Prepare journal entry incorporation of Partnership
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- Help me please2020.12.28 15:04 NAME: SCORE: SECTION: PROFESSOR: Problem #23 The condensed statement of financial position of the partnership of Buenaflor and Gangoso as of Dec. 31, 2019 showed the following: Total Assets P200,000 Total Liabilities 40,000 Buenaflor, Capital 80,000 Gangoso, Capital 80,000 On this date, the partnership was dissolved and its net assets transferred to a newly- formed corporation. The fair value of the assets was P24,000 more than the carrying value on the firm's books. Each of the partners was issued 10,000 shares of the corporation's P1 par ordinary share. Required: Prepare the journal entries in the books of the corporation.ASSESSMENT ACTIVITIES: PARTNERSHIP ACCOUNTING Activity 3: The partnership of Kobe and Lebron began business on January 2, 2021. Each partner confributed the following assets (the noncash assets are stated at their fair values on January 1, 2021: Cash Inventory Land Kobe P 600,000 800,000 -0- 1.000,000 Lebron P 500,000 LOUIS Equipment 1,300,000 -0- The land was subject to a P500,000 mortgage, which the partnership assumed on January 1, 2021. The equipment was subject to an installment notes payable that had an unpaid principal amount of P200,000 on January 1, 2021. The partnership also assumed this notes payable. Kobe and Lebron agreed to share partnership income and losses in the following manner: Interest on beginning capital balances Salaries Remainder Jenny 3% 120,000 Kenny 3% 120,000 60% 40% During 2021, the following events occurred: 1. Inventory was acquired at a cost P300,000. At December 31, 2021, the partnership owed P60,000 to its suppliers. 2. Principal of P50,000 was paid…
- The condensed statement of financial position of the partnership of Buenaflor and Gangoso as of December 31, 2020 showed the following: Total assets P 200, 000Total liabilities 40, 000Buenaflor, Capital 80, 000Gangoso, Capital 80, 000 On this date, the partnership was dissolved and its net assets transferred to a newly formed corporation.The fair value of the assets was P 24, 000 more than the carrying value on the firm’s books. REQUIRED: Prepare the journal entries in the books of the corporation with P 1 par ordinary share.X and Y PartnershipX and Y are in partnership and divide profits and losses in the ratio of 2:1 respectively. Z was admitted as a partner on 1 March 2020. The new profit-sharing ratio between X, Y and Z will be 4:2:1 respectively.X AND Y PARTNERSHIPSTATEMENT OF FINANCIAL POSITION AT 29 FEBRUARY 2020RASSETSNon-current assetsProperty, plant and equipment 60 000Current assets 180 000Inventories 88 000Trade and other receivables 52 000Cash and cash equivalents 40 000Total assets 240 000EQUITY AND LIABILITIESCapital & Reserves 200 000Capital X 127 500Capital Y 67 500General Reserve 5 000Current liabilitiesTrade and other payables 40 000Total equity and liabilities 240 000Additional information:For the purpose of the change in ownership the following agreement was reached:1. Provision would be made for credit losses at 10% of the outstanding (carrying) amount of the accounts receivable.2. Inventories would be valued at R90 000.3. Land and buildings would be valued at the market value of…Problem 15. On December 31, 2020, the Statement of Financial Position of ABC Partnershipwith profit or loss ratio of 5:3:2 is presented below: CashP1,600,000Total LiabilitiesP2,000,000 Non Cash Assets1,400,000A, capital100,000 B, capital500,000 C, Capital400,000 On January 1, 2021, the partners decided to liquidate the partnership ininstallment. All partners are legally declared to be personally insolvent. As of January 31, 2021, the following transactions occurred: - Noncash Assets with book value of P1,000,000 were sold at a gain ofP100,000.00 - Liquidation expenses for the month of January amounting to P50,000 werepaid. - It is estimated that liquidation expenses amounting to P150,000 will be incurred For the month of February, 2021. - 20% of the liabilities to third person were settled. - Available cash were distributed to partners As of February 28, 2021, the following transactions occurred: - Remaining noncash assets were sold at a loss of P100,000 - The remaining liabilities to…
