User Account

All Pages

What is the balance of keno capital after the admission

Assignment Help Financial Accounting
Reference no: EM132802650

Julian, Keno and Lapid are partners sharing profits in the ratio of 5:3:2, respectively. As of December 31, 2010, their capital balances were 95,000 for Julian, 80,000 for Keno and 60,000 for Lapid. On January 1, 2011, the partners admitted Manalo as a new partner and according to their agreement; Manalo will contribute 80,000 in cash to the partnership and also pay 10,000 for 15% of Keno's share. Manalo will be given a 20% share in profits, while the original partners' share will be proportionately the same as before. After the admission of Manalo, the total capital will be 330,000 and Manalo's capital will be 70,000.

Problem 1. What is the amount of asset revaluation?

A. 7,000

B. 15,000

C. 22,000

D. 37,000

Problem 2. What is the amount of bonus in the admission of Manalo?

A. 6,000

B. 11,000

C. 12,000

D. 22,000

Problem 3. What is the balance of Keno's capital, after the admission of Manalo?

A. 72,600

B. 74,600

C. 79,100

D. 81,100

Reference no: EM132802650

Questions Cloud

What is the best way to build a paper roller coaster : What is the best way to build a paper roller coaster so that a marble let go at the top will travel the slowest when compared to peers coasters?
Explain types of professional development opportunities : Post a description of two professional skills that you think are most important to help an individual with a BS in human services become employable.
Journalize the issuance of stock on july : Journalize the issuance of stock on July 1 and the declaration of the stock dividend on December 15. Raleish Corporation had $2,000,000 of $10 par value common
Find journal entry to record the first interest payment : The bonds are sold for $705,000. What the journal entry to record the first interest payment using straight-line amortization is?
What is the balance of keno capital after the admission : What is the balance of Keno's capital, after the admission of Manalo? What is the amount of bonus in the admission of Manalo?
Discuss problematic nature of attempting to define culture : Discuss the problematic nature of attempting to define popular culture. Why is it such a difficult subject to find a working definition? Give examples of some.
Determine what will be the resulting percentage change : Determine what will be the resulting percentage change in earnings per share if they expect units produced and sold to change 9.9 percent?
Find the torque on the bolt exerted by the force : A mechanics screwing a bolt and applies a force ???of magnitude 12.0N to the end of the wrench. The force makes an angle ?=35.0°with the horizontal
How song represents an element of popular culture : Analyze the meaning of the lyrics, and discuss how this song represents an element of popular culture/ American society. The main focus of your essay should be.

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!

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