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Question - On the 1 July 2020, Rose and Edgar have decided to form a partnership. Rose contributed cash, and inventory. She contributed $60,000 in cash. The inventory was originally purchased for $45 000. The fair value of inventory is $40 000. Edgar contributed equipment purchased at a cost of $150 000 and a corresponding loan of $30 000. Fair value of the said equipment is $160 000. Both Rose and Edgar agree that their respective capitals should be $140 000.
Required -
a) Prepare the general journal entries necessary to record the initial investments by the respective partners. The following has been agreed between the partners:- (i) $3 000 salary to Edgar, (ii) 8% interest on their original capital from Rose and Edgar respectively. (iii) profit or loss to be distributed to Rose and Edgar in the ratio of 2:3 basis.
b) Given the above information, determine the division of the profit or loss assuming a loss of $300.
c) Assuming that partnership is to distribute the profit of $5,000 and $3,000 to Rose and Edgar, prepare the closing general journal entry under Method 1 Variable Capital Balances and Method 2 Fixed Capital Balances.
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