000 |
| Loss | 106875 | 64125 | 42750 |
Creditors [5:3:2] |
180000 | 72000 | 108000 |
| Total | 480000 | 352000 | 528000 | Total | 480000 | 352000 | 528000 |
c.
| Cash a/c | |||
| Op bal | 150000 | Realization | 3750 |
| Realization | 1000000 | Rose capital | 373125 |
| Pink capital | 287875 | ||
| White capital | 485250 | ||
| Total | 1150000 | 1150000 | |
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Financial Accounting
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Financial Accounting
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Financial Accounting
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Financial Accounting
Aru Math and Chathura were partners in a firm and in their partnership de provided that Profits and losses are shared at the ratio of 3:2:1 as between Aruna. Bhathiya and Chathura Partners shall be entitled to 10% interest on capital at the opening balance of each year Aruna, Bhathiya and Chathura are entitled to salary of Rs. 50,000, Rs. 75,000 and Rs. 60.000 respectively. On April 2013 Chathura decided to retire from the partnership and following terms...
Financial Accounting
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help with req 1-4
LOT is a partnership owned by Lisby, Oyler, and Tellman. The partners' profit-and-loss-sharing ratio is 3:1:4, respectively. The adjusted trial balance of the partnership at November 30, 2018, follows: EB (Click the icon to view the trial balance.) Read the requirements. Requirement 1. Prepare a statement of partners' equity for the month ended November 30, 2018. Use a separate column for each partner in the statement of partners' equity. Assume no new capital contributions during November....
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QUESTION 29 Partners Cantor and Dickens have capital balances in a partnership of $160,000 and $240,000, respectively. They agree to share profits and losses as follows: Cantor Dickens As salaries $40,000 $48.000 As interest on capital at the beginning of the year 10% 10% Remaining profits or losses 50% 50% If income for the year was $200,000, what will be the distribution of income to Dickens? $92,000 O $108,000 $80,000 $40,000 QUESTION 31 The Mayer and Rodin partnership agreement stipulates...
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Partnership entries and statement of partners' equity Chart of Account Amount Descriptions ement of Partnership Equity Instructions The capital cuts of Angel Alvarez and Emma Alison have balance of 547.740 and $71.870, respectively, on January 1, 2014, the beginning of the focal year. On March 10. Alvarez Invested an additional 7.000. During the year. Alwer and Alison withdrew $31.410 and $39,630, respectively, and net income for the year was 62.000 Revenues were 483.000, and perces were 21.000. The w es...
total equity is owned by Jack Tyler Accounting for formation of a partnership. Terrell Owens operates a small shop that sells fishing equipment. His postclosing trial balance on December 31, 2019, is shown below Problem 19.2A Objective 19-3 GL Owens plans to enter into a partnership with Cathy Turner, effective January 1, 2020. Profits and losses will be shared equally. Owens is to transfer all assets and liabilities of his store to the partnership after revaluation as agreed. Turner will...
Financial Accounting
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