CABLES General Professional Partnership, a business formed by Carlo and Jamie, have the following data in its books: I Carlo, Capital P50,000 Jan 1 Balance. Feb 28 P300,000 June 1 20,000 Oct 1 75,000 P345,000 Jamie, Capital Aug 1 2,000 Jan 1 Balance Nov 1 10,000 May 1 5,000 Dec 1 Carlo, Drawing Jan 1-Dec 31 20,000 Jamie, Drawing 30,000 Jan 1-Dec 31 Income Summary Dec 31 How much is the peso month average capital of Carlo? P410,000 25,000 P418,000 P750,000
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- On May 1, 20x1, the statement of financial position of Juan and Pablo appear below:Juan PabloCash 22,000 44,708Accounts receivable 469,072 1,135,780Inventories 240,070 520,204Land 1,206,000Building 856,534Furniture and fixtures 100,690 69,578Other assets 4,000 7,200Total assets 2,041,832 2,634,004Accounts payable 357,880 487,300Notes payable 400,000 690,000Juan, Capital 1,283,952Pablo, Capital 1,456,704Total liabilities and equity 2,041,832 2,634,004Juan and Pablo agreed to form a partnership contributing their respective assets and equities subject to thefollowing adjustments:a. Accounts receivable of P40,000 in Juan’s books and P70,000 in Pablo’s books are uncollectible.b. Inventories of P11,000 and P13,400 are worthless in Juan’s and Pablo’s respective books.c. Other assets of P4,000 and P7,200 in Juan’s and Pablo’s respective books are to be written off.Required:1. What are the adjusted capital balances of the partners after formation? 2. Pedro offered to join for a 20% interest in…Pallabi Sekhar Associates, a partnership firm, made these transactions. Find out the effect on Assets, Liabilities and Capital of the Firm in an Accounting Equation form. 1. Business started with $ 75,000 as capital introduced. 2. Taken a Loan from Rajesh and Purchased a computer worth $3,750. 3. Additional Capital Invested $ 15,320 in the form of Equipment. 4. Paid Rent in advance $ 22,500 by cash only. 5. Bought a Generator of value $ 25,000 from Harish Ltd. by taking loan from Rajesh again. Withdrawn an amount of $ 10,500 by the Partner for personal purposes. Deposited into Firm's Bank an amount of $ 25,000.On July 1, 20--, Lisa Bush and Wally Dodge combined their two businesses to form a partnership under the firm name of Bush and Dodge. The balance sheets of the two sole proprietorships are shown below. Bush’s Grooming & Pet Supplies Balance Sheet June 30, 20 -- 1 Assets Liabilities 2 Cash $4,600.00 Notes payable $3,600.00 3 Accounts receivable $4,200.00 Accounts payable 7,690.00 4 Less allowance for bad debts 480.00 3,720.00 Total liabilities $11,290.00 5 Merchandise inventory 28,580.00 6 Store equipment $9,260.00 Owner’s Equity 7 Less accumulated depreciation 2,400.00 6,860.00 Lisa Bush, capital 32,470.00 8 Total assets $43,760.00 Total liabilities and owner’s equity $43,760.00 Wally’s Pet World Balance Sheet June 30, 20 -- 1 Assets…
- Based on the description I need to know if each example is a Proprietorship, Partnership, or Corporation.1) Bronson company presents a statement of Retained Earnings in its financial statements at year end.2) Jean Johnson’s home health care business does not have liability in its financial statement at year end3) Grand Canyon Company’s Retained Earnings balance is 5 million4) Crown Candy Company presents a statement of owner’s capital in its annual financial statement5) Statement of capital containing two capital accounts6) Par Value7) Stockholders Equity8) Partners’ capital, December 319) Statement of capital containing one capital account10) Retained Earnings11) Jones, Drawings12) Additional Paid in CapitalRoudha and Samah were started a perfume business. The following is the Balance Sheet as on 31/12/2020, they share profits in the ratio of 1:1 Liabilities Amount Assets Amount Sundry Creditors 20,000 Cash in Hand 20,000 Capital Account Roudha 20,000 Samah 20,000 40,000 Debtors 10,000 Stock 10,000 Furniture 5,000 Plant and Machinery 15,000 Total 60,000 Total 60,000 On 31-12-2020 Reem is admitted into the partnership on the following terms: That Reem is to bring in OMR 25,000 as capital and OMR 10,000 as premium for goodwill for 1/3rd share. That the value of stock is reduced by 5%, while plant & machinery is appreciated by 5%. That furniture is devalued at OMR 4,000. That a provision for doubtful debt is to be created on sundry debtors at 3 % . Investment worth OMR 2, 000 (not mentioned in the balance sheet) is to be taken into account. Which all the journal entries they may enter in the company booksDavid Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Cash Equipment Accum.Deprec.Equipment AccountsPayable NotesPayable DavidWallace,Capital OlenaDunn,Capital DannyLin,Capital Account balances December 31, 2020 $ 40,300 $ 191,000 $ 102,000 $ 8,300 $ 25,000 $ 44,000 $ 27,000 $ 25,000 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $69,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively. The Schedule is complete, however, I'm struggling with the journal entries. I attached images of the completed schedule to assist with the journal entries. 