The accounts of Kelly, Loise, and Kyla, who share profits in a 5:3:2 ratio, are as follows on December 31, 2010: Kelly, drawing (Dr.) Kyla, drawing (Cr.) Receivable fr. Kelly (Dr.) P 10,000 Loise, loan 4,000 Kelly, capital 6,000 Loise, capital Kyla, capital P 12,000 49,500 37,000 32,500 Total assets amount to P176,000, including P53,500 cash. The partnership is liquidated and Kyla ultimately receives P27,500 as his share of cash in final distribution. How much did Kelly and Loise receive? P10,500; P34,500 P11,000; P35,500 P11,000; P35,000 O P12,000; P35,500
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- Rachelle, Patrick, and Lorreyn formed the RPL Professional Partnership on April 1, 20X2, by contributing capital. They agreed that Lorreyn would receive P20,000 as manager of the firm, and the remainder will be divided according to the profit ratio of 34%, 44%, 22%, respectively. At the end of the month, the company had a net loss of P900,000. Discuss how the loss shall be distributed in no more than five (5) sentences.Cam, Andy and Rae are partners in CAR Brokers and share losses in a 3:4:3 ratio, respectively. The balance sheet on December 31, 2023, when they decide to liquidate the business, is as follows: Assets Liabilities and Capital Cash $1,875,000 Accounts Payable $1,000,000 Noncash Assets $937,000 Cam, Loan 312,000 Cam, Capital 500,000 Andy, Capital 375,000 Rae, Capital 625,000 Total Assets $2,812,000 Total Liabilities & Equities $2,812,000 Note: A revaluation was done for non-cash assets valuing them at $1,002,000. The noncash assets were then sold for $800,000. As the accountant for the partnership, how do i prepare a Revaluation accountCam, Andy and Rae are partners in CAR Brokers and share losses in a 3:4:3 ratio, respectively. The balance sheet on December 31, 2023, when they decide to liquidate the business, is as follows: Assets Liabilities and Capital Cash $1,875,000 Accounts Payable $1,000,000 Noncash Assets $937,000 Cam, Loan 312,000 Cam, Capital 500,000 Andy, Capital 375,000 Rae, Capital 625,000 Total Assets $2,812,000 Total Liabilities & Equities $2,812,000 Note: A revaluation was done for non-cash assets valuing them at $1,002,000. The noncash assets were then sold for $800,000. As the accountant for the partnership, how do i prepare a Statement of partnership realization and liquidation?
- Hosea, Riziki and Zarika are trading as Horizon enterprises. They share profits and losses in the ratio of 2:2:1 respectively. The following is the statement of comprehensive income for the partnership for the year ended 31 December 2018: Shs. Shs. Sales Opening stock Purchases Closing stock Gross profit Less: Salaries Repairs and maintenance Interest Goodwill Depreciation Mortgage repayment Insurance Auditee Legal fee Equipment purchase Rent and rates Net profit 300,000 4,000,000 (600,000) 900,000 100,000 480,000 198,000 142,000 200,000 384,220 315,780 100,000 200,000 18,0000 8,000,000 (3700,000) 4,300,000 (3,200,000) 1,100,000 Additional information 1. Opening inventory and closing inventory were overvalued by 30%. 2. Included in interest expense is interest on capital to partners of Sh. 80,000. This amount was to be shared in the profit sharing ratio. The balance of interest relates to an…John and Peter are in partnership sharing profits and losses in the ratio 3/5: 2/5, respectively.The following is their trial balance as of 31 December 2007.Dr Cr$ $Buildings (cost $105,000) 80,000Fixtures at cost 4,100Provision for depreciation: Fixtures 2,100Debtors 30,700Creditors 13,295Cash at bank 3,065Stock at 01 January 2008 31,370Sales 181,555.50Purchases 105,000Carriage outwards 1,705Discounts allowed 310Loan interest: M. Money 1,950Office expenses 2,380Salaries and wages 28,904.50Bad debts 816Provision for doubtful debts 700Loan from M. Money 32,500Capitals: Shoes 50,000Socks 37,500Current accounts: Shoes 2,050Socks 600Drawings: Shoes 15900Book 14,100320,300.5 320,300.5i. Stock, 31 December 2008, $35,105ii. Expenses to be accrued: Office Expenses $107.50; Wages $360iii. Depreciate fixtures 15 percent on reducing balance basis, buildings $2,500iv. Reduce provision for doubtful debts to $625v. Partnership salary: $15,000 to Shoes. Not yet enteredvi. Interest on drawings:…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 ?
- On November 10, 2020, Maher, Saher, and Taher, partners of Maher, Saher, & Taher LLP, had capital account balances of $40,000, $50,000, and $18,000, respectively, and shared net income and losses in a 4 : 2 : 1 ratio respectively. the Capital per unit of income sharing ratio for Maher would be: a. $40,000. b. $10,000. c. $20,000. d. $25,000.Villanueva and Mulles are partners sharing profits in the ratio 3:2. On Jan. 1, 2018, Lucena joined the partnership and the new profit sharing ratio is as follows: Villanueva 40%, Mulles 30% and Lucena 30%. Profits for the year ended June 30,2018 were: 6 months ended Dec. 31, 2017 P300,0006 months ended June 30, 2018 P450,000 An irrecoverable debt of P50,000 was written off in the six months to June 30 in computing the P450,000 profit. It was agreed that this expense should be borne by Villanueva and Mulles only. What is Villanueva’s total profit share for the year ended June 30, 2018?Alert Medical, LLC, consists of two doctors, Abrams and Lipscomb, who share in all income and losses according to a 2:3 income-sharing ratio. Dr. Lin has been asked to join the LLC. Prior to admitting Lin, the assets of Alert Medical were revalued to reflect their current market values. The revaluation resulted in medical equipment being increased by $40,000. Prior to the revaluation, the equity balances for Abrams and Lipscomb were$154,000 and $208,000, respectively.a. Provide the journal entry for the asset revaluation.b. Provide the journal entry for the bonus under the following independent situations:1. Lin purchased a 30% interest in Alert Medical, LLC, for $228,000.2. Lin purchased a 25% interest in Alert Medical, LLC, for $124,000.