Homework Answers
Answer is
| Rori | Sori | Tory | ||||||
| capital | 50000 | 50000 | 50000 | 150000 | ||||
| Withdrawl | 60000 | 55000 | 25000 | 140000 | ||||
| Profit | 310000 | |||||||
| Less: | ||||||||
| Interest on capital @10% | 15000 | assumed profit is prior to adjustment of this transaction | ||||||
| Interest on withdrawl | -7000 | assumed profit is prior to adjustment of this transaction | ||||||
| Tory salary | -120000 | assumed profit is prior to adjustment of this transaction | ||||||
| 198000 | ||||||||
| A. | Division of profit | |||||||
| Rori | Sori | Tory | ||||||
| Ratio of profit sharing | 2 | 3 | 5 | 10 | ||||
| Profit | 39600 | 59400 | 99000 | 198000 | ||||
| B | Current account partners | |||||||
| Rori | Sori | Tory | ||||||
| Opening balance | 30000 | 20000 | 40000 | |||||
| Add: | Salary | 0 | 0 | 120000 | ||||
| Add: | Profit | 39600 | 59400 | 99000 | ||||
| Add: | Interest on working captial | 5000 | 5000 | 5000 | ||||
| Less: | Withdrawls | -60000 | -55000 | -25000 | ||||
| Less: | Interest on withdrawls | -3000 | -2750 | -1250 | ||||
| 11600 | 26650 | 237750 | ||||||
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Drawings PUSAT PENGAJIAN PERAKAUNAN FAKULTI EKONOMI DAN PENGURUSAN SEMESTER 1 SESI 2018/2019 EPPD1033 TUTORIAL: ACCOUNTING FOR...
Eyes and Mouth started an accounting firm on January 1, 2018. Each partner brought GHC15,000 but...
Eyes and Mouth started an accounting firm on January 1, 2018. Each partner brought GHC15,000 but Eyes made an additional payment of GHC10,000 to the firm. The profit for the first year was GHC8,500, and during the course of the year each partner had taken GHC2,400 from the firm for personal use. Requirement One: Prepare i. The partners appropriation account for the first year (January 1 to December, 2018) ii. Partners current accounts for the first year (January 1 to...
E12-20 Accounting for withdrawal of a partner The O'Hara, Parness, and Lincoln partnership balance sheet reports...
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. Carlson Cits market value $5,500,000. The Et contributes $12-3 Accounting for partner contributions Kur and...
. Carlson Cits market value $5,500,000. The Et contributes $12-3 Accounting for partner contributions Kur and Warforming a partnership to develop a theme park near Cars onda kurr contribus cash of 300,000 and land with a current market of $10, When urrundused the land in 2015, its cost was 35,500 partnership will assume Kurth 500 note payable on the land Wyatt com Cash of SSD and again st a current market value of $5,500,000 Requirements 1. Journaline the partnerships receipt...
part 2 only Required 1. Prepare journal entries for the following dates: a. July 1, 2019...
part 2 only
Required 1. Prepare journal entries for the following dates: a. July 1, 2019 b. June 20, 2020 c. June 30, 2020 d. July 1, 2020 2. Calculate the balance in each partner's capital account immediately after the July 1, 2020, entry. Help Me SOLVE IT Problem 11-6B Partnership entries, profit allocation, withdrawal of a partner LO2, 3, 4 CHECK FIGURES: 1a. Cr. Harris: $56.000: 1b. Cr. Davis: $110.600:1c. Cr. Harris: $157,500 On November 1, 2020, Harris, Davis,...
help with req 1-4 LOT is a partnership owned by Lisby, Oyler, and Tellman. The partners'...
help with req 1-4
LOT is a partnership owned by Lisby, Oyler, and Tellman. The partners' profit-and-loss-sharing ratio is 3:1:4, respectively. The adjusted trial balance of the partnership at November 30, 2018, follows: EB (Click the icon to view the trial balance.) Read the requirements. Requirement 1. Prepare a statement of partners' equity for the month ended November 30, 2018. Use a separate column for each partner in the statement of partners' equity. Assume no new capital contributions during November....
QUESTION 4 PARTNERSHIPS The information given below was extracted from the accounting business with Tim and...
QUESTION 4 PARTNERSHIPS The information given below was extracted from the accounting business with Tim and Mol as partners. REQUIRED Prepare the Statement of changes in equ following format (20 MARKS) e accounting records of TiMol Traders, a partnership changes in equity for the year ended 31 December 2018 using the (20) STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED Capital Accounts Balance at 1 January 2018 Changes in capital Balance at 31 December 2018 "T FOR THE YEAR...
Gray, Stone, and Lawson open an accounting practice on January 1, 2016, in San Diego, California,...
Gray, Stone, and Lawson open an accounting practice on January
1, 2016, in San Diego, California, to be operated as a partnership.
Gray and Stone will serve as the senior partners because of their
years of experience. To establish the business, Gray, Stone, and
Lawson contribute cash and other properties valued at $420,000,
$390,000, and $195,000, respectively. An articles of partnership
agreement is drawn up. It has the following stipulations:
Personal drawings are allowed annually up to an amount equal...
