Matt is withdrawing from the partnership of Matt, Lee, and Karla. The partners share profits and losses in a 1:2:3 ratio for Matt, Lee, and Karla, respectively. After the revalua- tion of assets, Matt's capital balance is $50,000, and the other partners agree to pay him $60,000. Journalize the payment to Matt and his withdrawal from the partnership.
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- The partnership of Michelle, Amal, and Maureen has done well. The three partners have shared profits and losses in a 1:3 ratio, with capital balances of $60,000 each. Maureen wants to retire and withdraw. Prepare a schedule showing how the cost should be divided if Amal and Michelle decide to pay Maureen $70,000 for retirement of her capital account and the new agreement will share profits and losses 50:50.The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a $7,000 salary and Sue receives a $6,500 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $10,000 B. $5,000 C. ($12,000) In addition, show the resulting entries to each partners capital account.Arun and Margot want to admit Tammy as a third partner for their partnership. Their capital balances prior to Tammys admission are $50,000 each. Prepare a schedule showing how the bonus should be divided among the three, assuming the profit or loss agreement will be 1:3 once Tammy has been admitted and her contribution is: A. $20,000 B. $80,000 C. $50,000. In addition, show the resulting journal entries to each of the three partners capital accounts.
- 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? Hewitt PatelHewitt 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?Farah , Marwah, and Waseem are partners in a firm. They have capital balances of $80,000, $60,000, and $40,000, respectively. The partners share income in the ratio of 3: 2: 1, respectively. Marwah withdraws from the partnership. Marwah get $86,000 cash from partnership assets Journalize the withdrawal of Marwah under each of the following assumptions. 1) Bonus Method 2) Goodwill Method (a. Full value of Goodwill b. Partially Goodwill Value)
- 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".All, Basel and Ziad are sharing income and loss in a 4:3:2 ratio respectively and decided to liquidate their partnership. Prior to the final distribution of cash to the partners, All has a capital balance of $(20,000), Basel has a capital balance of $48.000, and Ziad has a capital balance of $72,000. Also, cash balance is $100,000. All is NOT able to pay the amount he owes the partnership. Which of the following two journal entries are right to record this liquidation case? OA Basel Capital Ziad Capital 10,000 15,000 All Capital 20,000 Basel capital 38,000 62,000 Ziad capital Cash 100,000 OB Basel Capital 8,000 Ziad Capital 12,000 20,000 36,000 Basel capital Ziad capital Cash 64,000 100,000 OC. Basel Capital 12,000 Ziad Capital 8,000 20,000 36,000 Basel capital Ziad capital 64,000 Cash 100,000 All Capital All Capital SAMUKaty, Perry and Lacoste are partners sharing profits equally and with capital balances of P 80,000, P 120,000 and P 160,000 respectively. Perry decides to withdraw from the partnership and he received P 160,000 in settlement of his interest. If the bonus method is used, what is the capital balance of Lacoste after the retirement of Perry?