X and Y are partners having Capitals of $80,000 and $20,000 respectively and a profit sharing ratio of 4 : 1. Z is admitted for 1/5 th share in the profits of the firm and he pays $30,000 as Capital. Find out the value of the Goodwill.
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X and Y are partners having Capitals of $80,000 and $20,000 respectively and a profit sharing ratio of 4 : 1. Z is admitted for 1/5 th share in the profits of the firm and he pays $30,000 as Capital. Find out the value 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.Ramesh, Mahesh and Suresh were partners in a firm sharing profits in the ratio of 3 : 3 : 2. Their respective fixed capitals were : Ramesh Rs. 5,00,000; Mahesh Rs. 4,00,000 and Suresh Rs. 3,00,000. They admitted Govind as a new partner for 1/5th share in the profits. Govind brought Rs. 4,00,000 as his capital and the necessary amount for goodwill premium. Their new profit sharing ratio will be 2 : 1 : 1 : 1. Calculate the value of goodwill of the firm, showing your workings clearly. Pass necessary journal entries for the above transactions on Govind’s admission.. X and Y are partners in a company with a capital of ₹1,80,000 and ₹2,00,000. Z was admitted for 1/3rd share in profits and brings ₹3,40,000 as capital. Calculate the amount of goodwill.
- Jack, King, Lloyd and Martin formed a partnership, Jack being an industrial partner while King, Lloyd and Martin being capitalist partners who contributed cash amounting to P 30,000, P 50,000 and P 40,000, respectively. The partners share profits based on capital ratio. If the partnership generated income of P 80,000 for the year, how much should Jack, the industrial partner, receive as his share in the profits? Group of answer choices P 16,000 P 20,000 P 33,333 P 26,667You were given the following capital balances of the partners of Pinnacle Trading: Stephanie Php 10,000 Angel Php 20,000 Nichole Php 30,000 The partners agreed to divide profit or loss in the ratio of their capital balances. If the partnership earned a profit of Php 30,000 for the year, compute the share of Stephanie, Angel, and Nichole to the profit of the business.X, Y and Z of XYZ Partnership have beginning capital balances of P500,000, P400,000, and P300,000 respectively. The firm has obtained a net profit of P112,000 Salaries of P15,000, P20,000, and P25,000 will be given to each partner respectively, and interest at 3% of the beginning capital balances would be allowed in profit distribution. Any remaining amount will be divided to each partner at 3:11 the share of each partner in the net income would be A.P28.080 P50.560: P33.360 B.P28,080, P35,200; P48,720 C.P39,600 P35,2 10, P37,200 D. P35,600, P-50,5-50; P21,540
- Queen and king are partners with capital balances 550,000 and 350,000 respectively; the share income and loss in the ratio of 1:3 respectively. Second is to invest 180,000 cash and is to recieve a one-tenth in the partnership. What is the total prtnership equity?tephanie Calamba and Allan Brillantes decided to form a partnership. They agreed that Calamba will invest P200,000 and Brillantes, P300,000. Calamba will devote full time to the business, and Brillantes on part-time only. The following plans for the division of profits are being considered: Equal division In the ratio of original investments In the ratio of time devoted to the business Interest of 10% on original investments and the remainder in the ratio of 3:2 Interest of 10% on original investments, salary allowances of P340,000 to Calamba and P170,000 to Brillantes, and the remainder equally. Plan (e), except that Calamba is also to be allowed a bonus equal to the 20% of the amount by which profit exceeds the salary allowances. Determine the partners’ share in profit or loss for each of the situations above assuming: (1) Profit of P1,500,000 (2) Profit of P660,000 Question Stephanie Calamba and Allan Brillantes decided to form a partnership. They agreed that Calamba will invest…Mohammed and Rashid are partners sharing profits in the ratio of 3:2 with capitals of OMR 50,000 and OMR 40,000 respectively. Interest on capital is agreed at 8% p.a. Interest on drawings is fixed at 10% p.a. The drawings of the partners were OMR 15,000 and OMR 10,000. Mohammed is entitled to a salary of OMR 12,000 p.a. and Rashid is entitled to get a commission of 10% on the Net Profit before charging such commission. The Net Profit of the firm before making the above adjustments was OMR 60,000 for the year ended 2021. Prepare the profit and loss appropriation account and capital Accounts
- Karasuma and Irina are partners who have capitals of P6,000 and P4,800 and who share profits in the ratio of 3:2. Koro is admitted as a partner upon investing cash of P5,000, with profits to be shared equally. Required: Assume that Koro is allowed a 25% interest in the firm. What entries would be made in recording the investment if the asset revaluation method is used? What entries would be made if the bonus method is used? Which method will be preferred by Koro? How much will Koro gain by the use of this method?Galang and Hizon are partners who have capitals of P600,000 and P480,000 sharing profits in the ratio of 3:2. Isleta is admitted as a partner upon investing P500,000 for a 25% interest in the firm, profits to be shared equally. Given the choice between asset revaluation and bonus methods, Isleta will Group of answer choices Be indifferent because the asset revaluation and bonus methods are the same Prefer asset revaluation method due to Isleta’s gain of P140,000 Prefer bonus method due to Isleta’s gain of P35,000 Prefer bonus method due to Isleta’s gain of P140,000Banner and Strange are partners who have a capital balances of P65,000 and P35,000 and share profits 3:2. Wanda is admitted as a partner and is given a 25% interest in the firm upon investing P40,000 cash. Profits are to be share 5:3:2 by Banner, Strange and Wanda. Subsequently a new partner, Peter, was admitted by investing P25,000 cash for a 20% interest in assets and a 20% share of the firm’s profits. Former partners share the balance of profits in their original ratio. Banner has difficulty getting along with Peter as a result, Banner withdraws from partnership. The partnership pays P73,000 cash for Banner’s interest. How much is the capital balances of Strange after Banner’s withdrawal under bonus method?
