Meir, Benson, and Lau are partners and share income and loss in a 2:3:5 ratio (in percents: Meir, 20%; Benson, 30%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $48,000; Benson, $74,000; and Lau, $128,000. Benson decides to withdraw from the partnership.
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- The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a $7,000 salary and Sue receives a $6,500 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $10,000 B. $5,000 C. ($12,000) In addition, show the resulting entries to each partners capital account.The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have capital balances of $45,000 each. Prepare a schedule showing how the bonus should be divided if Ashanti joins the partnership with a $60,000 investment. The partners new agreement will share profit and loss in a 1:3 ratio.Juan contributes marketable securities to a partnership. The book value of the securities is $7,000 and they have a current market value of $10,000. What amount should the partnership record in Juans Capital account due to this contribution? A. $10,000 B. $7,000 C. $3,000 D. none of the above
- 2. The capital balances of partners Po and Gi are as follows:Po GiJanuary 1, Beginning P100,000 P200,000June 30, investment 50,000 -September 30, withdrawal - (100,000)Balance P150,000 P100,000Their agreement is to share profit and loss based on average capital balance. How muchis the share of Gi in the partnership’s income of P450,000?The following condensed statement of financial position is presented for the partnership of Morales, Gamino, and Quito, who share profits and losses in the ratio of 4:3:3, PROFESSOR: NAME: SECTION: Problem #15 Determining a New Partner's Investment Cost respectively. Accounts Payable Morales, Capital Gamino, Capital Quito, Capital Total Liabilities and Capital P150,000 260,000 180,000 160,000 P750,000 P 40,000 710,000 Cash Other Assets Total Assets P750,000 Assume that the partnership decided to admit Abello as a new partner with a one- fourth interest. Required: For each of the following independent cases, determine the amount that Abello must contribute in cash or other assets: 1. No goodwill or bonus will be recorded. 2. A bonus of P24,000 is to be paid by Abello and allocated to the prior partners. 3. The partners agreed that total resulting capital should be P820,000 and no goodwill should be recognized. 4. Other assets are written down by P20,000 and a bonus of P40,000 is paid to…2. The following are the capital balances of DoReMi Partnership as of December 31, 2018: • Domingo, Capital – P58,960 • Reyes, Capital – P63,200 • Miranda, Capital – P64,890 The partnership generated net income of P75,400 in 2019. According to the partnership contract, the profit and loss sharing ratios are as follows: Domingo (25%), Reyes (37.5%), and Miranda (37.5%). The following were transactions with the partners during the year: • Domingo made additional contribution of P7,640 Reyes withdrew P5,000 for the business Miranda contributed P12,000 but withdrew P5,430. Prepare the partnership's SCE 3. The Retained Earnings of Power Inc. shows a January 1, 2018 balance of P199,760. The Board of Directors of Power Inc. distributed cash dividends of P11,000 to the company's stockholders. As of December 31, 2019, the retained earnings reported a balance of P280,990. Determine Power Inc. net income for 2019. Prepare the corporation's SCE.
- 15. The PQR Partnership is being dissolved. All liabilities have been paid and the remaining assets are being realized gradually. The equity of the partners is as follows: Loans to (from) Partnership P6,000 Profit and Partners' Accounts P24,000 P36,000 P60,000 The first cash payment to any Partner(s) under a program of priorities shall be made Loss Ratio 3 4 R (P10,000) thus: A. To R P2,000 B. To Q P6,000 &R P8,000 C. To P, Q and R based on their profit and loss sharing ratio D. All of the above. Pete is joining the partnership of Rey, Tan and Val whose capital balances and profit and loss sharing ratio are as follows: Capital Balance Rey Tan P/L Ratio P15,000 20,000 20% 40 Val 18,000 40 Refer to Problem 1: If Pete pays P4,200 for 4 of the interest of Tan, and the deficiency in the consideration due to overstatement of partnership assets, what entries must be made on the partnership books incidental to the admission of Pete? Determine the resulting capital balances of the partners.Help me please
- Requirement: Compute for the respective shares of the partners in | shared equally, while losses on a 70:30 ratio. The partnership PROBLEM 3: EXERCISES 1. Partners A and B share in profits and los es on a 70:30 ratio after salaries of P80,000 for A and P40,000 or B. The business earned profit of P180,000 before deduction or the salaries. Requirements: a. Compute for the partners' respective share in the profit. b. Provide the journal entries (the salar are withdrawn periodically). for annual salary 2. A and B's partnership agreement provi allowances of P160,000 for A and P80, for B. Profits are earned profit of P200,000. Reguirement: Compute for the respective shares of the partners in the profit.3. Partnership Income Distribution: For partnerships G, If partner C’s total share of the partnership’s net income 300,000 and Partner C’s Interest on original Capital Balance is 80,000 and Partner C’s share of the remainder of the partnership’s net income is 120,000, how much is Partner C’s allowance? A. 120,000 B. 100,000 C. 80,000 D. 60,000 E. None of the aboveRequired information Skip to question [The following information applies to the questions displayed below.] Ramer and Knox began a partnership by investing $58,000 and $87,000, respectively. During its first year, the partnership earned $180,000. Prepare calculations showing how the $180,000 income is allocated under each separate plan for sharing income and loss. 2. The partners agreed to share income and loss in proportion to their initial investments. Net income is $180,000. Note: Do not round intermediate calculations.