20. CC and DD are partners who share profits and losses in the ratio of 7:3, respectively. On October 21, 2021, their respective capital accounts were as follows: C . P35,000 DD. . P30,000 .... Total P65,000

Q: The assets and capital of QRS Partnership at the end of its fiscal year on October 31, 2021 are as…

A: Amount received by Q = (Amount available for distribution + Loan to R) x Q's capital percentage

Q: Left and Right are partners. Their capital accounts during 2020 were as follows: Left, Capital 8/23…

A: The partnership comes into existence when two or more persons agree to do the business together.

Q: The statement of financial position of A, B, C partnership as of December 31, 2020 is presented…

A: Loss on sale of assets in January = Book value - cash received = 120000 - 90000 = P30000 Profit on…

Q: On April 30, 2021, how much cash will be distributed to the partners?

A: Partnership is the business which has been started by the partners and is terminated or dissolved by…

Q: 10. As of July 1, 2020, Somine and Tamayo decided to form a partnership. Their balance sheets on…

A: Partnership is an agreement or association between two or more than two persons, in which they…

Q: E12-10 In the EZ Co., the capital balances of the partners are J. Edie $40,000 and K. Zane 30,000.…

A: The partnership comes into existence when two or more persons agree to do the business and further…

Q: AA and BB are partners with capital accounts that had the following transactions during 2022:   AA…

A: Interest on capital to AA: = Opening Capital x 9% = P270,000 x 9% = P24,300

Q: IV On December 31, 2020, the Statement of Financial Position of ABC Partnership with profit or loss…

A: Liquidation of partnership - It is the process of closing of the partnership firm and distributing…

Q: . Prem, Kumar and Arti were partners in a firm sharing profits in the ratio of 5:3:2 respectively.…

A: Since you have asked multiple questions, we will solve the first question for you. if you want any…

Q: The statement of financial position of A, B, C partnership as of December 31, 2020 is presented…

A: Partnership means where two or more person comes together to do some common business activity and…

Q: On September 15, 2021, LCM Partnership entered into liquidati profit and loss ratios and capital…

A: Explanation of Concept Partnership is the firm which is run by two or more partners on the basis of…

Q: Mazin and Marwan commenced business as partners on Jan 1, 2020. They contributed RO 60,000, RO…

A: Since nothing is given we will provide interest on beginning capital . Interest on capital = Capital…

Q: The partnership of Alvin, Benny and Celia provides that profits are to be divided as follows:…

A: A partnership firm comes into existence when two or more persons agree to run a business for common…

Q: The statement of financial position of A, B, C partnership as of December 31, 2020 is presented…

A: Partnership means where two or more person comes together to do some common business activity and…

Q: IV On December 31, 2020, the Statement of Financial Position of ABC Partnership with profit or loss…

A: Given:

Q: 8 A, B, C and D are partners, sharing earnings in the ratio of 3:4:6:8. The balance of their…

A: Partnership is an agreement or association between two or more than two persons, in which they…

Q: On December 31, 2020, ABC Partnership’s Statement of Financial Positions shows that A, B, and C have…

A: Solution 1: Amount paid to C on retirement = P350,000 C's share in increase in revaluation of assets…

Q: Presented below is the condensed balance sheet of the partnership of A, B, and C who share profits…

A: Capital balance of A after admission of the new partner = Existing capital - 10% of existing capital…

Q: LAM, KO and TO share profits and losses as follows: LAM 20%, KO 30%, and TO 50%. The partnership’s…

A: b. P516,600 Explanation: Estimated Loss = (To's Capital - Cash Received)/Profit and Loss Sharing…

Q: The accounts of the partnership of Ace, Vergel, and De Dios at the end of its fiscal year on June…

A: 16) Total amount received from liquidation = 375000 Payment of liabilities = 175000 Total amount…

Q: 7. Garachico, Perez, and Burgos formed a partnership on Jan. 1, 2019, and contributed P150,000,…

A: Partnership refers to the formal agreement between two or more person who are agreed to carry out…

Q: For Crane Co., beginning capital balances on January 1, 2022, are Nancy Payne $ 22,400 and Ann Dody…

A: Partnership Capital Account - It is account in which all transactions among the partners and firm…

Q: The Pelosi, Trump, and Biden (PTB) Partnership had the following balance sheet on December 31st…

A: The question is based on the concept of Financial Accounting.

