In a collective company with three partners, it has been decided that the capital of each partner will be reduced by 10,000 TL and the company's capital will be reduced to 70,000 TL. Necessary legal procedures have been completed. Accordingly, in the journal entry, which account will be the first on the debtor and how much will it cost? A) 501- Unpaid Capital Hs. 10,000 B) 500- Capital Hs. 30,000 C) 100- Cash Hs. 70,000 D) 331- Payables to Partners Hs. 30,000 E) 131 Receivables from Partners Exc. 30,000

In a collective company with three partners, it has been decided that the capital of each partner will be reduced by 10,000 TL and the company's capital will be reduced to 70,000 TL. Necessary legal procedures have been completed. Accordingly, in the journal entry, which account will be the first on the debtor and how much will it cost? A) 501- Unpaid Capital Hs. 10,000 B) 500- Capital Hs. 30,000 C) 100- Cash Hs. 70,000 D) 331- Payables to Partners Hs. 30,000 E) 131 Receivables from Partners Exc. 30,000

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter4: Corporations: Organization And Capital Structure

Section: Chapter Questions

Problem 2BCRQ

See similar textbooks

Similar questions

9 A, B, and C are partners in an accounting firm. Their capital account balances at the year-end were A P120,000; B P140,000; C P80,000. They share profits and losses on a 3:3:4 ratio, after the following special terms: Interest of 10% shall be paid on that portion of a partner's capital in excess of P100,000. Quarterly salaries of P5,000, P5,000 and P6,000 shall be paid to partners A, B, and C, respectively. Partner C is to receive a bonus of 10% of net income after salaries, interest and bonus. Assuming a net income of P60,000 for the year, the total profit share of partner C was:
33 - )) Miray Sinan and Partners Collective Company's 2019 profit is 200,000 TL. The company was established with a capital of 100,000 TL. The capital shares of the partners of the company are as follows:Joint Capital ShareAlper Sinan 50,000Miray Sinan 30.000Ilker Sinan 20,000According to the notarized agreement of the company, profit distribution will be distributed equally after 10% premium is allocated to Alper Sinan from the partners. In this case, what is the profit share for Alper Sinan? A) 100,000B) 120,000C) NoneD) 60,000E) 80,000
17-18. The balance sheet of partners DES, PA and SITO as of December 31, 2020 are shown below: Cash– P50,000; Noncash assets – P250,000; Liabilities – P80,000; Des, Capital (50%) – P100,000; Pa, Capital(25%) P75,000; Sito, Capital (25%) – P45,000. On January 2021, certain noncash assets were sold for acertain amount. Liquidation expenses and liabilities of P4,000 and P25,000 were paid. Future liquidationexpenses of P5,000 are anticipated. Pa received P42,750 from the first distribution of available cash.17. How much is the cash received from the realization? a. P120,000b. P140,000c. P130,000d. P75,000
5. A local partnership was in the process of liquidating and reported the following capital balances:Justice,Capital (40% share of all profits and losses) – P23,000; Zobart, Capital (35%) – P22,000; Douglass, Capital(25%) – (P14,000). Douglass indicated that the P14,000 deficit would be covered by a forthcomingcontribution. However, the two remaining partners asked to receive the P31,000 that was then available.How much of this money should Justice receive? a. P15,000b. P15,467c. P17,333d. P15,533
17 AA and BB have been partners for a decade. As of January 1, 2022, the capital balances of AA and BB are: AA, capital P55,000 BB, capital 75,000 Partnership agreement provides for the following manner of profit distribution: Annual salaries of P80,000 and P100,000 will be provided to AA and BB, respectively. A bonus of 20% based on net income will be given to AA 30% of the remaining profit or loss is distributed to AA with the balance provided to BB In 2022, the partnership reported net income of P250,000. On January 1, 2023, CC was admitted as a partner by investing P70,000 for a 25% interest in the capital of the partnership. The partners agreed that the plant assets of the partnership were to be increased by P30,000. The profit and loss sharing agreement was revised to: Annual salaries of P80,000, P100,000 and P70,000 will be provided to AA, BB and CC, respectively. A bonus of 20% based on net income will be given to AA and a 5% bonus based on net income…
