Analyze:Assume the business earned net income of $141,000. If 20X1 was the first year of operation, what balance should be reflected for theRosie Wilsman, Capital account at the end of the year if Wilsman's beginning capital was $101,000?Complete this question by entering your answer in the tabs below.Required 1 Required 2AnalyzePrepare general journal entries to close the Income Summary account and the partners' drawing accounts.View transaction listView journal entry worksheetNoDateGeneral Journal3December 31,20X12December 31,20X1December 31,20X1Income summaryRosa Escobedo, CapitalRosie Wilsman, CapitalRosie Wilsman, CapitalRosie Wilsman, DrawingRosa Escobedo, CapitalRosa Escobedo, DrawingRequired 2 >DebitCredit141,00056,40084,60043,20043,20056,40043,20043,200

Ending Capital = Beginning Capital + Share of Net IncomeEnding Capital = $101,000 + (Net Income *…

Answered: Analyze: Assume the business earned net…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter23: Accounting For Partnerships

Section23.2: Distribution Of Net Income And Owners’ Equity Statements

Problem 1OYO

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a. Prepare a profit distribution account for the year ended 31 October 2021. b. Prepare the partners' current accounts (in columnar form) for the year to 31 October 2021. c. (Note: All the figures must be rounded up to the nearest RM) note i need the answer in full format thank you
Prepare the Statement of Changes in Equity of Camray Traders for the year ended 28 February 2021. The information given below was extracted from the accounting records of Camray Traders, a partnership business with Camy and Raymond as partners. The financial year ends on the last day of February each year. Balances in the ledger on 28 February 2021 Debit Credit R R Capital: Camy 1 200 000 Capital: Raymond 800 000 Current a/c: Camy (01 March 2020) 50 000 Current a/c: Raymond (01 March 2020) 60 000 Drawings: Camy 360 000 Drawings: Raymond 320 000 The following must be taken into account: (a) The net profit according to the statement of comprehensive income amounted to R1 400 000 on 28 February 2021. (b) The partnership agreement made provision for the following: ¦ Interest on capital must be provided at 18% per annum on the balances in the capital accounts. Note: Camy increased her capital by R240 000 on 01 September 2020. Raymond decreased his capital by R120 000 on the same date. The…
The information given below was extracted from the accounting records of Ndlove Traders, a partnership business with Brian and Taryn as partners. REQUIRED Use the information provided to prepare the Statement of Changes in Equity for the year ended 29 February 2020. INFORMATION Extract from the ledger of Britar Traders as at 29 February 2020 Debit Credit R R Capital: Brian 900 000 Capital: Taryn 600 000 Current a/c: Brian (01 March 2019) 50 000 Current a/c: Taryn (01 March 2019) 30 000 Drawings: Brian 350 000 Drawings: Taryn 250 000 The following must be taken into account: 1. On 29 February 2020 the Statement of Comprehensive Incomec reflected, amongst others, the following: Sales R1 200 000 Sales returns R50 000 Net profit R700 000 2. The partners earn interest at 12% p.a. on their capital balances. Note: Brian increased his capital…
Can I please get help with this practice question? 6.1 Ries, Bax, and Thomas invested $48,000, $64,000, and $72,000, respectively, in a partnership. During its first calendar year, the firm earned $416,100. Required: Prepare the entry to close the firm’s Income Summary account as of its December 31 year-end and to allocate the $416,100 net income under each of the following separate assumptions. 1. The partners did not agree on a plan, and therefore share income equally. Record the entry to close the income summary account assuming the partners did not agree on a plan, and therefore share income equally. Note: Enter debits before credits. Date General Journal Debit Credit December 31
Prepare the Statement of Changes in Equity for the year ended 28 February 2022. INFORMATION The information given below was extracted from the accounting records of Sunray Traders, a partnership business with Sunny and Raymond as partners. Extract from the ledger of Sunray Traders as at 28 February 2022 CREDIT DEBIT R R Capital: Sunny 1 000 000 Capital: Raymond 600 000 Current alc: Sunny (01 March 2021) 60 000 Current alc: Raymond (01 March 2021) 40 000 Drawings: Sunny 300 000 Drawings: Raymond 400 000 The following must be taken into account: (a) The Statement of Comprehensive Income reflected a net profit of R900 000 for the year ended 28 February 2022. (b) The partnership agreement provided for interest on capital at 12% p.a. on the balances on the capital accounts. Note: Sunny increased his capital contribution by R200 000 on 01 June 2021 whilst Raymond decreased his capital contribution by R200 000 on 01 September 2021. The capital changes have been recorded. (c) The partners are…
