Question

8. (LO 6) AP Capital balances in the Alouette partnership are Tremblay, Capital $50,000; St-Jean, Capital $40,000; and Roy, Capital $30,000. The profit and loss ratio is 5:4:3. Roy withdraws from the partnership after being paid $16,000 personally by each of Tremblay and St-Jean. St-Jean's capital balance after recording the withdrawal of Roy is:

9. (LO 6) AP Capital balances in the TERM partnership are Takako, Capital $50,000; Endo, Capital $40,000; Reiko, Capital $30,000; and Maeda, Capital $20,000. The profit and loss ratio is 4:3:2:1. Maeda withdraws from the firm after receiving $29,000 in cash from the partnership. Endo's capital balance after recording the withdrawal of Maeda is:

could you show all calculations

thanks

Answer 1

8 (L06)-- Capital balances in the Alouette partnership are Tremblay, Capital $50,000; St-Jean, Capital $40,000; and Roy, Capital $30,000. The profit and loss ratio is 5:4:3. Roy withdraws from the partnership after being paid $16,000 personally by each of Tremblay and St-Jean. St-Jean's capital balance after recording the withdrawal of Roy is:

(ans )in this case the remaining partners paid cash from their personal not from partnership firm,, so the profit sharing will according to the old ratio in 5:4,, the 30000 will be shared according to old ratio 5/9 and 4/9

9) (L06)-- Capital balances in the TERM partnership are Takako, Capital $50,000; Endo, Capital $40,000; Reiko, Capital $30,000; and Maeda, Capital $20,000. The profit and loss ratio is 4:3:2:1. Maeda withdraws from the firm after receiving $29,000 in cash from the partnership. Endo's capital balance after recording the withdrawal of Maeda is

(ANSWER) in this case, the remaining partners paid cash from the partnership firm,, so the profit sharing will according to the NEW RATIO--the cash withdrawn-29000

will bebared by old partners