Q: Ceradoy. Manongsong and Anuran are partners sharing residual profits in the ratio of 3:2:1. The…

A: Partnership: This is the form of business entity which is formed by an agreement, owned and managed…

Q: 3. The following are shown in the capital accounts of partners AA, BB, and CC in a year: AA P200,000…

A: Profit distribution to Partner Jessa = Net income × Profit sharing ratio=P200,000 × 60%=P120,000…

Q: Q, R and S carry on business sharing the profits in the ratio of 2:3:4 respectively. Capitals as on…

A: Lets understand the basics. Partnership is an agreement between two or more person who works…

Q: 11. Prem, Kumar and Arti were partners in a firm sharing profits in the ratio of 5:3:2 respectively.…

A: Partnership means where two or more person comes together to do some common business activity and…

Q: 22. The balance sheet as of September 30, 2030, for the partnership of DDD, EEE and FFF shows the…

A: Following is the answer to the given question

Q: Assuming net income for 20x1 of P132,000, how much profit should be allocated to each partner? a.…

A: Total Month  Marie  Pez Weighted capital of marie Weighted capital of Pez             Jan-Mar…

Q: The statement of financial position of A,B,C partnership as of December 31, 2020 is presented below:…

A: Partnership means where two or more person comes together to do some common business activity and…

Q: Coburn (beginning capital, $ 62,000) and Webb (beginning capital $ 92,000) are partners. During…

A: The partnership comes into existence when two or more persons agree to do the business and share…

Q: On January 3, 2020, LT, AM, ZP formed a partnership, agreeing to divide profits 2:1:1, respectively.…

A: Partnership is the term under which two or more than two individuals come together and form a…

Q: The partnership earned a net profit of P120,000 for the year ending December 31, 2020.

A: In partnership accounts the profit and losses are shared by the partners in predetermined ratio, if…

Q: On November 10, 2020, Maher, Saher, and Taher, partners of Maher, Saher, & Taher LLP, had capital…

A: Partnership business means where two or more person comes together to  do the business and share the…

Q: AJ, BJ and CJ are partners in an accounting firm. Their capital account balances at December 31,…

A: Working Notes   1. Bonus is 10% of Net Income after the Bonus , it can be calculated as follows…

Q: 17. On January 31, 2021, partners of Lon, Mac & Nan, LLP, had the following loan and capital account…

A: Admission of a new partner to the partnership firm: Unless otherwise agreed upon, a new partner may…

Q: Adam and Boru are partners sharing profit and loss in the ratio of 1:1.                 Their…

A: "Since you have asked multiple sub part question we will solve the first three sub part question for…

Q: 17-18. The balance sheet of partners DES, PA and SITO as of December 31, 2020 are shown below: Cash…

A: Liquidation of partnership means where the assets of the partners are sold out and payment are made…

Q: 32. On January 1, 20x5, DD and EE decided to form a partnership. At the end of the year, the…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: 1. Show how the following items will appear in the capital accounts of the partners Ali and Ahmed…

A: Capital Account: - Capital Account records all capital transactions which cause the change in the…

Q: Magalang, Matulungin, Masipag and Matapat are partners sharing earnings in the ratio of 3:6:9:12.…

A: The question is related to Partnership Accounting and is of liquidation. In orderr to calculate…

Q: 28. As of December 31, 2021, the books of Ton partnership showed capital balances of: T P40,000; O,…

A: Partnership means where two or more person comes together to do some common business activity and…

Q: 15. On January 2, 2020, BB and PP formed a partnership. BB contributed capital of P175,000 and PP,…

A: Partnership is an agreement between two or more than two persons, who invest their capitals, run…

Q: A and S are partners sharing profit and loss in the ratio of 3:1.             Their Statement of…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: On November 10, 2020, Maher, Saher, and Taher, partners of Maher, Saher, & Taher LLP, had capital…

A: Partnership business means where two or more person comes together to  do the business and share the…

Q: Magalang, Matulungin, Masipag and Matapat are partners sharing earnings in the ratio of 3:6:9:12.…

A: We know  that  Total assets  = liabilities  + capital

Q: 120,000. On December 31, 2021, what would be the capital balance of the partners?

A: Given information is about capital contributions of partners. Also net income P120,000 is given. In…

Q: On June 30, 2021, the A, B and C partnership had the following fiscal year- end balance sheet (in…

A: Answer: P2000   The cash available for distribution to the partners on July 31, 2011 = Avaliable…

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.