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THEY APPOINTED MARAWI AS MANAGING PARTNER, WHO WILL RECEIVE A SALARY OF P 10,000 PER MONTH. MITOR WILL BE AN INDUSTRIAL PARTNER WHO WILL RECEIVE A JUST SUM OF 10% OF THE NET PROFITS. MISERIA ON THE OTHER HAND , CHOSE TO BE A LIMITED PARTNER AND THE LIQUIDATING PARTNER. THE PROFITS WILL BE DIVIDED ACCORDING TO THEIR CAPITAL CONTRIBUTION AFTER DEDUCTING THE SALARIES OF MANAGING PARTNER MARAWI AND 10% SHARE OF MITOR.
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- Problem IAriel, Beauty and Cindy decided to form Disprin Partnership with 2:2:1 profit sharing. Both Ariel and Beauty have existing business. The balance sheet of the two are shown below together with their agreement prior to formation. Ariel BeautyCash 113 126Accounts Receivables 200 100Inventories 50 50Equipment 80 0Furniture 0 30Prepayments 5 15TOTAL 448 321 Accounts Payable 75 95Capital 373…Problem 1: On January 1, 20x1, Rody and Noy formed a partnership. Rody and Noy contributed the following assets at formation: Rody Noy Cash 25,000 37,500 Inventory 18,750 Building 50,000 Equipment 18,750 The building is subject to a P12,500 mortgage, which was assumed by the partnership. They share profit and loss in the ratio of 60:40. Assuming Rody will invest (withdraw) cash so that his capital balance will equal to his profit and loss ratio, what is the total asset of the partnership after formation? (The correct answer is 246,875 but I need a solution/explanation)On January 1. 20x7 Jorgia, Lizza. Miles, Nice formed a partnership. At the time of formation, the partners agreed to the following amount of investment, division of profits and losses, and drawings: Jorgia Lizza Miles Nice Initial Investment P36,000 P56,000 P60,000 P40.000 Profit and Loss Ratio 15% 30% 35% 20% Annual Withdrawals 20x7 P14,400 P14.400 P14,400 P14,400 20x8 19.200 19.200 19.200 19 200 20x9 14,600 14,600 30.000 30.000 The net income for 20x7, 20x8 and 20x9 armounts to P130,000, P156,000, P172.000 respectively. AL the end of 20x9. Miles was consented to withdraw from the partrership. 1. Compute for the capilal of Rice if Miles sold her interest to Rice with the consent of other partners at 10% more than her capilal balance. 2. Compute for the bonus to Nice if Miles sold her interest to the partnership at 10% less than her capital interest.
- 1. 2. EXERCISE 4. Journal Entries - Cash, non-cash, and industry contributions. Prepare and upload the journal entries to record contributions of Kim and Krislam into the partnership under the following independent assumptions: 3. Page 4. 9 Cash contribution amounting to P45,000 each. Kim contributed P35,000 cash and a store equipment with carrying value of $27,000. Krislam contributed P15,000 cash and a delivery vehicle with a fair market value of P195,000. Kim and Krislam agreed that each depreciable asset is overvalued by $4,000. Kim contributed P10,000 cash and furniture and fixtures with carrying value of P32,000. Krislam contributed P5,000 cash and a building with a fair market value of P295,000 and an unpaid mortgage of P27,500. Kim and Krislam agreed that building is undervalued by P9,000. Kim contributed P25,000 cash, a store equipment with fair market value of P47,000, and delivery vehicle with a fair market value of P175,000. Krislam, an industrial partner, was to contribute…GWS and BCP organized the GB Partnership on January 1, 2018. The following entries were made in their capital accounts during 2018. Debit Credit GWS, Capital: January 1 April 1 October 1 P315,000 P105,000 175,000 Debit Credit ВСР, Саpital: January 1 March P413,000 1 September 1 November 1 52,500 105,000 94,500 Required: А. If the partnership profit for the year 2018 computed before salaries or interest is P217,000, determine its distribution between the partners under each of the following independent profit-sharing agreements: (1) Interest at 6% is allowed on average capital investments and the remainder of the profit is divided equally. (2) A salary of P126,000 is to be credited to BCP, 6% interest is allowed on each partner on his ending capital balance and the remainder of the profit in the ratio of 3:2. Salaries are allowed GWS and BCP in amounts of P119,000 and P133,000, respectively, and the remaining profit or resulting loss is divided in the ratio of average capital balance.