Determine the amount of Mendenilla deficit

Assignment Help Accounting Basics
Reference no: EM133033754

Question - After all the partnership assets were converted into cash and all available cash distributed to creditors, the ledger of the Eugenio, Lim and Mendenilla partnership showed the following balances: Accounts Payable of P20,000; Eugenio, Capital of P10,000 credit; Lim, Capital of P60,000 credit; and Mendenilla, Capital of P90,000 debit. The partners share profits and losses in 30:30:40 ratio, respectively. The partners have personal net worth amounting to P0, P10,000, and P60,000, respectively. Determine the amount of Mendenilla's deficit after contributing the relevant amount.

Reference no: EM133033754

Questions Cloud

Difference between mentoring and coaching : Why is it important for health care leaders to have a strong and positive mentor? Provide specific examples.
Definition of a secular religion : 1) Give any two difference between the race in Brazil and the race in USA.
What the net income earned by the consignor on the shipment : The goods cost P450,000 and are normally sold at a 50% markup based on cost. What the net income earned by the consignor on the shipment
Define the future of e-commerce : Describe the key factors that will define the future of e-commerce. Support your answer with an example of each factor.
Determine the amount of Mendenilla deficit : The partners have personal net worth amounting to P0, P10,000, and P60,000, respectively. Determine the amount of Mendenilla's deficit
Karl marx-meaning of poor : Problem: Karl Marx starts this passage with the statement: "We shall begin from a contemporary fact. The worker becomes poorer the more wealth he produces and t
QSP5MQC Measurement and Quantification of Construction Work : QSP5MQC Measurement and Quantification of Construction Work Assignment Help and Solution, University College of Estate Management - Assessment Writing Service
Credit card and mortgage worksheet : You have a credit card with a current balance of $150. The interest rate is 13.99% and you use this card to pay your cell phone bill of $89 each month.
Case study on stemcell technologies : You are an event planner for Stemcell Technologies, a Canadian biotechnology firm headquartered in Vancouver, British Columbia

Reviews

Write a Review

Accounting Basics Questions & Answers

  Ben toucan be willing to give today to a venture investor

What percent ownership interest should Ben Toucan be willing to give today to a venture investor,

  Rewrite auditor report in an acceptable and complete format

Rewrite the auditor's report in an acceptable and complete format, incorporating any necessary departures from an unmodified report

  Compute the insurance expense

At the end of 2021, after adjusting entries were recorded. The balance in the prepaid insurance account was $50,000. Compute the insurance expense for 2021

  This would result in a loss of 200 this would result in

xyz company has the following product costs for its line of product a direct materials 10 direct labor 8 variable

  Part of the acquisition of tri town

R1. How much goodwill did Decca Publishing purchase as part of the acquisition of Tri Town Daily? R2. Journalize Decca Publishing's acquisition of Tri Town Daily.

  Present the updated general ledger Cash at Bank account

Present the updated general ledger Cash at Bank account balance as it should be at 30 June 2019. Prepare the bank reconciliation statement at 30 June 2019

  How many months before the due date was the date of discount

A 11-year $8000.00 promissory note, with interest at 8.4% compounded monthly, How many months before the due date was the date of discount

  What is the current value of operations for dozier

Dozier Corporation is a fast growing supplier of office products. What is the current value of operations for Dozier

  How much of the will Derek include in his gross income

Derek receives a refund of $435 early in 2020. How much of the $435 will Derek include in his 2020 gross income

  Evaluate importance of each major step in policy analysis

Evaluate the importance of each major step in policy analysis as it relates to political choice. Next, debate if one would consider any of these steps

  What are the total relevant ordering and carrying costs

If it takes two weeks to receive an order, at what point should Mimova Ltd reorder shoes? What are the total relevant ordering and carrying costs

  Calculate the amount of money

Calculate the amount of money you'll have at the end of the indicated time period, assuming that you earn simple interest

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!

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