Prepare the Statement of Changes in Equity for the year ended 28 February 2022. INFORMATION The information given below was extracted from the accounting records of Sunray Traders, a partnership business with Sunny and Raymond as partners. Extract from the ledger of Sunray Traders as at 28 February 2022 CREDIT DEBIT R Capital: Sunny 1 000 000 Capital: Raymond 600 000 Current alc Sumy (01 March 2021) 60 000 Current alc Raymond (01 March 2021) 40 000 Drawings: Sunny 300 000 Drawings Raymond 400 000 The following must be taken into account: (a) The Statement of Comprehensive Income refected a net profit of R900 000 for the year ended 28 February 2022 (b) The partnership agreement provided for interest on capital at 12% p.a on the balances on the capital accounts. Note: Sunny increased his capital contribution by R200 000 on 01 June 2021 whilst Raymond decreased his capital contribution by R200 000 on 01 September 2021. The capital changes have been recorded. (c) The partrers are entided…
Prepare the Statement of Changes in Equity of Camray Traders for the year ended 28 February 2021 using template provided The following must be taken into account:(a) The net profit according to the statement of comprehensive income amounted to R1 400 000 on 28 February2021.(b) The partnership agreement made provision for the following:¦ Interest on capital must be provided at 18% per annum on the balances in the capital accounts.Note: Camy increased her capital by R240 000 on 01 September 2020. Raymond decreased his capital byR120 000 on the same date. The capital changes have been recorded.¦ The partners are entitled to the following monthly salaries:Camy R26 000Raymond R25 000Note: The partners’ salaries were increased by 10% with effect from 01 December 2020.¦ Camy and Raymond share the remaining profits or losses equally.
Instruction: Prepare the answers in written form using a clean paper (e.g. Yellow pad, bond paper, notebook etc.) and submit a snapshot in CANVAS. Assume A, B, C and D are partners sharing profits 40%, 20%, 20%, 20%, respectively. On January 1, 2020, they agree to liquidate. A balance sheet prepared on this date is shown as follows: Assets Liabilities and Capital Non- Cash assets P 181,800 Liabilities P 84,000 A, Loan 6,000 D, Loan 3,000 A, Capital 26,400 В, Сapital C, Capital D, Capital 25,800 20,400 16,200 Total P 181,800 P 181,800 Results of liquidation are summarized below: Month Proceeds Book Value Liquidation exp. Cash withheld January P72,000 P90,000 P1,200 P4,800 February 21,600 30,000 1,320 1,800 March 19,200 24,000 1,440 1,200 April 6,000 19,800 4,800 600 May 2,400 18,000 960 Required: Prepare the statement of liquidation and related schedule of safe payment for the month of January to May 2020 and determine payment to partners for every month.
Can I please get help wtih this question?6.3 Ries, Bax, and Thomas invested $48,000, $64,000, and $72,000, respectively, in a partnership. During its first calendar year, the firm earned $416,100. Required: Prepare the entry to close the firm’s Income Summary account as of its December 31 year-end and to allocate the $416,100 net income under each of the following separate assumptions. 1. The partners did not agree on a plan, and therefore share income equally.
Current Attempt in Progress For Pharoah Co., beginning capital balances on January 1, 2022, are Nancy Payne $23,300 and Ann Dody $22,500. During the year, drawings were Payne $7,600 and Dody $5,700. Net income was $31,800, and the partners share income equally. (a) (b) Prepare the owners' equity section of the balance sheet at December 31, 2022. eTextbook and Media PHAROAH CO. Partial Balance Sheet December 31, 2022
Lawler and Riello formed a partnership on March 15, 2024. The partners agreed to contribute equal amounts of capital. Lawler contributed her sole proprietorship's assets and liabilities (credit balances in parentheses) as follows: X Data table Lawler's Business Current Market Value its. Select the explanation on the last line of the journal entry table.) Accounts Receivable 10,600 Merchandise Inventory 29,000 Prepaid Expenses 2,800 Credit 26,000 Store Equipment, Net Accounts Payable (25,000) Done More info On March 15, Riello contributed cash in an amount equal to the current market value of Lawler's partnership capital. The partners decided that Lawler will earn 60% of partnership profits because she will manage the business. Riello agreed to accept 40% of the profits. During the period ended December 31, the partnership earned net income of $70,000. Lawler's withdrawals were $36,000, and Riello's withdrawings totaled $26,000. Print Done Requirement 1. Journalize the partners' initial…
Prepare the Statement of Changes in Equity for the year ended 28 February 2022.INFORMATIONThe information given below was extracted from the accounting records of Sunray Traders, a partnership business withSunny and Raymond as partners.Extract from the ledger of Sunray Traders as at 28 February 2022DEBITCREDITRRCapital: Sunny 1 000 000Capital: Raymond 600 000Current a/c: Sunny (01 March 2021) 60 000Current a/c: Raymond (01 March 2021) 40 000Drawings: Sunny 300 000Drawings: Raymond 400 000The following must be taken into account:(a) The Statement of Comprehensive Income reflected a net profit of R900 000 for the year ended 28 February 2022.(b) The partnership agreement provided for interest on capital at 12% p.a. on the balances on the capital accounts.Note: Sunny increased his capital contribution by R200 000 on 01 June 2021 whilst Raymond decreased hiscapital contribution by R200 000 on 01 September 2021. The capital changes have been recorded.(c) The partners are entitled to the…

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