Prepare journal entries regarding the partnership dissolution.
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The following debit (credit) balances on the account of SAM
Sucrose, Capital (P1,000,000)
Albedo, Capital ( 1,200,000)
Mona, Capital ( 800,000)
Sucrose, Loan 100,000
Albedo, Loan 300,000
Mona, Loan ( 100,000)
Sucrose, Albedo and Mona currently allocate their
Required: Prepare
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- The following debit (credit) balances on the account of GYC Partnership are as follows: Gie, Capital (P1,000,000) Yan, Capital ( 1,200,000) Carl, Capital ( 800,000) Gie, Loan 100,000 Yan, Loan 300,000 Carl, Loan ( 100,000) Gie, Yan and Carl currently allocate their profits and losses based on the ratio of 3:4:3, respectively. With the consent of the remaining partners, Yan decided to retire from the partnership by selling 75% of his capital to Ben (outsider) for P750,000, and the remaining interest (including the loan) was sold to the partnership in which he received P50,000 in total. Required: Prepare journal entries regarding the partnership dissolution.How much will Mira receive if the net income earned is P 155,000? Using information in number 7, except that the company incurred net loss of P 9,200, compute for the share of each partner.The following debit (credit) balances on the account of PNJ Partnership are as follows: Pao, Capital (P1,000,000) Nail, Capital ( 1,200,000) Jack, Capital ( 800,000) Pao, Loan 100,000 Nail, Loan 300,000 Jack, Loan ( 100,000) Pao, Nail and Jack currently allocate their profits and losses based on the ratio of 3:4:3, respectively. With the consent of the remaining partners, Nail decided to retire from the partnership by selling 75% of his capital to Jin (outsider) for P750,000, and the remaining interest (including the loan) was sold to the partnership in which he received P50,000 in total. Required: Prepare journal entries regarding the partnership dissolution.
- GNAR, GWEN and JINX are lawyers who agreed to form a partnership and to share profits in the ratio of 5:3:2. They also agreed that JINX is to bellowed a salary of P14,000, and GWEN is to be guaranteed of P10,500 as his share of the profits. During the first year of operation, income from fees are P90,000, while expenses total P48,000. What amount of net income should be credited to GWEN's capital account?Abad, Aglugub and Onate agreed to share profits or losses according to the ratio of their respective investments at the beginning of the year of P300,000, P250,000 and P450,000. Calculate the share of each partner under if the Income Summary account balance is a credit balance of P270,000.The following is the Balance Sheet of Tahani and Alaa sharing profit and losses in the ratio of 2 : 1. Assets Amount Amount (OMR) (OMR) Cash 12,000 Sundry Debtors 60,000 Stock 12,000 Furniture 6,000 Building 20,000 Total 1,10,000 Liabilities Amount Amount (OMR) (OMR) Capitals: Tahani 50,000 Alaa 40,000 90,000 Sundry creditors 20,000 Total 1,10,000 They agreed to admit Sunita into partnership on the following terms: (i) Suhaila to pay OMR 9,000 as Goodwill. (ii) Suhaila bring OMR 11,000 as her Capital for 1/4 share of profit in the business. (iii) Building and furniture to be depreciated at 5%. Stock is reduced by OMR 1,600 and create provision for Bad Debt OMR1,300. Prepare Revaluation Account, Partners’…
- Hosea, Riziki and Zarika are trading as Horizon enterprises. They share profits and losses in the ratio of 2:2:1 respectively. The following is the statement of comprehensive income for the partnership for the year ended 31 December 2018: Shs. Shs. Sales Opening stock Purchases Closing stock Gross profit Less: Salaries Repairs and maintenance Interest Goodwill Depreciation Mortgage repayment Insurance Auditee Legal fee Equipment purchase Rent and rates Net profit 300,000 4,000,000 (600,000) 900,000 100,000 480,000 198,000 142,000 200,000 384,220 315,780 100,000 200,000 18,0000 8,000,000 (3700,000) 4,300,000 (3,200,000) 1,100,000 Additional information 1. Opening inventory and closing inventory were overvalued by 30%. 2. Included in interest expense is interest on capital to partners of Sh. 80,000. This amount was to be shared in the profit sharing ratio. The balance of interest relates to an…Rosy, Roland and Robert were partners with capital balances as at year end of P250,000; P350,000; P400,000, respectively. The partner's agreement stated that profit sharing will be based on year-end capital balances. If the net income for the year before 30% income tax amounted P280,000, how much will be the profit share of Roland ?The information given below was extracted from the accounting records of Total Limited, a partnership business with Glen and Murry as partners. Information:Extract from the ledger of Total Limited on 30 June 2021 R Capital: Glen 400 000 Capital: Murry 300 000 Current a/c: Glen (01 July 2020) 45 000 CR Current a/c: Murry (01 July 2020) 42 000 DR Drawings: Glen 95 000 Drawings: Murry 110 000 The following must be taken into account:1. On 30 June 2021 the Profit and Loss account reflected a net profit of R940 000.2. Partners are entitled to interest at 14% p.a. on their capital balances.Note: Glen decreased his capital contribution by R90 000 on 01 July 2020.This capital decrease has been recorded.3. Partners are entitled to the following monthly salaries:• Glen R13 000 for the first ten months of the financial year and R15 000• for the next two months.• Murry R10 000 per month throughout the year.4. Partner Murry is entitled to a bonus equal to 10% of the…
- The following condensed balance sheet is presented for the partnership of Nick, Pick, andNick, who share profits and losses in the ratio 4:3:3, respectively: Cash P 45,000 Accounts payable P 105,000 Other assets 415,000 Rick, loan 15,000 Nick, loan 10,000 Nick, capital 155,000 Pick, capital 100,000 Rick, capital 95,000 P 470,000 P 470,000 Questions: 1. Assume that the assets and liabilities are fairly valued on the balance sheet and that thepartnership decides to admit Tick as a partner, with a 20% interest. No goodwill or bonusis to be recorded. How much should…Victoria, Wilda and Xenia are partners in a consultancy firm which commenced its operation on July 1, 2018. Victoria is the managing partner. As per agreement for sharing profits, the managing partner will receive a salary of P12,000 per month and the remaining profit will be shared by the partners equally. On December 31, 2018, the firm determined that its income was P 300,000. How much will Wilda receive as her share in the profit? A. P 76,000 B. P 96,000 C. P 52,000 D. P 84,000The notes payable amount for Trent and Dana’s company totaled $55,000, and the accounts payable totaled $59,000. The total sale of noncash assets realized a gain of $7,400. If the partnership pays in full, how much will their creditors be paid? 1.$120,600 2.$106,600 3.$66,400 4.$114,000