Answered: How much was the bonus debited or…

Business

Accounting

How much was the bonus debited or credited in partner Bruce’s capital account? *

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter23: Accounting For Partnerships

Section23.2: Distribution Of Net Income And Owners’ Equity Statements

Problem 3AYU

See similar textbooks

Related questions

Q: b. Calculate the ending capital balances for all four partners a

A: Solution:- Admission of new partner means taking in new partners. The new partners bring in…

Q: 25. In the LM Partnership, Laura and Maria had a capital ratio of 3:1 and a profit and loss ratio of…

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

Q: If total contributed capital is equal to total agreed capital with the new partner's investment is…

A: Partnership characteristics includes: Sharing of profits and losses Mutual agency Unlimited…

Q: The interest of the retiring or withdrawing partner is usually measured by his capital balance…

A: At the time of the retirement, the retiring partner is eligible to receive the share of his capital,…

Q: Guaranteed payments to partners go on what two lines of the Form 1065? What type of interest goes on…

A: A partnership is a form of business in which two or more than persons agree to carry common…

Q: debit balance on his capital

A: In partnership there are two Types of Method of maintaining capital Account FIXED CAPITAL ACCOUNT…

Q: 3. In analyzing the income statement, your client noted that no salaries to partners were listed as…

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

Q: 1. Upon the partnership's formation, the respective capital of partners John and Jones would be? 2.…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Using the information given, and assuming Kim offered to join for a 20% interest in the new BLK…

Q: The partner's capital account is credited in the following cases except in posting of the a. share…

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

Q: How much was the bonus debited or credited in partner Bruce’s capital account? SHOW ANSWER IN A GOOD…

A: A partnership is a form of business organization under which two or more than two person joins…

Q: 3. The Statement of Changes in Partners' Equity contains the following data except for; a.…

A: Statement of changes in partners equity is a financial statement which is prepared to see and…

Q: When bonus is given to old partners ____? a. old partners' capital accounts are credited. b. new…

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

Q: If a business is owned by three partners, how many capital accounts are required on the books? Why

A: A partnership firm is model of business structure which consider two or more partners agrees to…

Q: The amount taken from the business by the partners for their personal use is called: a.Interest on…

A: The amount taken from the business by the partners for their personal use is called Drawings..Option…

Q: Which one of the following will be recorded under debit side of the partners' capital account? a.…

A: Solution- Items that may appear on the debit side of the Capital Account when the capitals are…

Q: Interest on capital

A: Which one of the following is a gain to the partners ? Correct Answer :- D Interest on Capital

Q: a. Calculate each partner's share of net income for the period. b. What would be the effects, if…

A: Partnership is the business which has been started and established by the partners to start the…

Q: The accounting treatment of share of undistributed profit or reserves will be a. Debited to the…

A: Undistributed profit is the profit of the firm is not distributed among members of the firm but…

Q: John and Paul are partners who share profits and losses in the ratio of 3:2 respectively. Their…

A: Introduction: Partnership: Its an agreement between two or more partners for forming a business and…

Q: What is Phillip’s recognized gain or loss on the distribution? 2. What is the partnership’s…

A: Partnership refers to a legal act of agreement between two or more partners who have mutually agreed…

Q: 2. What is the profit and loss ratio of all the partners after Derek's admission?

A: Calculation of profit sharing ratio on admission of new partner in partnership firm

Q: Which is true regarding admission of a new partner accounted for under the bonus method? *…

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

Q: Which of the following distribution would be made last in dividing profits to the partners when…

A: Based on Partnership Agreement Distribution shall be made in partnership P& L Appropriation…

Q: Where in the Current Account would the Share of Loss be found? A. Debit side B. Credit side C. Not…

A: In partnership accounting, we prepare the partner's capital account by two methods. The first is the…

Q: Determine the ending capital balance of partner C after the retirement of partner A.

A: the interest in the partnership of C is different from the interest in profit & loss of the…

Q: 9. In the AA-BB partnership, AA and BB had a capital ratio of 3:1 and a profit and loss ratio of…

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

Q: Discuss the possibility for a post-closing debit balance in a partner’s capital account.

