Needs the entries for the following scenarios, Accounting Basics

Assignment Help:

Needs the entries for the following scenarios:
Capital accounts as follows : Mason ; 90,000 Jiri; 30,000 James; 60,000

a) Frank pays mason 25,000 for 20% of masons interest in the company
b) Frank invests 60,000 cash in the partnership for a 40% interest in the business. The original partners give Frank a bonus according to the ratio of their capital balances
c)Frank invests 40,000 cash in the partnership and receives an interest equal to his investment
d) Frank invests 60,000 cash in the partnership for a 20% interest in the business. A bonus to be recorded for the original partners on the basis of their capital balances.
e) Mason withdraws from the partnership, taking 105,000. The excess of withdrawn assets over Mason's partnership interest is distributed according to the balances of the capital accounts
f) mason withdraws by selling his interest directly to frank for 120,000


Related Discussions:- Needs the entries for the following scenarios

Principles of Taxation for Business and Investment Planning, AsCompare and ...

AsCompare and contrast AICPA SSTS to Circular 230 related to knowledge of client''s omission.k question #Minimum 100 words accepted#

Explain user account control in windows vista, User account control is mean...

User account control is meant to allow users to run with standard user rights, as opposed to administrative rights. Administrative rights provide users the ability to read and chan

Genentech, Genentech, Inc. is a California-based biotech pioneer recently a...

Genentech, Inc. is a California-based biotech pioneer recently acquired by Swiss pharmaceutical giant Roche Holding AG. Roche paid $46.8 billion in cash for the 44 percent of Gen

What are service companies, Q. What are Service companies? Service comp...

Q. What are Service companies? Service companies carry out services for a fee. This group comprise law firms, accounting firms and dry cleaning establishments. The early sectio

You received an email from Carl the operations manager , You received an em...

You received an email from Carl the operations manager from the California Container division. They produce packaging for cell phones. Carl understands that his product is an imp

Accounting process in operation, Accounting process in operation Micro ...

Accounting process in operation Micro Train Corporation is a small corporation that provides on-site personal computer software training using the clients' equipment. The compa

Trade, 1. Whate are the challenges faced in trade and solutions those probl...

1. Whate are the challenges faced in trade and solutions those problems?

Explain about gross margin method, Q. Explain about Gross margin method? ...

Q. Explain about Gross margin method? The steps in computing ending inventory under the gross margin method are - Estimate gross margin based on net sales using the similar

Explain about statement of cash flows, Q. Explain about statement of cash f...

Q. Explain about statement of cash flows? Retained earnings usually consist of the accumulated net income of the corporation minus dividends distributed to stockholders. We exa

Assets, list me all the asset in the world?

list me all the asset in the world?

Write Your Message!

Captcha
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