Mintah and Hudah are in partnership, sharing profits and losses in the ratio 3:2. Their financial position as at 31* December 2018 is as follows: GHC GHC GHC Non-current Assets: Freehold Premises: cost 30,000 Fixtures and Fittings: Cost 5,000 Depreciation 4,000 1,000 Motor Vehicle: Cost 4,000 Depreciation 1,000 3,000 34,000 Current Assets: Receivables 20,000 Cash at Hand 600 20,600 Total Assets 54,600 Capital and Liabilities: Capital accounts Mintah 20,000 Hudah 2,500 22,500 Current accounts: Mintah 3,000 Hudah 500 3,500 Non-current Liabilities: Loan: Mintah 16,000 Current liabilities: Payables 12,600 Total liabilities 54,600
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- Mary, Jane and Susan are in partnership sharing profits and losses in the ratio 2:2:1 respectively. The following was their balance sheet as at 31 December 2018: NBV 24 10,000 4,000 4.000 Cost Depreciation. Non-Current Assets Premises 42,000 14,000 6.000 32,000 10,000 2.000 44.000 Motor Vehicles Furniture and Fittings 62.000 18,000 Current Assets Inventory 24,000 Trade Receivables 6,800 30.800 48.800 Capital and Liabilities Capitals: 7,000 7,000 Mary Jane Susan 4.000 18,000 Current A/es Mary Jane 6,800 5,000 3.400 Susan 15.200 33,200 6,000 Loan from Toby Current Liabilities: Trade Payables Bank overdraft 7,800 1.800 9,600 48.800 On 31 December 2018 the partners decide to terminate the business. The following took place: i. Mary took over one of the motor vehicles for $5,000 Stock was taken over by Susan for $12,000 Premises, inventory, the remaining motor vehicles, fumiture and fittings were sold for $9000, $12000, $1000 and S1000 respectively Receivables realised $6,450 and Payables…Adax Designs Services is a partnership with Adam and Max as partners. The partnership has been operating successfully for a number of years now. The partners have a written partnership agreement. The following information was extracted from the accounting records of Adax. Design Services for the financial year ended 28 February 2021: Balances in the ledger as at 28 February 2021 R Land and buildings at costAccumulated depreciation: buildingsEquipment at carrying amountDebtorsCapital- AndileCapital- SiphoCurrent account- Andile Credit balance (1 March 2020)Current account –Sipho – Debit balance (1 March 2020Drawings – Andile: GeneralDrawings – Sipho: GeneralNet profit for the year ended 28 February 2021 835 000(65 000)270 000103 000400 000300 00040 00020 000130 000102 000800 000 The following must still be taken into account: 1. The partnership agreement makes provision for the following:• Interest on capital must be provided at 12% per year on the balances in the capital…On March 1, 20x4, CC and FF formed a partnership with each contributing the following assets: CC FF Cash... P 30,000 P70,000 Machinery. 25,000 75,000 Building.. 225,000 ******* Furniture and fixtures... 10,000 The building is subject to a mortgage loan of P90,000, which is to be assumed by the partnership agreement provides that CC and FF share profits and losses 30 percent and 70 percent, respectively. On March 1, 20x4, the capital account of FF would showa balance of:
- Exercise 3-2 (Division of Profit; Interest on Average Capital) Danica and Jenson are partners. Their capital accounts during the fiscal year 2019 were as follows: Danica, Capital 120,000 1/1 Jenson, Capital 3/1 180,000 1/n 1,200,000 140,000 100,000 9/1 800,000 160,000 60,000 4/1 7/1 11/1 10/1 Profit of the partnership is P250,000 for the year. Determine the partners shared profit under the following assumptions: 1. Each partner is to be credited 12% interest on his average capital. 2. Any remaining profit or loss is to be divided equally.Adax Designs Services is a partnership with Adam and Max as partners. The partnership has been operating successfully for a number of years now. The partners have a written partnership agreement. The following information was extracted from the accounting records of Adax. Design Services for the financial year ended 28 February 2021: Balances in the ledger as at 28 February 2021 Land and buildings at cost 835 000 Accumulated depreciation: buildings (65 000) Equipment at carrying amount 270 000 Debtors 103 000 Capital- Andile 400 000 Capital- Sipho 300 000 Current account- Andile Credit balance (1 March 2020) 40 000 Current account -Sipho – Debit balance (1 March 2020 20 000 Drawings - Andile: General 130 000 Drawings – Sipho: General 102 000 Net profit for the year ended 28 February 2021 The following must still be taken.into. account: 800 000 1. The partnership agreement makes provision for the following: • Interest on capital must be provided at 12% per year on the balances in the…D, E and F are partners sharing profits and losses in the ratio 5:3:2, respectively. The December 31, 2019 balance sheet of the partnership before any profit allocation is summarized as follows: ASSETS: Cash 90,000 Inventories 40,000 Furniture & fixtures – net 50,000 Patent 15,000 Total assets 195,000 LIABILITIES AND CAPITAL: Accounts payable 4,000 Loan from F 3,000 D, capital 70,000 E, capital 60,000 F, capital 30,000 F, drawings (2,000) Income summary 30,000 Total liabilities and capital 195,000 On January 1, 2020, F has decided to retire from the partnership and by mutual agreement among the partners, the following have been arrived at: Inventories amounting to 5,000 is considered obsolete and must be written off. Furniture and fixture should be adjusted to its current value of 65,000. The patent is considered worthless and must be written off immediately before the…
- The capital accounts of Scott and Tucker at the end of the fiscal year 2019 are as follows: Scott, Capital January 1 Balance P210,000 Мay 1 Investment 90,000 October 1 Withdrawal Р60,000 Tucker, Capital January 1 Balance P150,000 April 1 Withdrawal P30,000 The partnership profit for the year ended December 31, 2019 was P300,000. Instruction: Prepare schedule of profit allocation and journal entries to record transfer to profit to the capital accounts under each of the following independent assumptions: 1. Profit is divided 60% to Scott and 40% to Tucker. 2. Profit is divided into ratio of capital balances at the beginning of the period. 3. Profit is divided in the ratio of average capital balance. Interest of 8% is allowed on the average capital and the balance of profit is divided equally. 4. Salaries of P60,000 and P48,000 are allowed to Scott and Tucker, respectively, and the balance of the profit is divided in the ratio of capital balances at the end of the period. 5. 6. Scott is…Exercise 3-2 (Division of Profit; Interest on Average Capital) Danica and Jenson are partners. Their capital accounts during the fiscal year 2019 were as follows: Danica, Capital 120,000 1/1 800,000 4/1 160,000 60,000 J enson. Capital 3/1 180,000 1/1 1,200,000 7/1 9/1 140,000 11/1 10/1 100,000 Profit of the partnership is P250,000 for the year. Determine the partners shared profit under the following assumptions: 1. Each partner is to be credited 12% interest on his average capital. 2. Any remaining profit or loss is to be divided equally. Follow the instructions strictlyExercise 3-2 (Division of Profit; Interest on Average Capital) Danica and Jenson are partners. Their capital accounts during the fiscal year 2019 were as follows: Danica, Capital 120,000 1/1 800,000 4/1 160,000 11/1 60,000 J enson. Capital 3/1 180,000 1/1 1,200,000 7/1 9/1 140,000 100,000 10/1 Profit of the partnership is P250,000 for the year. Determine the partners shared profit under the following assumptions: 1. Each partner is to be credited 12% interest on his average capital. 2. Any remaining profit or loss is to be divided equally. Follow thle instructions strictly
- The following is the trail Balance of X and Y Co. as on March 31, 2021. The partners sharing profits and losses in the ratio 2:1. Prepare the Income Statement, Profit & Loss Appropriation A/c, Partners' Capital A/c and the Balance Sheet. Particulars Dr. Particulars Cr. Land and Buildings 187500 x Capital A/c 56250 Y Capital A/c 25000 Sundry creditors 50000 Sales (net) 25000 Discount 22500 Provision for bad debts 62500 37500 Plant and Machinery Wages 31250 Opening Stock of Finished Goods 406250 3125 Opening Stock of Raw material Opening Stock of Work in Progress 1875 Sundry debtors 62500 Commission 12500 Carriage inwards 1875 Y's Loan A/c 37500 Carriage outwards 1125 Factory Expenses 9375 Royalties 1875 Purchase of Raw material (net) 93750 Factory rent & taxes 8125 Discount 3625 Office rent 5000 Insurance 2500 Bad debts 1875 Office Expenses 9375 Salaries of works manager 15000 Cash at bank 10250 592500 The following additional information is to be taken into consideration: 592500…Jane and Kathy are joining their separate business to form a partnership. Cash and non-cash assets are to be contributed for a total capital of P300,000. The non-cash assets are to be contributed and liabilities to be assumed are as follows: Jane Kathy Book Value Fair Value Book Value Fair Value Receivable Inventories Equipment Payable P 22,500 22,500 37,500 11,250 P 22,500 33,750 30,000 11,250 P 60,000 67,500 7,500 P67,500 71,250 7,500 The partner's capital accounts are to be equal after all contributions of assets and assumptions of liabilities. Determine the total assets of the partnership.John and Peter are in partnership sharing profits and losses in the ratio 3/5: 2/5, respectively.The following is their trial balance as of 31 December 2007.Dr Cr$ $Buildings (cost $105,000) 80,000Fixtures at cost 4,100Provision for depreciation: Fixtures 2,100Debtors 30,700Creditors 13,295Cash at bank 3,065Stock at 01 January 2008 31,370Sales 181,555.50Purchases 105,000Carriage outwards 1,705Discounts allowed 310Loan interest: M. Money 1,950Office expenses 2,380Salaries and wages 28,904.50Bad debts 816Provision for doubtful debts 700Loan from M. Money 32,500Capitals: Shoes 50,000Socks 37,500Current accounts: Shoes 2,050Socks 600Drawings: Shoes 15900Book 14,100320,300.5 320,300.5i. Stock, 31 December 2008, $35,105ii. Expenses to be accrued: Office Expenses $107.50; Wages $360iii. Depreciate fixtures 15 percent on reducing balance basis, buildings $2,500iv. Reduce provision for doubtful debts to $625v. Partnership salary: $15,000 to Shoes. Not yet enteredvi. Interest on drawings:…