One of your friends passed the following journal entry for distribution of accumulated loss
Profit and loss a/ c
All partners capital a/c
Which of the following is not an item in the the profit and loss appropriation account Interest on capital Interest on partners loan Salary paid to partner Interest on drawings
Anand and biju commenced business as partners on1 St January 2003 . Anand contributed Rs 60000 and contributets40, 000 as they share of capital. The partners decided to share profit and losses in the ration of 3:2Biju was entitled to salary of Rs 12000 premium. Partners are entitled to interest on their capitals at 5percent annum. The drawing of Anand and biju for the year ended 31/12/2003 we're Rs 10000,and 8000 respectively. THE PROFIT OF THE FIRM AFTER PROVIDING FOR...
68. Which of the following statements is false? Partners may contribute additional capital to the partnership in the form of cash and other assets Withdrawals of cash by the partners are called "drawings." The partnership income statement includes revenues and expenses but not salary paid to partners A) B) C) D) All of the above are true 69. Which of the following statements about the allocation of partnership profit or loss is false? A) Partnership agreements sometimes allow for a...
The partnership of Frick, Wilson, and Clarke has elected to
cease all operations and liquidate its business property. A balance
sheet drawn up at this time shows the following account
balances:
Cash
$
65,000
Liabilities
$
42,000
Noncash assets
237,000
Frick, capital (60%)
141,000
Wilson, capital (20%)
38,000
Clarke, capital (20%)
81,000
Total assets
$
302,000
Total liabilities and capital
$
302,000
Part A
Prepare a predistribution plan for this partnership
Part B
The following transactions occur in liquidating this...
pls show all calculation
tx
On November 15 of the current year, the account balances in Orlole Partnership were Cash $8.650 Land $19.000D Dupuis Capital $12.800; V. Dueck. Capital $10,400 and B Veltch. Capital $4.450. The three partners share profit and losses equally. The land was sold for $22.600 cash Your answer is correct Prepare the journal entry to record the sale of the land. (Credit account titles are automatically Indented when the amount is entered Do norindent manually Debit...
Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own business and convinces Rob O’Donnell, a local merchant, to contribute the capital to form a partnership. On January 1, 2016, O’Donnell invests a building worth $108,000 and equipment valued at $60,000 as well as $42,000 in cash. Although Reese makes no tangible contribution to the partnership, he will operate the business and be an equal partner in the beginning capital balances. To entice...
Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own business and convinces Rob O’Donnell, a local merchant, to contribute the capital to form a partnership. On January 1, 2016, O’Donnell invests a building worth $108,000 and equipment valued at $60,000 as well as $42,000 in cash. Although Reese makes no tangible contribution to the partnership, he will operate the business and be an equal partner in the beginning capital balances. To entice...
Augusta has a municipal water and gas utility district (MUD). The trial balance on January 1, 20X1, follows:Debit CreditCash $ 92,700Accounts Receivable 26,500Inventory of Supplies 9,400Land 120,100Plant and Equipment 492,000Accumulated Depreciation $ 80,700Vouchers Payable 15,500Bonds Payable, 6% 518,000Net Position:Invested in Capital Assets, Net of Related Debt 13,400Unrestricted 113,100Total $ 740,700 $ 740,700Additional Information for 20X1:Charges to customers for water and gas were $421,700; collections were $433,000.A loan of $31,080 for two years was received from the general fund.The water and...
Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own business and convinces Rob O’Donnell, a local merchant, to contribute the capital to form a partnership. On January 1, 2016, O’Donnell invests a building worth $76,000 and equipment valued at $48,000 as well as $36,000 in cash. Although Reese makes no tangible contribution to the partnership, he will operate the business and be an equal partner in the beginning capital balances. To entice...
Lui, Montavo, and Johnson plan to liquidate their Premium Pool
and Spa business. They have always shared profit and losses in a
1:4:5 ratio, and on the day of the liquidation their balance sheet
appeared as follows:
$ 71,250 $600,750 143,000 457,750 $529,000 Premium Pool and Spa Balance Sheet June 30, 2020 Assets Cash Machinery Less: Accumulated depreciation Total assets Liabilities Accounts payable Equity Jim Lui Kent Montavo, capital Dave Johnson, capital Total equity Total liabilities and equity $137,500 $...