User Account

All Pages

Compute for capital of Geene immediately after admission

Assignment Help Accounting Basics
Reference no: EM132576244

Question - Geene and Mae are partners engaged in merchandising business. To solve insolvency problem and create opportunity for expanding operations, they admitted Dianne as new partner. Account balances prior to admission of Dianne are as follows:

Cash P 15,000 Accounts Payable P 85,000

A/R (net) 40,000 Geene, Capital (60%) 90,000

Inventory 200,000 Mae, Capital (40%) 70,000

Total Assets P 255,000 Total Equities P 255,000

Dianne invested cash for a 1/3 interest in partnership assets and profits. Aside from her cash investment, Dianne was credited an additional P10,000, charged against the capital of the original partners. Compute for the capital of Geene immediately after the admission of Dianne.

Reference no: EM132576244

Questions Cloud

Reconcile civil liberty and national security : Combating terrorism has entailed restrictions on civil liberties. How can we reconcile civil liberty and national security?
What are generally accepted accounting principles : Answer the following questions related to GAAP. What are generally accepted accounting principles? What are the sources of these principles
What is the capital of B Dilim immediately after admission : Other assets are adjusted upon admission of Emmanuel. What is the capital of B. Dilim immediately after admission of Emmanuel
Make a corrected balance sheet in the form of table : Make a corrected Balance Sheet in the form of Table and find out the missing value of Land. Cash=100,000, Accounts Payable=50,000
Compute for capital of Geene immediately after admission : Dianne invested cash for a 1/3 interest in partnership assets and profits. Compute for the capital of Geene immediately after the admission of Dianne
Find the probability that Department FA is responsible : CTV Company has three sales departments. Department FA processes about 50 percent of CTVs sales, Find the probability that Department FA is responsible
How much are the net income under absorption costing : Southseas Corp. uses a standard cost system. How much are the net income under absorption costing and variable costing methods
What is the maximum express would be willing : There is a 20% probability that the silver will only be worth P500,000. What is the maximum Express would be willing to spend to develop the mine
Evaluate procedures at the hospital : evaluate procedures at the hospital to make sure that Happy Health avoids any similar negligence rulings - partly to avoid legal penalties

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the net deduction for unearned premiums

Calculate the net deduction for unearned premiums if an insurance entity's unearned premium reserve increased from $80,000 to $100,000.

  Which of the following is the plan for acquiring the

which of the following is a plan for acquiring the resources needed to complete the manufacturing activities that will

  Prepare the journal entry to record the accrual of interest

Prepare the journal entry to record the accrual of interest and the amortization of the premium on December 31, 2015

  Discuss the advantages of two sampling methods

Discuss the advantages and disadvantages of at least two sampling methods. Make a recommendation for the best method to sample accounts receivables

  Jessich inc management estimates that 39 of credit sales

jessich inc management estimates that 39 of credit sales will be collected in the month of sale with a 2 prompt payment

  Prepare journal entry to record the given transaction

Dynasty Corporation had stockholders' equity on January 1 as follows: Prepare journal entry to record the following transaction related to a stock dividend

  Calculate the variable overhead rate

Cirilla's Weathervane Company manufactures weathervanes. Calculate the variable overhead rate and the efficiency variances

  What is the amount of the purchase discount recorded

If Kari paid for the purchase on May 9th, how much cash was exchanged and what is the amount of the purchase discount recorded

  Compute the net present value of the project

Neil Cawdry is considering opening a hobby and craft store. Compute the net present value of the project. Compute the payback period.

  Explain each of the three sides of accountability

Explain each of the "three sides of accountability" identified by these authors? In what ways can accounting, especially management accounting, contribute to integrating these accountabilities in organisations?

  Determine the projected year end fund balance for this fund

General Fund revenues and expenditures for the current year are expected to be as shown here. Determine the projected year end fund balance for this fund.

  Gross method of recording sales discounts

What amount should the sale be recorded under the gross method of recording sales discounts? Give the required entry. Also give the collection entry, assuming that it is during the discount period.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd