User Account

All Pages

How capital accounts of the partners should be increased

Assignment Help Accounting Basics
Reference no: EM132625252

Problem 1: P and R share profits after the provision of annual salary allowances of P 14,400 and P 13,200, respectively in the ratio of 3:2. However, if partnership's net income is insufficient to provide for said allowances in full amount, the net income shall be divided equally between the partners. In 2020, the following errors were discovered: Depreciation for 2020 is understated by P 2,100, and the inventory on December 31, 2020 is overstated by P 11,400. The partnership net income for 2020 was reported to be P 19,500. The capital accounts of the partners should be increased (decreased) by:

Reference no: EM132625252

Questions Cloud

Primary factors in development of transcontinental slavery : Economic needs/desires were the primary factors in the development of transcontinental slavery.
Find what amount of net income should be credited : CC, DD, and EE, doctors, agree to form a partnership, What amount of net income should be credited to each partners' capital account?
Savannah engineering-current environment : Evaluate issues in the current environment that affect the demand for and supply of engineering and technical personnel.
Humn-344 technology and culture : Which people and what institutions might be helped by this technological solution?
How capital accounts of the partners should be increased : The partnership net income for 2020 was reported to be P 19,500. The capital accounts of the partners should be increased (decreased) by
Indirect threats to the global environment : Would advancements in technology pose any direct and/or indirect threats to the global environment?
What was the total partnership income : J and P are partners who share profits and losses, If P's total share of partnership income was P 200,000 in 2020, what was the total partnership income?
What amount should f capital account change : In 2020, the partnership sustained a P 33,000 loss before interest and salaries to partners. By what amount should F's capital account change?
Significant agents of socialization : Describe your 3 most significant agents of socialization. Include how they have helped shape the person you are today.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd