Required information [The following Information applies to the questions displayed below] The Field, Brown & Snow partnership was begun with Investments by the partners as follows: Fleld. $131.700: Brown, $165.600; and Snow, $153,700. The partners decide to liquidate, sharing all osses equally. On May 31, after all assets were sold and all creditors were pald, only $43,900 in partnership cash remained. ompute the capital account balance of each partner after the liquidation of assets and payment of creditors. (Losser pative capital balances, if any, should be entered with a minus sign.) Field Brown Snow Total al investments pcation of gains (losses) pital balances
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
![Required Information
[The following information applies to the questions displayed below.]
The Fleld, Brown & Snow partnership was begun with Investments by the partners as follows: Field,
$131,700; Brown, $165,600; and Snow. $153,700. The partners decide to liquidate, sharlng all losses equally.
On May 31, after all assets were sold and all creditors were pald, only $43,900 in partnership cash
remalned.
1. Compute the capital account balance of each partner after the liquldation of assets and payment of creditors. (Losses and
negative capital balances, If any. should be entered with a minus sign.)
Field
Brown
Snow
Total
Initial investments
Allocation of gains (losses)
Capital balances](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffe46867b-8e32-4051-86e0-c12e0211534e%2F5c4f5334-bbfb-42a9-b63a-09cbd1744830%2Fzd6mcgq_processed.png&w=3840&q=75)
![Required information
[The following information applies to the questions dlisplayed below.]
Ramer and Knox began a partnershlp by Investing $62,000 and $93,000, respectively.
3. The partners agreed to share Income by glving a $56,000 per year salary allowance to Ramer, a $46,000 per year salary
allowance to Knox, 10% Interest on their Initlal capital Investments, and the remaining balance shared equally. Net Income is
$190,000. (Enter all allowances as positive values. Enter losses as negative values.)
Ramer
Knox
Total
Net Income
Salary allowances
Interest allowances
Total salary and interest
Balance of income
Balance allocated equally
Balance of income
Shares of the partners](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffe46867b-8e32-4051-86e0-c12e0211534e%2F5c4f5334-bbfb-42a9-b63a-09cbd1744830%2Fvkxd5u_processed.png&w=3840&q=75)
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