Gray, Stone, and Lawson open an accounting practice on January 1, 2016, in San Diego, California,...
Gray, Stone, and Lawson open an accounting practice on January 1, 2016, in San Diego, California, to be operated as a partnership. Gray and Stone will serve as the senior partners because of their years of experience. To establish the business, Gray, Stone, and Lawson contribute cash and other properties valued at $410,000, $340,000, and $170,000, respectively. An articles of partnership agreement is drawn up. It has the following stipulations: Personal drawings are allowed annually up to an amount equal...
Gray, Stone, and Lawson open an accounting practice on January 1, 2016, in San Diego, California,...
Gray, Stone, and Lawson open an accounting practice on January 1, 2016, in San Diego, California, to be operated as a partnership. Gray and Stone will serve as the senior partners because of their years of experience. To establish the business, Gray, Stone, and Lawson contribute cash and other properties valued at $340,000, $310,000, and $155,000, respectively. An articles of partnership agreement is drawn up. It has the following stipulations: Personal drawings are allowed annually up to an amount equal...
Gray, Stone, and Lawson open an accounting practice on January 1, 2016, in San Diego, California,...
Gray, Stone, and Lawson open an accounting practice on January 1, 2016, in San Diego, California, to be operated as a partnership. Gray and Stone will serve as the senior partners because of their years of experience. To establish the business, Gray, Stone, and Lawsoń contribute cash and other properties valued at $210,000, $180,000, and $90,000, respectively. An articles of partnership agreement is drawn up. It has the following stipulations: Personal drawings are allowed annually up to an amount equal...
E12-20 Accounting for withdrawal of a partner The O'Hara, Parness, and Lincoln partnership balance sheet reports capital of $50,000 for O'Hara, $125,000 for Parness, and $25,000 for Lincoln. O'Hara is withdraw- ing from the firm. The partners have shared profits and losses in the ratio of 1/2 to O'Hara, 1/4 to Parness, and 1/4 to Lincoln. The partnership agreement states that a withdrawing partner will receive cash equal to the book value of his or her partners' equity. Journalize the...
. Carlson Cits market value $5,500,000. The Et contributes $12-3 Accounting for partner contributions Kur and Warforming a partnership to develop a theme park near Cars onda kurr contribus cash of 300,000 and land with a current market of $10, When urrundused the land in 2015, its cost was 35,500 partnership will assume Kurth 500 note payable on the land Wyatt com Cash of SSD and again st a current market value of $5,500,000 Requirements 1. Journaline the partnerships receipt...
part 2 only
Required 1. Prepare journal entries for the following dates: a. July 1, 2019 b. June 20, 2020 c. June 30, 2020 d. July 1, 2020 2. Calculate the balance in each partner's capital account immediately after the July 1, 2020, entry. Help Me SOLVE IT Problem 11-6B Partnership entries, profit allocation, withdrawal of a partner LO2, 3, 4 CHECK FIGURES: 1a. Cr. Harris: $56.000: 1b. Cr. Davis: $110.600:1c. Cr. Harris: $157,500 On November 1, 2020, Harris, Davis,...
help with req 1-4
LOT is a partnership owned by Lisby, Oyler, and Tellman. The partners' profit-and-loss-sharing ratio is 3:1:4, respectively. The adjusted trial balance of the partnership at November 30, 2018, follows: EB (Click the icon to view the trial balance.) Read the requirements. Requirement 1. Prepare a statement of partners' equity for the month ended November 30, 2018. Use a separate column for each partner in the statement of partners' equity. Assume no new capital contributions during November....
QUESTION 4 PARTNERSHIPS The information given below was extracted from the accounting business with Tim and Mol as partners. REQUIRED Prepare the Statement of changes in equ following format (20 MARKS) e accounting records of TiMol Traders, a partnership changes in equity for the year ended 31 December 2018 using the (20) STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED Capital Accounts Balance at 1 January 2018 Changes in capital Balance at 31 December 2018 "T FOR THE YEAR...
Gray, Stone, and Lawson open an accounting practice on January
1, 2016, in San Diego, California, to be operated as a partnership.
Gray and Stone will serve as the senior partners because of their
years of experience. To establish the business, Gray, Stone, and
Lawson contribute cash and other properties valued at $420,000,
$390,000, and $195,000, respectively. An articles of partnership
agreement is drawn up. It has the following stipulations:
Personal drawings are allowed annually up to an amount equal...
Gray, Stone, and Lawson open an accounting practice on January 1, 2016, in San Diego, California, to be operated as a partnership. Gray and Stone will serve as the senior partners because of their years of experience. To establish the business, Gray, Stone, and Lawsoń contribute cash and other properties valued at $210,000, $180,000, and $90,000, respectively. An articles of partnership agreement is drawn up. It has the following stipulations: Personal drawings are allowed annually up to an amount equal...
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