May, Jun, and Julie are partners with profit and loss ratio of 3:3:2 and capital balances of ₱1,750,000, ₱1,520,000 and ₱1,230,000, respectively. Julie decided to withdraw from the partnership to focus on her coffee business. She was paid ₱1,000,000 by the partnership for her capital interest. The difference in amount is due to the recognition of bonus. How much is the capital balance of Jun after the withdrawal of Julie?
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May, Jun, and Julie are partners with
How much is the capital balance of Jun after the withdrawal of Julie?
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- May, Jun, and Julie are partners with profit and loss ratio of 2:2:1 and capital balances of P1,200,000, P1,000,000 and P600,000, respectively. Julie decided to withdraw from the partnership to focus on her coffee business. She was paid P1,000,000 by the partnership for her capital interest. The difference in amount is due to the recognition of bonus. How much is the capital balance of May after the withdrawal of Julie?Aris, Blair, and Cassie are partners who split profits in a 3:3:4 ratio. They have recently been overwhelmed by the volume of work and have agreed to admit Shane to the partnership in exchange for a monetary investment. Their capital accounts have current balances of USD60,000, USD80,000, and USD120,000, respectively. Assuming Shane is given a 20% interest in the partnership in exchange for a Php60,000 monetary investment, what are Cassie and Shane's capital balances after Shane's admission?Varun and Arun are partners in a firm sharing profits and losses equally. On the date of dissolution of the partnership firm, Varun’s wife’sloan was Rs. 45,000, whereas Arun’s loan was Rs. 65,000. Which loan will be paid first and why ?
- Greg and Harriet are partners in GH partnership. Greg originally contributed $50,000 while Harriet contributed $150,000. Greg works full-time while Harriet works part-time. During the year, GH Partnership earned $120,000 in net income. Determine how much of this $120,000 would be allocated to each partner under each of the following profit/loss sharing agreements. a. There is no agreement. Greg Harriet b. In the ratio of original capital investments. Greg Harriet c. In the ratio of time devoted to the business. Greg Harriet d. 10% of original capital investments and the remainder equally. Greg Harriet e. 10% of original capital investments, a salary allowance of $30,000 for Greg, and the remainder equally. Greg HarrietMia and Ruth are partners with capital balances of P 60,000 and P 20,000, respectively. Profits and losses are divided in the ratio of 6:4. Mia and Ruth decided to form a new partnership with Jericho, who invested land valued at P 15,000 for a 20% capital interest in the new partnership. Jericho's cost of the land was P 12,000. What is the capital balance of Mia after the admission of Ruth?Rafiel, Reyson, and Leanne are partners sharing profits and losses equally. The partnership is being liquidated and after all assets are converted to cash and all liabilities paid, there remained ₱52,000 cash available for distribution to the partners. Rafiel and Reyson have capital balances of ₱40,000, and ₱30,000, respectively. Leanne has a debit balance of ₱18,000 in her capital account. If Leanne is personally insolvent, how much cash will Rafiel receive? (Provide solutions) a. ₱26,000 b. ₱31,000 c. ₱34,000 d. ₱40,000
- 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?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. 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".
- John and Paul are partners who share profits and losses in the ratio of 3:2 respectively. John's salary is P180,000 and Paul's is P140,000. The partners are paid interest on their average capital balances where John received interest of P 30,000 and Paul, P 15,000. The profit and loss allocation is determined after deduction for the salary and interest payments. If John received P280,000 from partnership income, what was the total partnership income? *John and Paul are partners who share profits and losses in the ratio of 3:2 respectively. John's salary is P180,000 and Paul's is P140,000. The partners are paid interest on their average capital balances where John received interest of P 30,000 and Paul, P 15,000. The profit and loss allocation is determined after deduction for the salary and interest payments. If John received P280,000 from partnership income, what was the total partnership income? * Your answerJohn and Paul are partners who share profits and losses in the ratio of 3:2 respectively. John’s salary is P180,000 and Paul’s is P140,000. The partners are paid interest on their average capital balances where John received interest of P 30,000 and Paul, P 15,000. The profit and loss allocation is determined after deduction for the salary and interest payments. If John received P280,000 from partnership income, what was the total partnership income? Please provide a good accounting form in the solution. Thank you