…Required information Important Notel Before you start working on this problem, watch the Hint video. This video shows you exactly how to work this problem. The following information applies to the questions displayed below] 5 Ramer and Knox began a partnership by investing $68,000 and $102,000, respectively. During its first year, the partnership earned $205,000. Prepare calculations showing how the $205,000 income is allocated under each separate plan for sharing income and loss. O Important Note! Before you start working on this problem, watch the Hint video. This video shows you exactly how to work this problem. 2. The partners agreed to share income and loss in proportion to their initial investments. Net Income is $205,000. (Do not round Intermediate calculations.) A $68.000/5170 000 Fraction to Allocate Ramers Share Fraction to Allocate Knox's Share of Total Income Allocated Show Transcribed Text I
- Problem I Ariel, Beauty and Cindy decided to form Disprin Partnership with 2:2:1 profit sharing. Both Ariel and Beauty have existing business. The balance sheet of the two are shown below together with their agreement prior to formation. Ariel Beauty Cash 117 126 Account receivables 100 200 Inventories 50 30 Equipment 80 0 Furniture 0 30 Prepayments 5 15 Total 352 401 Accounts payable 75 95 Capital 277 306 Total 352 401 Partners' agreements: Receivables are 97% collectible Ariel's inventories fair values is at P55 while P10 of Beauty's Inventories…Problem I Ariel, Beauty and Cindy decided to form Disprin Partnership with 2:2:1 profit sharing. Both Ariel and Beauty have existing business. The balance sheet of the two are shown below together with their agreement prior to formation. Ariel Beauty Cash 117 126 Account receivables 100 200 Inventories 50 30 Equipment 80 0 Furniture 0 30 Prepayments 5 15 Total 352 401 Accounts payable 75 95 Capital 277 306 Total 352 401 Partners' agreements: Receivables are 97% collectible Ariel's inventories fair values is at P55 while P10 of Beauty's Inventories were damaged and are only 30%…Required information Important Note! Before you start working on this problem, watch the Hint video. This video shows you exactly how to work this problem. [The following information applies to the questions displayed below.] ** Ramer and Knox began a partnership by investing $68,000 and $102,000, respectively. During its first year, the partnership earned $205,000. Prepare calculations showing how the $205,000 income is allocated under each separate plan for sharing Income and loss. Important Notel Before you start working on this problem, watch the Hint video. This video shows you exactly how to work this problem. 1. The partners did not agree on a plan, and therefore share Income equally Ramer Knox Show Transcribed Text
- 15. The PQR Partnership is being dissolved. All liabilities have been paid and the remaining assets are being realized gradually. The equity of the partners is as follows: Loans to (from) Partnership P6,000 Profit and Partners' Accounts P24,000 P36,000 P60,000 The first cash payment to any Partner(s) under a program of priorities shall be made Loss Ratio 3 4 R (P10,000) thus: A. To R P2,000 B. To Q P6,000 &R P8,000 C. To P, Q and R based on their profit and loss sharing ratio D. All of the abovePartnerships: Basic Considerations and Formation 473 NAME: SCORE: SECTION: PROFESSOR: Problem #2 Formation of a Partnership Gogola and Paglinawan have just formed a partnership. Gogola contributed cash of P1,260,000 and computer equipment that cost P540,000. The fair value of the computer is P360,000. Gogola has notes payable on the computer of P120,000 to be assumed by the partnership. Gogola is to have 60% capital interest in the partnership. Paglinawan contributed only P900,000. The partners agreed to share profit and loss equally. Gogola should make an additional investment or (withdrawal) ofAfter the formation of RGM Partnership on July 4, 2023, the balances in the general ledger accounts reflect the following balances: Debit Credit Cash P 205,000 Accounts Receivable 95, 000 Allowance for Doubtful Accounts P 10,000 Office Supplies 12,000 Office Equipment 320,000 Furniture and Fixture 140,000 Rosario, Capital 320,000 Guadalupe, Capital 225, 000 Maria, Capital 217,000 Total P 772,000 P 772,000 Rosario invested the office equipment, Guadalupe invested accounts receivable and Furniture and Fixtures, and Maria invested cash and office supplies. Compute the total assets of the partnership upon formation.