Prepare the journal entries in the books of the partnership

Assignment Help Financial Accounting
Reference no: EM132949261

Question - Prepare the journal entries in the books of the partnership under each of the following independent cases:

1. Partners A and B have capitals of P60,000.00 and P90,000.00 respectively. They share profits and losses equally. They agree to admit C into the partnership. C is to contribute P24,000.00 in cash but he will receive a capital credit of P30,000.00 for a 1/6 interest in the firm.

2. M and N are partners with capitals of P75,000.00 and P60,000.00 respectively. They share profits and losses as follows: M, 60%; and N, 40%. They agree to admit O to the partnership. O will contribute P60,000.00 cash and will receive a credit for the same amount representing ¼ interest in the capital of the firm.

3. X and Y have capitals of P40,000.00 and P60,000.00 respectively. They share profit and losses equally. They agree to admit Z to the partnership. Z is to contribute P16,000.00 in cash for a 1/6 interest in the new agreed capital of P116,000.00.

4. C and D have capitals of P25,000.00 and P20,000.00 respectively. They share profit and losses as follows: C, 3/5; D, 2/5. They agree to admit E to the partnership. E is to invest P20,000.00 in cash for a 25% interest in the total capital of P65,000.00.

5. A and B are partners with capital investments of P20,000.00 and P30,000.00 respectively. They share profits and losses equally. B with the consent of A sells to C one-half of his interest in the firm for P18,000.00. The original partnership agreement between A and B is terminated and a new partnership agreement is executed among A, B and C.

Reference no: EM132949261

Questions Cloud

How the event should be disclosed in face : A corporation with a balance sheet date of December 31. How the event should be disclosed in face and note of the December 31, 2021 financial statements.
Compute the equivalent units of production for materials : Compute the equivalent units of production for materials using the FIFO method and Compute the equivalent units of production for conversion
Describe key investment method that organization can deploy : Describe three key investment methods that the organization can deploy as part of cash utilization to optimize returns. Provide qualitative analysis to justify
Explain how economic forces such as employment : Explain how economic forces such as employment, income, prices, interest rates, and consumer confidence influence the purchasing decisions you make as a cnsumer
Prepare the journal entries in the books of the partnership : Prepare journal entries in books of the partnership under each of the following independent cases: Partners A and B have capitals of P60,000.00 and P90,000.00
What is the investor initial utility of wealth : What is the investor's initial utility of wealth? Report your response to four decimal places.
Compute recaptured depreciation : What would be the cost of long-term debt for JT Bhd and Compute recaptured depreciation
How much was the gain or loss on the repossession : Bass Co. uses perpetual inventory system and records the total deferred gross profit at the time of sales. How much was the gain or loss on the repossession
How much is the ending balance of the receivable : Silent night co. uses the installment sales, If silent night co. recognizes realized gross profit of 180,000, how much is the ending balance of the receivable?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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!

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