Homework Answers
Part A
|
No. |
Date |
Account titles and explanation |
Debit |
Credit |
|
1 |
Jan.1 |
Cash |
65000 |
|
|
M. Stavros, capital |
6000 |
|||
|
G. Metaxas, capital |
4000 |
|||
|
I. Xanthos, capital |
75000 |
|||
|
2 |
Jan. 1 |
Cash |
95000 |
|
|
M. Stavros, capital |
6000 |
|||
|
G. Metaxas, capital |
4000 |
|||
|
I. Xanthos, capital |
85000 |
Alternative 1
Total capital balance = 96000+64000+65000 = $225000
Xanthos’s share = 331/3% * 225000 = $75000
Bonus to Xanthos = 75000-65000= 10000
It is paid by M. Stavros and G. Metaxas in ratio of 3:2
Alternative 2
Total capital balance = 96000+64000+95000 = $255000
Xanthos’s share = 331/3% * 255000 = $85000
Goodwill by Xanthos = 75000-65000= 10000
It is distributed to M. Stavros and G. Metaxas in ratio of 3:2
Part 2
|
M. Stavros |
G. Metaxas |
I. Xanthos |
Total capital |
|
|
Alternative 1 |
||||
|
Beginning balance |
$96000 |
$64000 |
$160000 |
|
|
Ending balance |
$90000 |
$60000 |
$75000 |
$225000 |
|
Alternative 2 |
||||
|
Beginning balance |
$96000 |
$64000 |
$160000 |
|
|
Ending balance |
$102000 |
$68000 |
$85000 |
$255000 |
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