Ahmed and Wahid are partners sharing profits and losses in the ratio of 3:1. Their Balance sheet ason March 31, 2021 is as follows.LiabilitiesAmount (RO)AssetsAmount (RO)Creditors315000 Cash26250Bills Payable105000 Debtors367500General Reserve210000 Stock157500Capital0Plant131250Ahmed420000 Buildings525000Wahid210000 Profit & Loss Ac.Bank Overdraft315000 Equipment315000Total1575000 Total1575000On April 01, 2021, they agreed to admit Khalid into the firm for 1/5th Share of future profits onthe following terms:2) Building s revalued at630000b) Stock is revalued at112875l Goodwill i raised at210000di Provuion for bad debts sto be made at 5%e) Khalid has to bring in a Lapital262500n Khalid war onable to brina the amount of goodwill:Pass Journal Lntries and Prepare Revaluation Account, Capiital Accounts and the Dalance Sheet of thereconstituted firm.

NOTE 1: CALCULATION OF NEW PROFIT SHARING RATIO BETWEEN AHMED, WAHID & KHALID: Old…

Answered: on March 31, 2021 is as follows.…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter7: Deductions And Losses: Certain Business Expenses And Losses

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Problem 31P

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Chan, Tan and Eric were in partnership sharing profits and losses in the ratio Chan 2/3, Tan 1/4 and Eric 1/12. Their summarized Balance Sheet as at 31 October 2019 was as follows:                                                                         $$$                  $ $ $               $$$ Fixed Assets (at Book Value) Premises                                                                                  120 000 Machinery                                                                               60 000 Motor Vehicle                                                                         9 000               189 000 Current Assets Stock                                                                           14 200 Debtors                                               18 000 less Provision for Doubtful Debts      360                 17 640 Bank                                                                            16 160             48 000 237 000 Capital Accounts Chan…
Chan, Tan and Eric were in partnership sharing profits and losses in the ratio Chan 2/3, Tan 1/4 and Eric 1/12. Their summarized Balance Sheet as at 31 October 2019 was as follows:                                                                         $$$                  $ $ $               $$$ Fixed Assets (at Book Value) Premises                                                                                  120 000 Machinery                                                                               60 000 Motor Vehicle                                                                         9 000               189 000 Current Assets Stock                                                                           14 200 Debtors                                               18 000 less Provision for Doubtful Debts      360                 17 640 Bank                                                                            16 160             48 000 237 000 Capital Accounts Chan…
Chan, Tan and Eric were in partnership sharing profits and losses in the ratio Chan 2/3, Tan 1/4 and Eric 1/12. Their summarized Balance Sheet as at 31 October 2019 was as follows:                                                                         $$$                  $ $ $               $$$ Fixed Assets (at Book Value) Premises                                                                                  120 000 Machinery                                                                               60 000 Motor Vehicle                                                                         9 000               189 000 Current Assets Stock                                                                           14 200 Debtors                                               18 000 less Provision for Doubtful Debts      360                 17 640 Bank                                                                            16 160             48 000 237 000 Capital Accounts Chan…
Chan, Tan and Eric were in partnership sharing profits and losses in the ratio Chan 2/3, Tan 1/4 and Eric 1/12. Their summarized Balance Sheet as at 31 October 2019 was as follows:                                                                         $$$                  $ $ $               $$$ Fixed Assets (at Book Value) Premises                                                                                  120 000 Machinery                                                                               60 000 Motor Vehicle                                                                         9 000               189 000 Current Assets Stock                                                                           14 200 Debtors                                               18 000 less Provision for Doubtful Debts      360                 17 640 Bank                                                                            16 160             48 000 237 000 Capital Accounts…
Chan, Tan and Eric were in partnership sharing profits and losses in the ratio Chan 2/3, Tan 1/4 and Eric 1/12. Their summarized Balance Sheet as at 31 October 2019 was as follows:                                                                         $$$                  $ $ $               $$$ Fixed Assets (at Book Value) Premises                                                                                  120 000 Machinery                                                                               60 000 Motor Vehicle                                                                         9 000               189 000 Current Assets Stock                                                                           14 200 Debtors                                               18 000 less Provision for Doubtful Debts      360                 17 640 Bank                                                                            16 160             48 000 237 000 Capital Accounts…
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Dasal, Kho, Papasa, and Akho are partners sharing earnings in the ratio of 4:5:4:7. The balance of their capital accounts on December 31, 2019 are as follows: Dasal, P4,000; Kho, P20,000; Papasa, P20,000; and Akho, P8,000. The partners decided to liquidate, and they accordingly convert all non-cash assets into P24,000 cash. After paying the liabilities amounting toP4,000, they have P22,000 to divide. Assume that a debit balance in any partner's capital is uncollectible. How much did Kho receive in the final distribution ofcash?
NEED ASAP. Solve correctly and show your computations. Ada, Bea, Cindy and Diane are partners, sharing earnings in the ratio of 3/21, 4/21, 6/21 and 8/21. The balances of their capital accounts on December 31, 2020 are: Ada, P10,000, Bea, P250,000; Cindy, P250,000; and Diane, P90,000. The partners decide to liquidate and they accordingly convert the noncash assets into cash. After paying the liabilities amounting to P60,000, they have P222,000 to divide. How much cash Bea should receive? A. P0 B. P138,800 C. P83,200 D. P44,000
The December 31, 2020 Statement of Financial Position of the Alyza, Angiela, and Pamela Partnership is summarized as follows:Cash P100,000 Angiela, Loan P100,00Other assets, at cost 500,000 Alyza, Capital 100,00Angiela, Capital 200,000Pamela, Capital 200,000P600,000 P600,000The partners share profits and losses as follows: Alyza, 20%; Angiela, 30%; and Pamela, 50%, Angiela is retiring from the partnership and the partners have agreed that “other assets” should be adjusted to their fair value of P600,000 at December 31, 2020. They further agreed that Angiela will receive P244,000 cash for his partnership interest exclusive of the loan, which is to be paid in full. No goodwill implied by Angiela’s payment will be recorded:After Pamela’s retirement, the capital balances of Alyza and Pamela, respectively, will be:a. P116,000 and P240,000 c. P100,000 and P200,000b. P101,714 and P254,286 d. P73,143 and P182,857

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