A: An help's obligations and commitment upon disintegration depict what the feat accomplice owes to the…

Q: Required: Determine the partners' share in the profit under each of the following assumptions: 1.…

A: Since you have asked a question with multiple sub parts, we will solve the first three sub parts for…

Q: K is a capitalist partner. In the articles of partnership, it was provided that K’s duty was to…

A: He will be entitled to right to compensation

Q: Manuel and Marcus are partners with the following capital balances as at June 30, 20xx with their…

A: Solution Partnership consists two or more people combine their resources to form a business and…

Q: Which one of the following item will be debited in profit and loss appropriation account? a.…

A: Interest On Capital ,Partners salary,Partners commission,partners bonus are debited to partners…

Q: 8. How much is the new capital of Max after the closing of nominal accounts? 9. How much is the new…

A: Partnership means two or more persons joins hands to handle and manage business and to share profits…

Q: Bonus to partners

A: Which one of the following item will be debited in profit and loss appropriation account? Correct…

Q: Which of the following is added to the Partner's capital account in the Statement of Changes in…

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

Q: corresponding expense

A: Salary expense has been incurred but not yet paid to employees will be: Correct Answer :- B Added…

Q: a loss. Salary and interest allowances are reported in the statem performance as salaries and…

A: The partnership firm will be formed by the two individual partners at least with their consent. The…

Q: Partners are taxed on the gross sales of the company. the amount of cash they withdraw from the…

A: Partnership refers to an agreement where two or more people come together for a common goal. The…

Q: What amount must be earned by the partnership, before any charge for interest and salaries, so that…

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

Q: 1. What is the total capital balance of the partnership after the admission by Marshall? 2. What is…

A: Admission of a new partner in a partnership firm is treated as a reconstitution of the partnership…

Q: in a partnership, a partner receives a salary allowance based on: a. amount of years the partner is…

A: Partnership Firm: In partnership more than two person come together to earn profits. generally…

Q: he share of JKL from the net income of the partnershi

A: A partnership is a business entity that consists of two or more people who are working together to…

Q: Guaranteed payments to partners go on what two lines of the form 1065? what type of interest goes on…

A: The two payments which are the guaranteed payments to partners which go on two lines of the form…

Q: Gaining ratio is computed on: O a. Admission of a partner O b. Retirement of a partner O c.…

A: Introduction: Partnership: Its an agreement between two or more partners for forming a business and…

Q: When accounts receivables are transferred into a partnership, at what amount should they be…

A: Accounts receivable is the amount of money due to an entity for goods or services provided or used…

Q: Which of the following accounting adjustments are necessary when a partner retires? Calculation of…

A: When a partner retires, the following adjustments must be made: Adjustment of accumulated reserves…

Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

How much was the bonus debited or credited in partner Bruce’s capital account? *

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

How much was the bonus debited or credited in partner Bruce’s capital account?
How much was the bonus debited or credited in partner Bruce’s capital account? SHOW ANSWER IN A GOOD ACCOUNTING FORM.
Which one of the following will be recorded under debit side of the partners' capital account? a. Partner's salary b. Partners' share of profit c. Interest on capital d. Interest on drawings
Show the additional cash to be invested or cash to be withheld by a partner given that they agreed to have an equity of P100,000 each?
Show the solution in good accounting form. How much cash must be contributed by each of the partners after they contributed thier properties?
Which one of the following item will be debited in profit and loss appropriation account? a. Interest on loan b. Interest on drawings c. Interest on deposits d. Bonus to partners
Which one of the following is a gain to the partners? a. Interest on loan from bank b. Withdrawal of capital c. Interest on drawings d. Interest on capital
Which of the following distribution would be made last in dividing profits to the partners when interest on capital balances and salary allowances are involved? * 1 point a. Equally b. Specified ratio c. Salary allowances d. Interest on capital balances
Bonus paid to a new partner results in a reduction to the capital accounts of the existing partners in proportion to their capital ratio. T/F
What is Koothrapali’s capital balance after adjustments but before making any cash investment or withdrawal? How much cash shall Koothrapali invest (withdraw) to comply with the partnership agreement?
Compute the partner's capital under bonus method.
The current account of a partner has been written up as follows. Current account Interest on capital £2,200 Balance B/d £625 Salary £1,225 Drawings £6,350 Balance c/d £12,800 Profit share £9,250 What is the correct balance carried down when the errors are corrected?