35. The statement of financial position for the partnership of BBB, CCC and DDD who share profits in the ratio of 2:1:1, shows the following balances just before the liquidation: Cash P12,000Other assets 59,500Liabilities 49,000BBB, capital 22,000CCC, capital 15,500DDD, capital (15,000) On the first installment of the liquidation, a gain of P8,525 was realized from the sale of certain assets. Liquidation expenses of P1,000 was paid, and additional liquidation expenses are anticipated. Liabilities paid amounted to P34,400. Remaining book value of other assets is P1,550. On the first payment to partners, CCC receives P6,250. The amount of cash withheld for anticipated liquidation expenses and unpaid liabilities is: a. 11,475b. 14,600c. 26,075d. 29,200
19 AA and BB are partners with capital accounts that had the following transactions during 2022: AA BB Debit Credit Debit Credit Beginning balance, January 1 P270,000 P280,000 February 28 P80,000 March 1 120,000 April 30 160,000 June 1 P100,000 August 1 140,000 September 30 40,000 October 31 40,000 The partnership agreement provides for the following: Interest of 9% is to be provided to AA Salaries of P4,000 is to be given to BB per quarter A bonus of 25% is to be given to AA based on net income after interest and salaries Remaining balance is to be allocated on a ratio of 40:60. The income summary account has a credit balance of P1,050,000 before profit distribution. BB has a Drawing account amounting to P40,000 which is a withdrawal made by BB in anticipation of future profits on July 1, 2022. How much is the…
30 - 2019 profit of Alper Sinan and Partners Collective is 100,000 TL. The company was established with a capital of 200.000 TL. The capital shares of the partners of the company are as follows:Joint Capital ShareAlper Sinan 50,000Turker Sinan 70.000Ilker Sinan 80.000According to the notarized contract of the company, the profit distribution will be made in proportion to the capital shares of the partners.What should be the amount that Alper Sinan should receive from the profit?A) NoneB) 40,000C) 55,000D) 35,000E) 22,250
#52 On January 3, 2020, LT, AM, ZP formed a partnership, agreeing to divide profits 2:1:1, respectively. On July 31, 2020, with operations going unfavorably, the partners decided to dissolve the firm. For that seven-month period, LT had capital contribution of P50,000 and drawings of P15,000; AM had capital contribution of P22,500 and drawings of P10,000; and ZP had contribution of P20,000 and drawings of P10,000. The amount of loss from operations is 30,000. Assuming that there is P65,000 cash available for distribution to partners. Determine the amount to be received by AM and ZP.
33. Partners AAA, BBB and CCC share profits and losses in the ratio of 5:3:2. At the end of a very unprofitable year, they decided to liquidate the firm. The partner's capital account balances at this time are as follows: AAA, P616,000 ; BBB, P697,200 ; CCC, P420,000. The liabilities accumulate to P840,000, including a loan of P280,000 from AAA. The cash balance is P168,000. All the partners are personally solvent. The partners plan to sell the assets in installment. If BBB received P100,800 from the first distribution of cash, how much did CCC receive at that time? A. P56,000B. P22,400C. P33,600D. P61,600
3. Bunag, Belen, and Bustos are partners in an accounting firm. Their capital account balances at year-end were P180,000, P220,000, and P100,000, respectively. They share profits and losses on a 4:4:2, ratio respectively, after considering the following terms: a. Bustos is to receive a bonus of 10% of profit after deducting bonus b. Interest of 10% shall be paid on that portion of a partner’s capital in excessof P200,000. c. Salaries of P20,000 and P24,000 shall be paid to partners Bunag and Bustos,respectively. Assuming a profit of P220,000 for the year. REQUIRED: Prepare the following:A. Profit or Loss Distribution TableB. Corresponding JOURNAL ENTRY to distribute profit or loss
32 - )) XYZ A.Ş. For this reason, it signed the decision to reduce the capital by TL 200,000. As a result of the division, a building with a book value of 300.000 TL and accumulated depreciation of 200.000 TL was given to the partners, and a check was drawn up for the remaining amount. Which of the following cannot be said about the accounting records made in relation to this transaction?A) 500 capital account is debited 200.000 TL.B) 336 other miscellaneous payables accounts are credited with TL 200,000.C) 257 Accumulated depreciation account is debited 200.000 TL.D) 101 Checks received account is debited 100,000 TL.E) 252 Buildings account is credited with 300.000 TL.