2. Prepare the liquidation entries (sale of equipment, allocation of gain/loss, payment of creditors, final distribution of cash). 1 Record the sale…
- David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Cash Equipment Accum.Deprec.Equipment AccountsPayable NotesPayable DavidWallace,Capital OlenaDunn,Capital DannyLin,Capital Account balances December 31, 2020 $ 40,300 $ 191,000 $ 102,000 $ 8,300 $ 25,000 $ 44,000 $ 27,000 $ 25,000 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $69,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively.Required:1. Complete the schedule. (Negative answers should be indicated by a minus sign.) Cash Equipment Accum. deprec. Equipment Accounts Pay. Notes Pay. David Wallace, Capital Olena Dunn, Capital Danny Lin, Capital Account balance, December 31, 2020 $40,300 $191,000 $102,000 $8,300 $25,000 $44,000…David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Cash Equipment Accum.Deprec.Equipment AccountsPayable NotesPayable DavidWallace,Capital OlenaDunn,Capital DannyLin,Capital Account balances December 31, 2020 $ 40,300 $ 191,000 $ 102,000 $ 8,300 $ 25,000 $ 44,000 $ 27,000 $ 25,000 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $69,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively.Required:1. Complete the schedule. (Negative answers should be indicated by a minus sign.)Acenture LLC-Partners Trial Balance Year Ended December 31, 2021 Petty Cash Fund 25,000.00 Cash in Bank Account 743,000.00 Inventory Account 1,000,540.00 Furniture Account 905,000.00 Building Account 2,400,000.00 Accounts Receivables- ABC Company 250,000.00 Mr Brian & Associates 350,000.00 Create View LLC 400,000.00 Capital Account Mr. Axle 2,500,000.00 Ms. Rose 1,800,000.00 Accounts Payables- Suppliers of All Company 500,000.00 JVC Company 225,000.00 XYX Company 400,000.00 Sales Account…
- Acenture LLC-Partners Trial Balance Year Ended December 31, 2021 Petty Cash Fund 25,000.00 Cash in Bank Account 743,000.00 Inventory Account 1,000,540.00 Furniture Account 905,000.00 Building Account 2,400,000.00 Accounts Receivables- ABC Company 250,000.00 Mr Brian & Associates 350,000.00 Create View LLC 400,000.00 Capital Account Mr. Axle 2,500,000.00 Ms. Rose 1,800,000.00 Accounts Payables- Suppliers of All Company 500,000.00 JVC Company 225,000.00 XYX Company 400,000.00 Sales Account…The following business transactions of Mrs.Emma Blake, a sole trader. May 2021 (1) Capital invested as cash RO 80,000 to start up the business (5) Paid RO 24000 in cash to Purchase Factory (7) Purchase of goods on credit for RO 30000 and 34500 on cash from Kalood trading (8) Sale of goods RO 39700 on credit to Qaboos trading and for cash RO 45400 (9) Paid RO 26800 liability to the Kalood trading (11) Paid advertisement of RO 3570 (17) Paid salaries of RO 2530 (16) Paid rent RO 375 for the house of the sole trader (28) Collection of accounts receivable RO 27950 from Qaboostrading My question is, what will the following answers to the questions below? a. Journal entries b. Post ledger accounts c. Trail balancesUse the following information for the next two questions:The following relates to the transactions of GRIMACE FROWN Co. during 20x1:Directors' and officers' remuneration 8,000,000Post-employment benefits of officers 800,000Fringe benefits in the form of housing assistance to directors and officers 20,000,000Share options granted to officers 1,200,000Officers' expenses on travels, representation and entertainment subject to liquidation and reimbursement 400,000Loans to directors and officers 12,000,000Sales to related entities 40,000,000 A. How much is the amount of related party disclosures on GRIMACE’s separate financial statements?a. 30,000,000 b. 52,000,000 c. 82,000,000 d. 42,000,000 B. How much is the amount of related party disclosures on GRIMACE’s consolidated financial statements?a. 12,000,000 b. 30,000,000 c. 82,000,000 d. 42,000,000