Explain what debit balance on the capital account indicate and the action need to be taken to resolve upon winding up a partnership
Explain what debit balance on the capital account indicate and the action need to be taken to resolve upon winding up a partnership
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Explain what debit balance on the capital account indicate and the action need to be taken to resolve upon winding up a partnership
Explain what debit balance on the capital account indicate and the action need to be taken to resolve upon winding up a partnership.
Explain what debit balance on the capital account indicate and the action need to be taken to resolve upon winding up a partnership.
Explain the action need to be taken to resolve upon winding up a partnership.
Explain what debit balance on the capital account indicateExplain the action need to be taken to resolve upon winding up a partnership.
Draft a balance sheet for the partnership
Alan, Bob and Charles are in partnership sharing profits and losses in the ratio 3:2:1 respectively. The balance sheet for the partnership as at 30 June 20X6 is as follows:Charles decides to retire from the business on 30 June 20X6, and Don is admitted as a partner on
that date. The following matters are agreed: (a) Certain assets were revalued: Premises £120,000; Plant £35,000; Stock £54,179. (b) Provision is to be made for doubtful debts in the sum of £3,000. (c) Goodwill is...
In the following table, indicate how to increase or decrease (debit or credit) each account, and...
In the following table, indicate how to increase or decrease (debit or credit) each account, and indicate its normal balance (debit or credit). Increased Decreased Normal by by Balance (debit (debit (debit or credit) or credit) or credit) Title of Account Merchandise Inventory Sales Sales Returns and Allowances Sales Discounts Accounts Receivable Purchases Purchase Returns and Allowances Purchase Discounts Reference-Established up your response in EXCEL workbook as the Table shown in the question & put your reply of Debit...
The Pen, Evan, and Torves Partnership has asked you to assist in winding-up its business affairs....
The Pen, Evan, and Torves Partnership has asked you to assist in winding-up its business affairs. You compile the following information: The partnership’s trial balance on June 30, 20X1, is Debit Credit Cash $ 5,800 Accounts Receivable (net) 21,500 Inventory 11,000 Plant and Equipment (net) 97,900 Accounts Payable $ 18,100 Pen, Capital 53,100 Evan, Capital 43,000 Torves, Capital 22,000 Total $ 136,200 $ 136,200 The partners share profits and losses as follows: Pen, 60 percent; Evan, 20 percent; and Torves,...
DIVISION OF PARTNERSHIP EARNINGS profit-and-loss ratio. ATKINS, CAPITAL Date Debit Credit Balance Jan. 1 Balance ....
DIVISION OF PARTNERSHIP EARNINGS profit-and-loss ratio. ATKINS, CAPITAL Date Debit Credit Balance Jan. 1 Balance . . . . . . . . . . . . . $162,000 $162,000 July 1 Additional Investment . . . 50,000 212,000 Sept. 3 Permanent reduction . . . . $30,000 $182,000 BRILL, CAPITAL Date Debit Credit Balance Jan. 1 Balance . . . . . . . . . . . . . $126,000 $126,000 COREY, CAPITAL Date Debit Credit Balance Jan....
please explain the calculations A partnership has the following account balances: Cash $50,000: Other Assets $600,000:...
please explain the calculations
A partnership has the following account balances: Cash $50,000: Other Assets $600,000: Liabilities $240,000: Nixon, Capital (50 percent of profits and losses) $200,000: Hoover, Capital (20 percent) $120,000; and Polk, Capital (30 percent) $90.000. Each of the following questions should be viewed as an independent situation: a. Grant invests $80,000 in the partnership for an 18 percent capital interest. Goodwill is to be recognized. What are the capital accounts thereafter? b. Grant invests $100,000 in the...
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances...
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $30,000, $42,900, and $18,900, respectively. Cash, noncash assets, and liabilities total $49,200, $79,200, and $36,600, respectively. Between July 1 and July 29, the noncash assets are sold for $63,600, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1. Prepare a statement of...
No need to explain, please I beg just solve everything, would be greatly appreciated (thumbs up)!...
No need to explain, please I beg just solve
everything, would be greatly appreciated (thumbs up)!
:)
Mike Derr and Mark Finger form a partnership by combining assets of their separate businesses. The following balance sheet is from Derr's sole proprietorship. The market value of Derr's equipment is $5,300 and the market value of land is $8,300. Balance Sheet $ 4,800 Assets Cash Supplies Equipment Accumulated depreciation-Equip. Land Total assets Liabilities Accounts payable Notes payable Total liabilities Equity M. Derr,...
No need to explain, please I beg just solve everything, would be greatly appreciated (thumbs up)!...
No need to explain, please I beg just solve
everything, would be greatly appreciated (thumbs up)!
:)
Required information Problem 12-4A Partnership income allocation, statement of partners' equity, and closing entries LO P2 [The following information applies to the questions displayed below.] Mo, Lu, and Barb formed the MLB Partnership by making investments of $80,100, $311,500, and $498,400, respectively They predict annual partnership net income of $523,500 and are considering the following alternative plans of sharing income and loss: (a)...
please explain the calculations
A partnership has the following account balances: Cash $50,000: Other Assets $600,000: Liabilities $240,000: Nixon, Capital (50 percent of profits and losses) $200,000: Hoover, Capital (20 percent) $120,000; and Polk, Capital (30 percent) $90.000. Each of the following questions should be viewed as an independent situation: a. Grant invests $80,000 in the partnership for an 18 percent capital interest. Goodwill is to be recognized. What are the capital accounts thereafter? b. Grant invests $100,000 in the...
No need to explain, please I beg just solve
everything, would be greatly appreciated (thumbs up)!
:)
Mike Derr and Mark Finger form a partnership by combining assets of their separate businesses. The following balance sheet is from Derr's sole proprietorship. The market value of Derr's equipment is $5,300 and the market value of land is $8,300. Balance Sheet $ 4,800 Assets Cash Supplies Equipment Accumulated depreciation-Equip. Land Total assets Liabilities Accounts payable Notes payable Total liabilities Equity M. Derr,...
No need to explain, please I beg just solve
everything, would be greatly appreciated (thumbs up)!
:)
Required information Problem 12-4A Partnership income allocation, statement of partners' equity, and closing entries LO P2 [The following information applies to the questions displayed below.] Mo, Lu, and Barb formed the MLB Partnership by making investments of $80,100, $311,500, and $498,400, respectively They predict annual partnership net income of $523,500 and are considering the following alternative plans of sharing income and loss: (a)...
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