FUND OF ACCT PRIN (LOOSE)+ACCESS CARD
25th Edition
ISBN: 9781264749812
Author: Wild
Publisher: MCG
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Chapter 12, Problem 12QS
To determine
Introduction:
To Prepare: The Journal entry for the withdrawal of members.
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Students have asked these similar questions
Withdrawal of a Partner
Gregorio is retiring from the partnership of Guerra, Guillermo, and Gregorio. The profit and loss ratio is 2:2:1, respectively. After the accountant has posted the revaluation and closing entries, the credit balances in the Capital accounts are: Guerra, P530,000; Guillermo, P430,000; and Gregorio, P210,000.
Required: Journalize the journal entries to record the retirement of Gregorio under each of the following unrelated assumptions:
Gregorio retires, talking P210,000 of partnership cash for her equity.
Gregorio retires, talking P270,000 of partnership cash for her equity.
Sole proprietorship converted to partnership. Revaluation of assets and liabilities required.
Dominic, the proprietor of Suds and Bubbles Laundry Shop invites Augustine to be a partner in his business. Accounts in the ledger of Dominic on August 1, 2023 just
before the admission of Augustine show the following:
Account Titles
Cash
Accounts Receivables
Allowance for Bad Debts.
Laundry Supplies
Furniture and Equipment
Accumulated Depreciation - Furniture and
Equipment
Accounts payable
Dominic, Capital
Total
Debit
P215.000
120,000
87,500
750,000
Credit
P6,000
168,750
92.500
905.250
P 1.172.500 P1,172,500
It was agreed that for the purpose of establishing Dominic's interest, the following revaluations shall be made:
1. The allowance for bad debts shall be increased by 5% of outstanding accounts receivable.
2. The Laundry Supplies inventory is to be valued at P 80,000.
3. And a professional appraiser estimated that the furniture and equipment is worth P550,000.
4. Electricity consumption…
J.K. SHAH
CLAS SES
CA FOUNDATION- ACCOUNTANCY
Required:
Prepare necessary journal entries.
Q.4 Calculate gain ratio in following cases
Case -1
A. B and C are partners sharing profits and losses in the ratio of 1/2, 3/10 and
1/5 respectively. B retires from the firm and A&C decide to share future profits and
losses in the ratio of 3:2.
Case-2
W, A, B and C are partners sharing profits and losses in the ratio of 1/3, 1/6, 1/3
and 1/6 respectively. B retires and W, A and C decide to share future profits and
losses equally.
Case-3
B and C are partners sharing profits and losses in the ratio of 25:15:9. B
retires and it is decided that profit sharing ratio between A&C will be the same as
existing between B and C.
Case-4
A, B and Care partners sharing profits and losses in the ratio of 4/9, 1/3 and 2/9.
B retires and surrenders 1/9th of his share in favour of A and remaining in favour
of C.
Q.5 A partner's loan stands at ? 30,000 being amount payable to partner on
retirement
and that it has…
Chapter 12 Solutions
FUND OF ACCT PRIN (LOOSE)+ACCESS CARD
Ch. 12 - Prob. 1QSCh. 12 - Prob. 2QSCh. 12 - Prob. 3QSCh. 12 - Prob. 4QSCh. 12 - Prob. 5QSCh. 12 - Prob. 6QSCh. 12 - Prob. 7QSCh. 12 - Prob. 8QSCh. 12 - QS 12-9
Liquidation of partnership
P5
The Field,...Ch. 12 - Prob. 10QS
Ch. 12 - Prob. 11QSCh. 12 - Prob. 12QSCh. 12 - Prob. 13QSCh. 12 - Prob. 14QSCh. 12 - Prob. 1ECh. 12 - Prob. 2ECh. 12 - Prob. 3ECh. 12 - Prob. 4ECh. 12 - Prob. 5ECh. 12 - Prob. 6ECh. 12 - Prob. 7ECh. 12 - Prob. 8ECh. 12 - Prob. 9ECh. 12 - Prob. 10ECh. 12 - Prob. 11ECh. 12 - Prob. 12ECh. 12 - Prob. 13ECh. 12 - Prob. 14ECh. 12 - Prob. 15ECh. 12 - Prob. 1PSACh. 12 - Prob. 2PSACh. 12 - Prob. 3PSACh. 12 - Prob. 4PSACh. 12 - Prob. 5PSACh. 12 - Prob. 6PSACh. 12 - Prob. 1PSBCh. 12 - Prob. 2PSBCh. 12 - Prob. 3PSBCh. 12 - Prob. 4PSBCh. 12 - Prob. 5PSBCh. 12 - Prob. 6PSBCh. 12 - Prob. 12SPCh. 12 - Prob. 1AACh. 12 - Prob. 2AACh. 12 - Prob. 3AACh. 12 - Prob. 1DQCh. 12 - Prob. 2DQCh. 12 - Prob. 3DQCh. 12 - Prob. 4DQCh. 12 - Prob. 5DQCh. 12 - Prob. 6DQCh. 12 - Prob. 7DQCh. 12 - Prob. 8DQCh. 12 - Prob. 9DQCh. 12 - Kay, Kat, and Kim are partners. In a liquidation,...Ch. 12 - Prob. 11DQCh. 12 - Prob. 12DQCh. 12 - Prob. 1BTNCh. 12 -
BTN 12-4 Assume that you are studying for an...Ch. 12 - BTN 12-3 Access the 2017 10-K of Advanced...Ch. 12 - Prob. 4BTN
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