Pedro paid pepito 500k from the 1.2m adjusted total capital of the partnership if pepitos capital balance is 450k at the time of payment pedros capital balance will be?
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Pedro paid pepito 500k from the 1.2m adjusted total capital of the
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- The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $40,000 B. $25,000 C. ($5,000) In addition, show the resulting entries to each partners capital account. Tatums capital account balance is $50,000 and Brooks is $60,000.Juan contributes marketable securities to a partnership. The book value of the securities is $7,000 and they have a current market value of $10,000. What amount should the partnership record in Juans Capital account due to this contribution? A. $10,000 B. $7,000 C. $3,000 D. none of the aboveThe partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a $7,000 salary and Sue receives a $6,500 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $10,000 B. $5,000 C. ($12,000) In addition, show the resulting entries to each partners capital account.
- Arun and Margot want to admit Tammy as a third partner for their partnership. Their capital balances prior to Tammys admission are $50,000 each. Prepare a schedule showing how the bonus should be divided among the three, assuming the profit or loss agreement will be 1:3 once Tammy has been admitted and her contribution is: A. $20,000 B. $80,000 C. $50,000. In addition, show the resulting journal entries to each of the three partners capital accounts.The partnership of Chase and Chloe shares profits and losses in a 70:30 ratio respectively after Chloe receives a $10,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $ 30,000 B. $ 6,000 C. ($10,000)The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have capital balances of $45,000 each. Prepare a schedule showing how the bonus should be divided if Ashanti joins the partnership with a $60,000 investment. The partners new agreement will share profit and loss in a 1:3 ratio.
- Talagtag paid Capricio P900,000 for his 650,000 interest in a Partnership. On the partnership books, a. Talagtag will have a capital balance of P650,000 b. Talagtag will receive a bonus c. Talagtag will have a capital balance of P900,000 d. Talagtag will give up a bonusPartners Alusterio and Advicula receive a salary of P150,000 and P300,000, respectively and share profit and losses in a 2:1 ratio, respectively. If the partnership suffered a P150,000 loss in 2018, what will be the share of each partner?Partners Y and Z receive a salary of P15,000 and P30,000, respectively, and share income and losses in a 2:1 ratio, respectively. If the partnership suffers a P15,000 net loss in 2010, the entry to close the income or loss into their capital accounts is: a. Y, Capital Z, Capital b. Y, Capital Income Summary c. Y, Capital Z, Capital O O O O O A Z, Capital Income Summary d. Y, Capital B Income Summary Z, Capital Income Summary 15,000 30,000 25,000 10,000 5,000 20,000 45,000 10,000 15,000 15,000 10,000 10,000
- Partners Coleen and Norlyn received a salary of 150000 and 300000 and will share profit and loss in a 2:1 ratio respectively. If the partnership suffered a 150,000 loss in 2020, determine how the loss will be distributed to Coleen and Norlyn.Coleen's share on profit or loss?Norlyn's share on profit or loss?How much is the total amount to be distributed using the 2:1 ration?Juan and Pedro’s partnership agreement shows that they will receive a salary of P150,000 and P100,000, respectively. Should there be a remainder, such will be divided based on their average capital balances. Below shows information in their respective capital balances:Juan, capital ending balance – P 3,000,000Debits: June 1 - P 500,000Credits: March 30 – P 1,000,000Credits: October 30 – P 500,000 Pedro, capital ending capital balance – P 4,500,000Credits: May 1 – P 1,000,000Credits: August 31 – P 1,000,000Income for the year amounted to P 300,000. How much profit will be distributed to Juan?Douglas pays Selena $45,700 for her 25% interest in a partnership with net assets of $127,900. Following this transaction, Douglas's capital account should have a credit balance of a. $45,700 b. $127,900 c. $11,425 d. $31,975
