Ahmed And Ali had beginning capital balances of OMR 50,000 and OMR40,000, respectively. The two partners fail to agree on a profit -and loss-sharing ratio. For the first month (May 2020), the partnership had a net loss of OMR12,000. Required: The loss goes to Ahmed would be: OMR The loss goes to Ali would be: OMR Ahmed capital balance at May 31, would be: OMR Ali capital balance at May 31, would be: OMR

Ahmed And Ali had beginning capital balances of OMR 50,000 and OMR40,000, respectively. The two partners fail to agree on a profit -and loss-sharing ratio. For the first month (May 2020), the partnership had a net loss of OMR12,000. Required: The loss goes to Ahmed would be: OMR The loss goes to Ali would be: OMR Ahmed capital balance at May 31, would be: OMR Ali capital balance at May 31, would be: OMR

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

AHRI, AKALI and JINX are partners sharing profits and losses in the ratio of 3:2:1,respectively. On June 30, 2021 AHRI decided to withdraw from the partnership as he was offered a better opportunity outside the partnership. On the day after dividing profit for the year ended June 30, 2021, partners have a capital balances as follows: AHRI –P346,000AKALI– P213,000JINX– P133,000It was agreed that AHRI is to be paid P310,000 and that assets are fairly valued. What would be the capital balance of AKALI after the withdrawal of AHRI?
The following balances as at October 31, 2016 for the Partnership of Kathy , Lilia and Minda were as follows : Kathy , Capital 127,500 Lilia , Capital 82,500 Minda , Capital 225,000 Kathy has decided to retire from the partnership on October 31. Their profit and loss ratio is 3:3 :4 to Kathy , Lilia and Minda , respectively. Assumptions : A. The partnership will purchase the interest by paying 168,000 and no goodwill is to be recorded. B. The partnership will purchase the interest by paying 126, 000 and no goodwill is to be recorded C. The partnership will purchase the interest by paying 150, 000 and goodwill is to be recorded . Required: i. Table (like in the discussion ). ii. Entry upon retirement of Kathy. iii.Answers to the following questions: 1. What will be the total capital of the partnership upon Kathy's retirement? 2. What will be the new partnership sharing agreement? 3. What amount of capital will be debited / credited to Kathy upon Kathy's retirement? ( indicate…
Cyril and James formed a partnership on January 1, 20x1 by contributing P1,600,000 and P2,400,000,respectively. As of January 1, 20x2, their partnership capital was P1,800,000, and P2,200,000 respectively.Situations:A. No profit-sharing agreementB. No loss-sharing agreementC. Profit is divided equallyD. Loss is divided 30:70, respectivelyRequired: Compute the share of Cyril and James assuming:P800,000 profit P 4. C and D (
Required: 3. Prepare journal entry to record Pedro’s admission. 4. During the first year of operations, the partnership earned P650,000. After Pedro’s admission, the profitand loss sharing ratio is 40:40:20 for Juan, Pablo, and Pedro, respectively, based on capital credits.Drawings were made in these amounts: Juan, P100,000; Pablo, P130,000; Pedro – P56,000. What isthe capital balance of Pedro after the first year?
The following balances as at October 31, 2016 for the Partnership of Kathy , Lilia and Minda were as follows : Kathy , Capital 127,500 Lilia , Capital 82,500 Minda , Capital 225,000 Kathy has decided to retire from the partnership on October 31. Their profit and loss ratio is 3:3 :4 to Kathy , Lilia and Minda , respectively. Assumptions : a. All the remaining partners will purchase the interest of Kathy by paying P120,000 b. Only Minda will purchase the interest of Kathy by paying P100,000. c. A new partner Olan will purchase the interest of Kathy by paying P80,000. d. The partnership will purchase the interest by paying 168,000 and no goodwill is to be recorded. e. The partnership will purchase the interest by paying 126, 000 and no goodwill is to be recorded. f. The partnership will purchase the interest by paying 150, 000 and goodwill is to be recorded . Required: i. Table (like in the discussion ). ii. Entry upon retirement of Kathy. iii.Answers to the following questions:…
