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Compute the balance of Lloyd capital account

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Q1. The profit of the Erwin and Lloyd partnership is $120,000. The partnership agreement specifies that Erwin and Lloyd have a salary allowance of $32,000 and $48,000, respectively. The partnership agreement also specifies interest of 10% be calculated on capital balances at the beginning of the year. Each partner had a beginning capital balance of $100,000. Any remaining profit or loss is shared equally.

A. Compute for Erwin's share of the profit;

B. Compute the balance of Lloyd's capital account at the end of the year after the profit has been distributed.

Q2. Preference share capital, $50 par- $6,400,000; Ordinary share capital, $20 par- 2,000,000; Subscription receivable, preference shares - 380,000; Subscription receivable, ordinary shares - 360,000; Subscribed preference shares - 600,000; Subscribed ordinary shares - 440,000; Share premium - 1,700,000; Retained earnings - 2,000,000. Suppose all subscription receivables are due in year 2017.

C. How much is the total shareholders' equity of the corporation?

D. How much is the legal capital?

Reference no: EM132935029

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