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Q: Questions 25 to 28 The partners of Dricia and Drenz are engaged in trading. Dricia's original…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Irish and Irvin are partners with capital of P240,000 and P120,000 respectively. They share profits…
A: Introduction: Partnership is a form of business in which two or more person come together to run a…
Q: Show the solution in good accounting form Bruce, Parker and May formed a partnership. Their capital…
A: Partnership is a form of business in which two or more persons come together and carrying out a…
Q: Allen and Michelle are partners with capitals of P200,000 and P100,000 and sharing profit and losses…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: 4.3 The Capital of bah and Rah are as follows: Bah 25, 000 Rah 15,000 They share profits equally.…
A: The sacrifice is deducted from the old profit sharing ratio of partners to find the new profit…
Q: Problem III The following are the capital balances and share in each profit of Ring Partnership:…
A: Solution: Share of new partner = 20% Share of existing partners = 80% Capital balance of existing…
Q: 10. Mona and Tina were partners in a firm sharing profits in the ratio of 3:2. Naina was admitted…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: If the partnership was liquidated and Gimli received P140, how much did Legolas received? (Aragorn…
A: A liquidation of partnership is the process of paying off liabilities, selling assets and…
Q: following capital balano and interests: A (20%) P50,000; B (30%) P70,000; and C (50%) P130,000. D…
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Q: Question 4 John, Paul, George and Richard decide to start a new business. The four partners agree…
A: A partnership can be defined as a type of business where two or more persons come together to…
Q: A, B, and C are partners in 3:4:2. B wants to retire from the firm. The profit on revaluation on…
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Q: X wants to retire from the firm. The profit on revaluation of assets on the date of retirement is…
A: In case of partnership the profits are shared among the partners in their respective profit sharing…
Q: REQUIRED: Show how the net profit will be divided. 3.9 Bah, Lee and Wag have capital balances of P…
A: Total Capital = P 15,000+P 10,000+P 20,000= P 45,000 10% interest on Capital balance required= P…
Q: Partners WAG, MAG, PANG, and GAP, shares profits at the ratio 5:3:1:1. OnJune 30, relevant partners’…
A: Partnership business can be defined as a form of business organization under which two or more…
Q: 1. Jeremy and Eli are partners who share profits and losses equally. The capital accounts of the…
A: Total partnership capital after admission of Thadez = (180,000 + 70,000) + 88,000 = 338,000 Required…
Q: Samuel and Darci are partners. The partnership capital for Samuel is $50,000 and for Darci is…
A: Determine the total amount of new partnership capital.
Q: 29. The net income of ABC partnership for the year is P100,000. Partner A is to be given a salary of…
A: As the P100,000 is the net income, it is assumed that the income is exclusive of salary expense. As…
Q: Partners Ken and Macki each have a $40,000 capital balance and share income and losses in the ratio…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: he following are the capital balances and share in each profit of Ring Partnership: Aragorn…
A: Answer) Calculation of capital balance of Legolas prior to withdrawal by Gimli Capital Balance of…
Q: The following are the capital balances and share in each profit of Ring Partnership: Aragorn…
A: Total capital before admission of Gandalf= Aragorn + Legolas +Gimli = 300+200+200 = 700
Q: The following debit (credit) balances on the account of SAM Partnership are as follows:…
A: The given question is a case of partnership dissolution by way of retirement. 75% of Albedo's…
Q: Ms. Wisal and Ms. Salma are partners in a firm sharing profits and losses in the ratio of 3:2. They…
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Q: 10. How much is the capital balances of Wanda after Banner's withdrawal? * Banner and Strange are…
A: Given, (a) Banner's Capital = P 65,000 (b) Strange's Capital = P 35,000 (c) Total Capital prior to…
Q: 19. Partners Lanvega, Tauroneo, and Bryce share profits and losses in the ratio of 4:5:1. The…
A: If the partnership decides to liquidate, the assets of the partnership are sold, liabilities are…
Q: Choose the correct.The capital balance for Messalina is $210,000 and for Romulus is $140,000. These…
A: Total capital after new investment = $210,000 + $140,000 + $100,000…
Q: A corporation purchased 1,000 shares of its own $5 par common stock at $10 and subsequently sold 500…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: 6. The partner capital of Cowyn and Brown is $12,000 and $6,500, respectively, and various profits…
A: Admission of Partner ship: Existing partnership is dissolved by the admission of new partner and is…
Q: 8. The X & Y Partnership earned P500,000 this year. TI balances, and share profit and losses 1:3.…
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Q: The Distance Plus partnership has the following capital balances at the beginning of the current…
A: a. Reference: Journal Entry using bonus method: Reference:
Q: 9. A and B share in partnership profits and ratio. During the year, A's capital account had a net…
A: Share of profit of A = Net increase in capital + Witdrawls - Contributions = P50,000 + P60,000 -…
Q: 7. Heronimo, Ignacio, and Jordano formed a partnership and invested cash amounting to P 60,000, P…
A: Bonus Method is used by firm when any partner entered in partnership. It helps the entity in…
Q: capital of $50,000 each and share profits in a 40:20 ratio. Vroyn paid Hyun $2,000 for 1/2 of his…
A: The partnership comes into existence when two or more persons agree to do the business and further…
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: The capital accounts and the profit sharing ratio of Pancho and Villa are shown below: Capital…
A: Partnership refers to a business agreement whereby multiple persons share the risks and rewards for…
Q: Problem Solving 4 Adam, Eve and Abel are partners in Suave Swimsuits. Profits and losses are shared…
A: SOLUTION PARTNERSHIP MEANS A BUSINESS THAT HAS TWO OR MORE OWNERS WHO AGREE TO SHARE PROFITS ANS ARE…
Q: 23. A, B and C are partners in a firm, the net profit for the year was RO 128000. They shared the…
A: Answer: In case of partnership firm the net profit or loss of the firm is distributed in the ratio…
Q: The capital balance for Messalina is $210,000 and for Romulus is $140,000. These two partners share…
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Q: Question # 03 Andrew and Jones are partners of Rs. 120,000 and Rs. 80,000 respectively. They…
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Q: nvesting
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Q: QUESTION 27 Partners Ken and Macki each have a $40,000 capital balance and share income and losses…
A: Option A is correct $ 10000
Q: The following are the capital balances and share in each profit of Ring Partnership: Aragorn…
A: given partner capital balance profit sharing ratio Aragorn 300 50% 300 50%…
Q: 7. A&B Partnership eams profit of P240,000 in 20x1. The movements in the capital accounts of the…
A: Partnership is an agreement between two or more than two partners, in which they invest capital, run…
Q: Dolce and Gabbana are partners with capital balances of P 160,000 and P 80,000. They share profits…
A: Total capital balance of Dolce and Gabbana before admission of Vuitton = P 160,000 + P 80,000 Total…
Q: William (40% of gains and losses) . . . . . . . . . . . $ 220,000Jennings (40%) . . . . . . . . . .…
A: Partnership: This is the form of business entity which is formed by an agreement, owned and managed…
Q: 20% interest, how much m
A: As per rule, allowed to answer one question at a time and post the remaining on the next submission.
Q: Question # 01 Abraham and Boling decided to admit a new partner Liu to a one forth equity interest…
A: The question is related to Partnership Accounting. The question is of admission of a partner form…
Problem III
The following are the capital balances and share in each profit of Ring Partnership:
Aragorn 300 50%
Legolas 200 30%
Gimli 200 20%
11. How much did Gandalf have invested for 25% interest if after his admission in the firm the capital balance of Legolas increased by P24?
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- Problem III The following are the capital balances and share in each profit of Ring Partnership: Aragorn 300 50% Legolas 200 30% Gimli 200 20% 10. If Gandalf was admitted by paying the partners P100 for 10% interest in the firm, how much will be the capital of Aragorn after the admission if implied goodwill was recorded?Problem III The following are the capital balances and share in each profit of Ring Partnership: Aragorn 300 50% Legolas 200 30% Gimli 200 20% 15. If all non-cash assets were sold at a loss of P200, how much did Gimli received if the firm paid all its liabilities of P100 (at book value)?Problem III The following are the capital balances and share in each profit of Ring Partnership: Aragorn 300 50% Legolas 200 30% Gimli 200 20% 9. If Gandalf was admitted by investing sufficient cash for 20% interest, how much must be his investment?
- Problem III The following are the capital balances and share in each profit of Ring Partnership: Aragorn 300 50% Legolas 200 30% Gimli 200 20% 12. If Gimli withdrew from the firm and received P280, how much is the capital of Legolas if prior to withdrawal, the firm recorded a goodwill of P200.The following are the capital balances and share in each profit of Ring Partnership:Aragorn 150 40%Legolas 250 40%Gimli 300 20% 9. If Gandalf was admitted by investing sufficient cash for 20% interest, how much must be his investment?10. If Gandalf was admitted by paying the partners P100 for 10% interest in the firm, how much will be the capital of Aragorn after the admission if implied goodwill was recorded?11. How much did Gandalf have invested for 25% interest if after his admission in the firm the capital balance of Legolas increased by P20?12. If Gimli withdrew from the firm and received P360, how much is the capital of Legolas if prior to withdrawal, the firm recorded a goodwill of P200.13. If the partnership was liquidated and P250 is ready for distribution, how much will Gimli received?14. If the partnership was liquidated and Gimli received P210, how much did Legolas received?…Problem III The following are the capital balances and share in each profit of Ring Partnership: Aragorn 300 50% Legolas 200 30% Gimli 200 20% 14. If the partnership was liquidated and Gimli received P140, how much did Legolas received? (Aragorn is insolvent)
- H7. Don and Ellen had capital balances of $85,000 and $95,000 respectively when Frank invested $90,000 for a 35% ownership of the business. Don and Ellen share profits and losses in a 70:30 ratio. Which statement is correct? Select answer from the options below Don will get a bonus of $3,150. There will be no bonus. Ellen will get a bonus of $1,350. Frank will get a bonus of $4,500. Please show all step by step calculation1. Partners Gaylee, Jandra, and Debby have capital balances of P50,000, P90,000, P20,000, respectively. They split profits in the ratio of 4:4:2, respectively. Under a safe cash distribution plan, who among the partners will get the first distribution? Justify your answer by showing your solution.2. The following condensed balance sheet is presented for the partnership of Joseph and Emman, who share profits and losses in the ratio of 60:40, respectively:Other Assets P500,000Emman, loan 20,000Total P520,000Accounts Payable P120,000Joseph, Capital 220,000Emman, Capital 180,000Total P520,000The partners decided to liquidate the partnership. If the assets are sold for P345,000, what amount of the available cash should be distributed to Emman? Show your solution.Choose the correct.The capital balance for Messalina is $210,000 and for Romulus is $140,000. These two partners share profits and losses 60 percent (Messalina) and 40 percent (Romulus). Claudius invests $100,000 in cash in the partnership for a 20 percent ownership. The bonus method will be used. What are the capital balances for Messalina, Romulus, and Claudius after this investment is recorded?a. $216,000, $144,000, $90,000b. $218,000, $142,000, $88,000c. $222,000, $148,000, $80,000d. $240,000, $160,000, $100,000
- Question 1. Vann and Jhane capital are P480000 and P520,000 respectively. Profit sharing ratio is 4:6. Tin invested P500,000 for a 30% interest in the partnership. What is the capital of Vann after admitting Tin? Question 2. In the AD partnership, Adam's capital is Php140,000 and David's is Php40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David2 to the partnership. David2 invests Php40,000 for a one-fifth interest in the total capital of Php220,000. What is the journal to record David's2 admission into the partnership? Question 3: In the AD partnership, Adam's capital is Php140,000 and David's is Php40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David2 to the partnership. David2 invests Php40,000 for a one-fifth interest in the total capital of Php220,000. What are the capital balances of David2 after being admitted into the partnership? Question 4: In the AD partnership, Adam's capital is Php140,000 and David's is…Show the solution in good accounting form Bruce, Parker and May formed a partnership. Their capital balances showed the following: Bruce, Capital P252,000; Parker, Capital P126,000; May, Capital- P42,000. Their profit and loss ratio are 6:3:1. The partners decide to sell 20 percent of their interest to Violet for a total payment of P120,000 Violet will pay the money directly to the other partners. How much was the bonus debited or credited in partner Bruce's capital account?1. Partners Gaylee, Jandra, and Debby have capital balances of P50,000, P90,000, P20,000, respectively.They split profits in the ratio of 4:4:2, respectively. Under a safe cash distribution plan, who among the partners will get the first distribution?