Yaw, Mary, and Hanna have been in partnership for a number of years sharing profit in the ratio 6:5:3. Work-in-progress was not brought into the accounts. The balance sheet of the partnership as at 31" March 2020 showed the following position: GH c000 GH c000 Tangible Assets 25,000.00 G oodwill Capital account: 22,400.00 Y aw 12,950.00 Maгy 18,000.00 D ebto rs 73,500.00 Hanna 8,700.00 balance at bank 10,450.00 Sundry C reditors 67,600.00 119,300.00 119,300.00 On 31" March 2020, Yaw retired from the partnership, and it was agreed to admit Osei as a partner on the following terms: i. Goodwill in the old partnership was to be revalued to two years purchase of the average profit over the last three years. The profit of the last three years have been GHC12,400,000; GHC13,600,000; GHC14,005,000. Goodwill was to be written off in the new partnership. ii. Yaw is to take his car out of the partnership assets at an agreed value of GHC1,000,000. The car had been included in the accounts as at 31…
A and B formed a partnership. A and B agreed to share the partnership's profit as follows: A to receive P10,000 salary per month and 5% bonus before salary and bonus • Partners receive P50,000 each for the interest on their average capital. Remainder is to be divided equally ● If A's share in the partnership loss was P80,000 for the year. Compute the partnership income (loss). Encode as a negative amount if the answer is a loss.-
Partners Y and Z receive a salary of P15,000 and P30,000, respectively, and share income and losses in a 2:1 ratio, respectively. If the partnership suffers a P15,000 net loss in 2010, the entry to close the income or loss into their capital accounts is: a. Y, Capital Z, Capital b. Y, Capital Income Summary c. Y, Capital Z, Capital O O O O O A Z, Capital Income Summary d. Y, Capital B Income Summary Z, Capital Income Summary 15,000 30,000 25,000 10,000 5,000 20,000 45,000 10,000 15,000 15,000 10,000 10,000
Partners Lusteno and Advincula receive a salary of P150,000 respectively, and share profit and losses in a 2:1 ratio, respectively: if the partnership suffered a P150,000 loss in 2018, by how much would Lusterio's account decrease? a. P400,000 b. P250,000 c. P200,000 d. P100,000
6. On June 30, 2020, the balance sheet for the partnership of Cabe, Danila, and Ellie, together with their respective profit and loss ratios, were as follows: P585,000 29,250 136,500 Assets, at cost Cabe, loan Cabe, capital (20%). Danila, capital (20%) Ellie, capital (60%) 126,750 1. 292,500 P585,000 Total Cabe has decided to retire from the partnership. By mutual agreement, the assets are to be adjusted to their fair value of P702,000 at June 30, 2020. t. was agreed that the partnership would pay Cabe P198,900 cash for Cabe's partnership interest, including Cabe 's loan which is to be repaid in full. No goodwill is to be recorded. After Cabe's retirement, what is the balance of Danila's capital account? a. P118,462.50 b. P126,750 C. P147,712.50 d. P150,150
Answer this please and also how does the salary for the 12thmonth in number 3 is 96000. Explain also thank you Problem #2 Lester and Stephen formed a partnership with capital contributions of P300,000 and P700,000, respectively. During its first year of operations, the partnership suffered a loss of P50,000. Prepare a schedule showing the division of profit between the partners under each of the following independent assumptions: Loss is agreed to be divided equally. There is no profit or loss sharing agreement. A monthly salary of P8,000 will be given to Lester and the balance divided in the ratio of their capital balances. A monthly salary of P8,000 will be given to Lester, 6% interest will be allowed on the capital balances of each partner; and the balance divided equally.
Finn and Hart form a partnership, contributing $44,000 and $66,000, respectively. Determine their shares of net income or net loss for each of the following independent situations: (Use a minus sign or parentheses when entering losses.) i (Click on the icon to view the independent situations.) ..... Determine partners' shares of net income or net loss for situation a. Net income (loss) More info Finn Hart Total Situation a. а. Net loss is $130,000 and the partners have no written partnership agreement. b. Net income is $100,000 and the partnership agreement states that the partners share profits and losses on the basis of their capital balances. Net income is $120,000. The first $72,000 is shared on the basis of capital balances. The next $36,000 is based on partner service, with Finn receiving 40% and Hart 60%. The remainder is shared equally. с. Print Done