- Problem 15. On December 31, 2020, the Statement of Financial Position of ABC Partnershipwith profit or loss ratio of 5:3:2 is presented below: CashP1,600,000Total LiabilitiesP2,000,000 Non Cash Assets1,400,000A, capital100,000 B, capital500,000 C, Capital400,000 On January 1, 2021, the partners decided to liquidate the partnership ininstallment. All partners are legally declared to be personally insolvent. As of January 31, 2021, the following transactions occurred: - Noncash Assets with book value of P1,000,000 were sold at a gain ofP100,000.00 - Liquidation expenses for the month of January amounting to P50,000 werepaid. - It is estimated that liquidation expenses amounting to P150,000 will be incurred For the month of February, 2021. - 20% of the liabilities to third person were settled. - Available cash were distributed to partners As of February 28, 2021, the following transactions occurred: - Remaining noncash assets were sold at a loss of P100,000 - The remaining liabilities to…Problem 15. On December 31, 2020, the Statement of Financial Position of ABC Partnershipwith profit or loss ratio of 5:3:2 is presented below: CashP1,600,000Total LiabilitiesP2,000,000 Non Cash Assets1,400,000A, capital100,000 B, capital500,000 C, Capital400,000 On January 1, 2021, the partners decided to liquidate the partnership ininstallment. All partners are legally declared to be personally insolvent. As of January 31, 2021, the following transactions occurred: - Noncash Assets with book value of P1,000,000 were sold at a gain ofP100,000.00 - Liquidation expenses for the month of January amounting to P50,000 werepaid. - It is estimated that liquidation expenses amounting to P150,000 will be incurred For the month of February, 2021. - 20% of the liabilities to third person were settled. - Available cash were distributed to partners As of February 28, 2021, the following transactions occurred: - Remaining noncash assets were sold at a loss of P100,000 - The remaining liabilities to…Given:Cash 1,200,000Noncash assets 800,000Total Liabilities 1,500,000A, Capital 150,000B, Capital 300,000C, Capital 50,000 On December 31, 2019, the Statement of Financial Position of ABC Partnership with profit or loss ratio of 1:4:5 is presented as follows: On January 1, 2020, the partners decided to liquidate the partnership. All partners are legally declared to be personally insolvent. The other noncash assets were sold at a specific price. Liquidation expenses amounting to P50,000 were incurred. At the end of liquidation, A received P80,000. What is the net proceeds from the sale of noncash asset during partnership liquidation?
- X and Y PartnershipX and Y are in partnership and divide profits and losses in the ratio of 2:1 respectively. Z was admittedas a partner on 1 March 2020. The new profit-sharing ratio between X, Y and Z will be 4:2:1respectively.X AND Y PARTNERSHIPSTATEMENT OF FINANCIAL POSITION AT 29 FEBRUARY 2020RASSETSNon-current assetsProperty, plant and equipment 60 000Current assets 180 000Inventories 88 000Trade and other receivables 52 000Cash and cash equivalents 40 000Total assets 240 000EQUITY AND LIABILITIESCapital & Reserves 200 000Capital X 127 500Capital Y 67 500General Reserve 5 000Current liabilitiesTrade and other payables 40 000Total equity and liabilities 240 000Additional information:For the purpose of the change in ownership the following agreement was reached:1. Provision would be made for credit losses at 10% of the outstanding (carrying) amount of theaccounts receivable.2. Inventories would be valued at R90 000.3. Land and buildings would be valued at the market value of…T, B and V, a partnership formed on January 1, 2021 had the following initial investments:T P 100,000B 150,000V 225,000The partnership agreement stated that profits and losses are to be shared equally by the partners afterconsideration is made for the following:• Salaries allowed to partners: P60,000 for T; P48,000 for B and P36,000 for V.• Average partner’s capital balances during the year shall be allowed 10%.Additional information:• On June 30, 2021, T invested an additional P60,000.• V withdrew P70,000 from the partnership on September 30, 2021.• Share on the remaining profit was P3,000 for each partner. 7. The partnership net profit for 2021 before salaries, interest and partner’s share on the remainder was__________8. The total partnership capital on December 31, 2021 was ____________Problem 1. Alucard and Chou organized their partnership on 01/01/19. The following entries were made into their capital accounts during 2019. Required: If partnership profits for the year equaled P66,000, indicate the allocations between the partners under the following independent profit-sharing allocation conditions: Interest of 10% is allocated on weighted average capital balance and the remainder is divided equally. A salary of P9,000 will be allocated to Chou; 10% interest on ending capital is allocated to the partners; remainder is divided 60/40 to Alucard and Chou, respectively. Salaries are allocated to Alucard and Chou in the amount of P10,000 and P15,000, respectively and the remainder is allocated in the proportion to weighted average capital balances. A bonus of 10% of partnership profits after bonus is credited to Alucard, a salary of P35,000 is allocated to Chou, a P20,000 salary is allocated to Alucard, 10% interest on weighted capital is allocated, and remainder is…