QUESTION 10 Which one of the following alternatives represents the correct amount of trade and other receivables in the statement of financial position of Nkoene and Associates at 30 June 2021? O A. 25 000 O B. 22 500 O C. 15 500 O D. 18 000 O E. 19 500
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- Dexter Thomas and Herman Walker, attorneys, operate a law practice. They would like to expand the expertise of their firm. In anticipation of this, they have agreed to admit Jewell Lorenzo to the partnership on January 1, 20X1. The capital account balances on January 1, 20X1, after revaluation of assets, are Thomas, $340,000, and Walker, $300,000. Net income or net loss is shared equally. Required:Prepare the entries in general journal form to record the admission of Lorenzo to the partnership on January 1, 20X1, under each of the following independent conditions: Thomas sells one-half of his interest in the partnership to Lorenzo for $276,000 cash. Thomas sells one-half of his interest in the partnership to Lorenzo for $188,000 cash. Lorenzo invests $260,000 in the business for a 25 percent interest in the partnership. Lorenzo invests $268,000 in the business for a 30 percent interest in the partnership. Analyze:Assume that Lorenzo invests $260,000 in the business for a 25 percent…Musa Moshref and Shaniqua Hollins have operated a successful firm for many years, sharing net income and net losses equally. Taylor Anderson is to be admitted to the partnership on July 1 of the current year, in accordance with the following agreement: a. Assets and liabilities of the old partnership are to be valued at their book values as of June 30, except for the following: • Accounts receivable amounting to $2,600 are to be written off, and the allowance for doubtful accounts is to be increased to 5% of the remaining accounts. • Merchandise inventory is to be valued at $77,000. • Equipment is to be valued at $155,500. b. Anderson is to purchase $70,600 of the ownership interest of Hollins for $75,000 cash and to contribute another $44,500 cash to the partnership for a total ownership equity of $115,100. The post-closing trial balance of Moshref and Hollins as of June 30 is as follows: Moshref and Hollins POST-CLOSING TRIAL BALANCE June 30, 20Y7…On August 1, Isada and Ureta pooled their assets to form a partnership , with the firm to take over their business assets and assume the liabilities. Partnership capitals are to be based on net assets transferred after the following adjustments. Profits and losses are allocated equally. The inventory of Ureta is to be increased by P4,000; an allowance for doubtful accounts of P1,000 and P1,500 are to be set up in the books of Isada and Ureta, respectively and accounts payable of P4,000 is to be recognized in Isadas’ book. The individual trial balances on August, before adjustment are as follows: Isada Ureta Assets 75,000 113,000 Liabilities 5,000 34,500 What is the capital balance of Isada and Ureta after the above adjustments?
- ASHE and AZIR CPAs who have an Accounting firm who share profits and losses in the ratio of 70% and 30% respectively. On June 30, 2021, the capital balances of ASHE and AZIR were P3,200,000 and P2,800,000, respectively. They have also agreed to admit BARD as a partner as they knew that BARD would be a great addition to their Accounting firm with a 30% capital interest. BARD invests P2,000,000 in the partnership, what would be the capital balance of ASHE after the admission of BARD?Sandhill Accountants is a partnership with three partners. On February 29, 2024, the three partners, M. Anderson, H. White, and A. Martin, have capital balances of $80,940, $68,520, and $40,800, respectively. The profit and loss ratio is 4: 3:1. On March 1, 2024, White withdraws from the partnership and the remaining partners agree to pay him $85,680 cash from the partnership assets. After White leaves, Anderson and Martin agree to a 4:2 profit ratio. During the year ended February 28, 2025, the partnership earns a profit of $22,860. Neither Anderson nor Martin makes any withdrawals because the partnership is short of cash after paying White. On March 1, 2025, Anderson and Martin agree to admit C. Clark to the partnership with a 45% interest for $71,400 cash. After Clark is admitted, the new profit and loss ratio will be 4:2:5 for Anderson, Martin, and Clark, respectively. Journalize the withdrawal of White from the partnershipKimble, Sykes, and Gerard open an accounting practice on January 1, 2022, in Chicago, Illinois, to be operated as a partnership. Kimble and Sykes will serve as the senior partners because of their years of experience. To establish the business, Kimble, Sykes, and Gerard contribute cash and other properties valued at $248,000, $200,000, and $112,000, respectively. An articles of partnership agreement is drawn up stipulating the following: Personal drawings are allowed annually up to an amount equal to 10 percent of the partner's beginning capital balance for the year. Profits and losses are allocated according to the following plan: Each partner receives an annual salary allowance of $55 per billable hours worked. Interest is credited to the partners’ capital accounts at the rate of 12 percent of the beginning capital balance for the year. Kimble and Sykes are eligible for an annual bonus of 10 percent of net income after subtracting the bonus, salary allowance, and interest. The…