n 1 July 2020 Michael and Jackson decided to join forces and form a partnership (M&J Partners). Their contributions to the partnership were: Michael – Cash: $70,000, Accounts Receivable: $47,500, Equipment: $52,500 Jackson – Cash: $115,000, Inventory: $100,000, Accounts payable: $37,500 Their agreement has the following conditions: • Jackson’s inventory has a market value of $95,000 • Michael’s equipment has been valued at $40,000 • The partners receive 5% interest on their capital balances

A and B decided to form a partnership on January I, 2021. Their Statements ofFinancial Position on this date were:   A B Cash 62,625 164,063 Accounts Receivable 1,487,500 896,875 Merchandise Inventory 875,000 885,938 Equipment 656,250 1,268,750 Total 3,084,375 3,215,625     A B Accounts payable 459,375 1,159,375 A, Capital 2,625,000   B, Capital   2,056,250 Total 3,084,375 3,215,625 They agreed the following adjustments shall be made:- Equipment of A is under depreciated by P87,500 and that B is over depreciated byP131,250.- Allowance for doubtful accounts is to be set up amounting to P297,500 for A andP196,875 for B.- Inventories of P21, 875 and P15,312 are worthless in the books of A and Brespectively.- The partnership agreement provides for a profit and loss ratio of 70% to A and 30%to B Compute for the total assets of the partnership

The partnership agreement of Axel, Berg & Cobb provides for the year-end allocation of net income in the following order: • First, Axel is to receive 10% of net income up to P100,000 and 20% over P100,000. . Second, Berg and Cobb each are to receive 5% of the remaining income over P150,000. • The balance of income is to be allocated equally among the three partners. The partnership's 2020 net income was P250,000 before any allocations to partners. What amount should be allocated to Axel?

On July 1, 2020, Wency and William agreed to form a partnership from their respective proprietorship businesses and to share profits equally. Wency and William’s balance sheet before the formation were:   Wency William Cash P     6,000 P   15,000 Accounts receivable 36,000 21,000 Merchandise inventory 99,000 126,000 Prepaid rent   12,000 Store equipment 120,000 90,000 Accum. Depreciation (  45,000) (    54,000) Building 375,000   Accum. Depreciation (75,000)   Land    180,000               -   Totals P 696,000 P 210,000 Accounts payable P   22,500 P     9,000 Mortgage payable 180,000 - Capital    493,500    201,000   Totals P 696,000 P 210,000   The fair values of Wency’s and William’s assets were:   Wency William Merchandise inventory P   81,000 P 135,000 Prepaid rent - 0 Store equipment 45,000 19,500 Building 750,000 -…

On December 31, 2020, the statement of financial position of UFC Partnership shows the following data with profit or loss sharing ratio of 2:3:5:Cash P15,000,000Other non-cash asset 40,000,000  Liabilities to others P20,000,000U, Capital 15,000,000F, Capital 12,500,000C, Capital 7,500,000On January 1, 2021, the partners decided to wind up the partnership affairs. During the winding up, liquidation expenses amounted to P2,000,000 were paid. Non-cash assets with book value of P30,000,000 were sold during January. 40% of total liabilities were also paid during January. P3,000,000 cash was withheld during January for future liquidation expenses. On January 31, 2021, partner U received P10,000,000.What is the net proceeds from the sale of non-cash assets during January 2021?

On March 1, 20Y8, Eric Keene and Renee Wallace form a partnership. Keene agrees to invest $23,400 in cash and merchandise inventory valued at $62,600. Wallace invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring her total capital to $60,000. Details regarding the book values of the business assets and liabilities, and the agreed valuations, follow in the image below. The partnership agreement includes the following provisions regarding the division of net income: interest on original investments at 10%, salary allowances of $19,000 (Keene) and $24,000 (Wallace), and the remainder equally. The journal entries for both Keene and Wallace are also attached below. Prepare a balance sheet as of March 1, 20Y8, the date of formation of the partnership of Keene and Wallace.

The partnership contract of Ali & Yousif LLP provided for salaries of $45,000 to Ali and $35,000 to Yousif, with any remaining income or loss divided equally. During 2005, pre-salaries income of Ali & Yousif LLP was $100,000. During 2020, Ali's share of net income is: O a. 55000 O b. 37000 O c. 35000 O d. 45000

R and S were organized and began operations on March 1, 20x1. On that date, R invested P 150,000 and S invested computer equipment with current fair value of P180,000. Because of shortage of cash on November 1, 20x1 S invested additional cash of P60,000 in the partnership. The partnership contract includes the following remuneration plan:   R S Monthly salary (recognized as expense)               P10,000             P20,000 Annual interest on beginning capital 12% 12% Bonus on the net profit before salaries and interest but after bonus 20% - Balance Equally     The salary was to be withdrawn by each partner in monthly installments. The partnership’s net profit for 2005 is P120,000. What are the capital balances of the partners on December 31, 20x1?

On March 1, 20Y8, Eric Keene and Renee Wallace form a partnership. Keene agrees to invest $23,400 in cash and merchandise inventory valued at $62,600. Wallace invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring her total capital to $60,000. Details regarding the book values of the business assets and liabilities, and the agreed valuations, follow in the image below. The partnership agreement includes the following provisions regarding the division of net income: interest on original investments at 10%, salary allowances of $19,000 (Keene) and $24,000 (Wallace), and the remainder equally. Instructions Journalize the entries to record the investments of Keene and Wallace in the partnership accounts.