1.%3D1.Problem 1:Ted. Ronald and Geno formed a partnership, whereby each of them contributed P30.000.00They agreed that should the partnership realize profit, the same shall be distributed in thefollowing proportions:Ted, as managing partnerRonald40%30%30%GenoAfter a year of operation, the partnership's profit amounted to P100,000.00. How much willbe the share of each partner?37 Uflentation 2:Problem 2:Suppose they did not stipulate as to how much will be the share of each partner, how Will theprofits be divided?Problem 3:Suppose there is a fourth partner, who is classified as an industrial partner, how much will bethe share of such partner in the partnership.Problem 4:theSuppose that the partnership instead suffered losses, how will this be distributed amongpartners?REQUIRED: Calculate how much will each of the partner share in the division of profitor bear in terms of losses.

Meaning of Partnership Partnership refers to an association of multiple individuals who invest…

Answered: blem 2: pose they did not stipulate as…

Business

Accounting

blem 2: pose they did not stipulate as to its be divided?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 11MC: Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at...

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Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at 50%. Chris contributes $30,000 to the partnership for a 1/3 share. What amount should Thandies capital balance in the partnership be? A. $60,000 B. $50,000 C. $45,000 D. $30,000
Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at 50%. Chris contributes $90,000 to the partnership for a 1/3 share. What amount should the partnership record as an individual bonus to each of the old partners? A. $10,000 B. $7,000 C. $3,000 D. $20,000
The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $40,000 B. $25,000 C. ($5,000) In addition, show the resulting entries to each partners capital account. Tatums capital account balance is $50,000 and Brooks is $60,000.
The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have capital balances of $45,000 each. Prepare a schedule showing how the bonus should be divided if Ashanti joins the partnership with a $60,000 investment. The partners new agreement will share profit and loss in a 1:3 ratio.
Arun and Margot want to admit Tammy as a third partner for their partnership. Their capital balances prior to Tammys admission are $50,000 each. Prepare a schedule showing how the bonus should be divided among the three, assuming the profit or loss agreement will be 1:3 once Tammy has been admitted and her contribution is: A. $20,000 B. $80,000 C. $50,000. In addition, show the resulting journal entries to each of the three partners capital accounts.
The partnership of Michelle, Amal, and Maureen has done well. The three partners have shared profits and losses in a 1:3 ratio, with capital balances of $60,000 each. Maureen wants to retire and withdraw. Prepare a schedule showing how the cost should be divided if Amal and Michelle decide to pay Maureen $70,000 for retirement of her capital account and the new agreement will share profits and losses 50:50.
Juan contributes marketable securities to a partnership. The book value of the securities is $7,000 and they have a current market value of $10,000. What amount should the partnership record in Juans Capital account due to this contribution? A. $10,000 B. $7,000 C. $3,000 D. none of the above
The partnership of Chase and Chloe shares profits and losses in a 70:30 ratio respectively after Chloe receives a $10,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $ 30,000 B. $ 6,000 C. ($10,000)
1. X is indebted to the partnership for P10,000.00 and to the managing partner, Y, for P20,000.00. Y was able to collect from X, P6,000.00. How much should Y give the partnership? a. P2,500.00 b. P2,000.00 c. P3,000.00 d P1,500.002. The ZXC Partnership is very successful. However, it was later on discovered that Partner T, the accountant of the partnership, was working as a part-time accountant in a university. What is the remedy of the partnership against T? a. None of the above b. .The partnership may compel A to remit all his salaries. c. The partnership may compel A to resign in the university. d. The partnership may file a criminal complaint of estafa against A
The AA Tours Partnership earned P500,000 this year. The partners have equal capital balances, and share profits and losses 1:3. The partners will show share in partnership profit ofa. P250,000 eachb. P250,000 and P750,000, respectivelyc. P125,000 and P375,000, respectivelyd. P500,000 each
10. Chop and Suey are partners who share profits and losses after salary and interestallowances in the ratio of 60:40 respectively. Chop’s salary is P20,000 and Suey’s isP10,000. The partners are also paid interest in their average capital balances, in 2015,Chop received P10,000 in interest and Suey P4,000. If Suey’s share of partnership profitwas P40,000, what was the total partnership profit?
A and B will contribute 150,000 each and C will contribute 50,000 plus his skill. They agreed toshare profit at 2:2:1 ratio respectively. The correct amount of the total partnership capitalizationwould be A. 200,000B. 375,000C. 250,000D. 350,000