Kaede, Itona, and Ritsu are partners with capital balances of P80,000, P200,000, and P120,000, respectively. Profits and losses are shared in a 3:2:1 ratio. Itona decided to withdraw and the partnership revalued its assets. The value of inventory was decreased by P20,000 and the value of land was increased by P50,000. Kaede and Ritsu then agreed to pay Itona P230,000 for his withdrawal from the partnership. Prepare the journal entry to record Itona’s withdrawal under the Bonus method, assuming the revaluation increase or decrease was agreed by all partners to be recognized. Asset revaluation method.
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Kaede, Itona, and Ritsu are partners with capital balances of P80,000, P200,000, and P120,000, respectively.
Prepare the
- Bonus method, assuming the revaluation increase or decrease was agreed by all partners to be recognized.
- Asset revaluation method.
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- PP, GG, and RR are partners with capital balances of P80,000, P200,000, and P120,000, respectively. Profits and losses are shared in a 3:2:1 ratio. Grey decided to withdraw and the partnership revalued its assets. The value of inventory was decreased by P20,000 and the value of land was increased by P50,000. PP and RR then agreed to pay GG P230,000 for his withdrawal from the partnership.Required: Assuming that revaluation increase and decrease was agreed by all partners recognized, prepare:1. the journal entry/ies to record the revaluation of assets.2. the journal entry to record GG’s withdrawal.Joel, JC, and LJ are partners with capital balances of P50,000, P80,000, and P120,000, and share profits and losses in the ratio of 2:4:4, respectively. Due to a house relocation, LJ decided to withdraw from the partnership. The partners agreed that machinery and equipment be increased by P85,000 upon dissolution. Upon settlement of ownership interest, LJ received P165,000. The capital balance of Joel immediately after the withdrawal of LJ would be closest toTic and Tac are partners with capital balances of P150,000 and P100,000, respectively. They share profits and losses equally. Toe was admitted as a new partner by purchasing 20% interest in the partnership by paying Tic and Tac a total of P70,000. Prior to Toe’s admission, it was determined that the land is undervalued by P50,000. How much was debited from Tac’s capital due to Toe’s purchase of interest in the partnership? What is Tic’s capital balance immediately after the admission of Toe?
- Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $28,000 and $18,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $35,000. What is the amount of a gain or loss on realization? How should the gain or loss be divided between Hewitt and Patel? How should the cash be divided between Hewitt and Patel? If an amount is zero, enter "0".Hansel and Gretel are partners. Hansel's capital balance is P130,000 and Gretel's is P150,000. They agreed to share equally in profits and losses. Both partners agree to accept a third investor, Mocha, as a new partner with a 25% interest in the partnership. Mocha intends to invest P115,000 in cash. The bonus that is granted to Hansel and Gretel is closest toBarton and Fallows form a partnership by combining the assets of their separate businesses. Barton contributes accounts receivable with a face amount of $46,000 and equipment with a cost of $186,000 and accumulated depreciation of $101,000. The partners agree that the equipment is to be valued at $83,000, that $3,000 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $1,200 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Fallows contributes cash of $28,300 and merchandise inventory of $56,000. The partners agree that the merchandise inventory is to be valued at $60,500. Journalize the entries in the partnership accounts for (a) Barton's investment and (b) Fallows's investment. If an amount box does not require an entry, leave it blank. a.
- Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts receivable with a face amount of $46,000 and equipment with a cost of $181,000 and accumulated depreciation of $105,000. The partners agree that the equipment is to be valued at $67,900, that $3,000 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $2,200 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Tim contributes cash of $21,500 and merchandise inventory of $45,000. The partners agree that the merchandise inventory is to be valued at $48,500. Journalize the entries to record in the partnership accounts (a) Jesse's investment and (b) Tim's investment. If an amount box does not require an entry,Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts receivable with a face amount of $50,000 and equipment with a cost of $180,000 and accumulated depreciation of $100,000. The partners agree that the equipment is to be valued at $58,000, that $3,500 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $2,000 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Tim contributes cash of $21,000 and merchandise inventory of $44,500. The partners agree that the merchandise inventory is to be valued at $48,000. Required: Journalize the entries to record in the partnership accounts (a) Jesse’s investment and (b) Tim’s investment. Refer to the Chart of Accounts for exact wording of account titles.Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts receivable with a face amount of $49,000 and equipment with a cost of $181,000 and accumulated depreciation of $98,000. The partners agree that the equipment is to be valued at $67,500, that $3,000 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $1,700 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Tim contributes cash of $21,000 and inventory of $45,000. The partners agree that the inventory is to be valued at $48,500. Journalize the entries in the partnership accounts for (a) Jesse's investment and (b) Tim's investment. If an amount box does not require an entry, leave it blank. a. b.
- Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $28,000 and $18,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $35,000.a. What is the amount of a gain or loss on realization?b. How should the gain or loss be divided between Hewitt and Patel?c. How should the cash be divided between Hewitt and Patel?Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts receivable with a face amount of $50,000 and equipment with a cost of $177,000 and accumulated depreciation of $102,000. The partners agree that the equipment is to be valued at $67,800, that $3,000 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $2,200 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Tim contributes cash of $21,500 and merchandise inventory of $45,000. The partners agree that the merchandise inventory is to be valued at $48,500. Journalize the entries to record in the partnership accounts (a) Jesse's investment and (b) Tim's investment. If an amount box does not require an entry, leave it blank. accounts receivable/allowance for doubtful accounts/cash/jesse,capital/jesse, drawing/equipment/tim, capital/tim,drawing/merchandise inventory (a)…Barton and Fallows form a partnership by combining the assets of their separate businesses. Barton contributes accounts receivable with a face amount of $47,000 and equipment with a cost of $193,000 and accumulated depreciation of $101,000. The partners agree that the equipment is to be valued at $86,000, that $3,700 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $1,400 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Fallows contributes cash of $28,300 and merchandise inventory of $56,000. The partners agree that the merchandise inventory is to be valued at $60,500. Journalize the entries to record in the partnership accounts (a) Barton's investment and (b) Fallows's investment. If an amount box does not require an entry, leave it blank. (a) fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9…