Find what are the capital balances of the remaining partners

Assignment Help Accounting Basics
Reference no: EM132625270

Problem 1: A, B, and C were partners with capital balances on January 2, 2020 of P 100,000, P 150,000, and P 200,000, respectively. Their profit and loss ratio is 5:3:2. On July 1, 2020, A retires from the partnership on the date of retirement the partnership net income is P 140,000 and the partners agreed that inventories are to be revalued at P 70,000 from its original cost of P 50,000. The partners agreed further to pay A P 195,000 in settlement of her interest. What are the capital balances of the remaining partners after the retirement of A?

Reference no: EM132625270

Questions Cloud

Reproducing structured inequality between men and women : The unequal involvement in housework and child rearing experienced by Malia and Ron is reproduced by their children through a process of role socialization
Organization and ultimately overall productivity levels : Analyze the impact on overall morale, relationships within the organization and ultimately overall productivity levels.
What is one major area that a sociologist can assist in : What is one major area that a sociologist can assist in? Example like a mental health field and why please explain why
Discuss the concept of being color brave versus color-blind : Discuss the concept of being color brave versus color-blind, did this have any impact on how you understand the term "color-blind"?
Find what are the capital balances of the remaining partners : A, B, and C were partners with capital balances on January 2, 2020, What are the capital balances of the remaining partners after the retirement of A?
Develop segmentation scheme : Develop a segmentation scheme for bulletproof backpacks and include the most important segment descriptors
Define the term of nuclear family : Define the term of nuclear family. What changes happened in this type of family since the industrial revolution to the present day.
Explain the importance of researches in the social sciences : Explain the importance of researches in the social sciences and humanities in the society and prove that researches
Find what are capital balances of a and b and c respectively : Admit C as a partner with a one-third interest in the capital and profits, what are the capital balances of A, B, and C respectively?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Ludwig company which normally operates a process costing

ludwig company which normally operates a process costing system to account for the cost of the computers that it

  Corporate culture at southwest airlines

Southwest airlines began in 1966 by Herb Kelleher. His vision was to run a low cost customer friendly airline. Originally, his customer base was to be business class men in the Texas area. Even today, the vision and culture remains the same: Lo..

  Jounalize transaction without explanation a company paid

jounalize transaction without explanation... a company paid 700 due for supplies previously purchased on account

  Prepare a budgetary comparison schedule

Prepare journal entries to record the foregoing transactions and events.Prepare a statement of revenues, expenditures, and changes in fund balance Prepare a balance sheet. Assume that the fund balance is classified as Committed Prepare a budgetary co..

  Calculate the total conversion cost for last week

Prime Cost and Conversion Cost Refer to the information for Slapshot Company above. Calculate the total prime cost for last week.

  What was the total amount of the period costs

Consider the following costs incurred in a recent period: Depreciation on factory equipment $ 12,000. What was the total amount of the period costs

  Compute the product cost per unit for each job

Compute the product cost per unit for each job, using the original costing system

  On january 1 a company issued 10 10-year bonds payable with

on january 1 a company issued 10 10-year bonds payable with a par value of 720000. the bonds pay interest on july 1 and

  Calculate the change in contribution margin to each division

Calculate the change in contribution margin to each division, and to the company as a whole, if top management forces the printing operation.

  Some high-level planning during your project initiation

Discussion Question 1: The initiating process is the formal beginning of a new project. As the project manager for the Ground Control System Project, what would you need to know or have before you initiate your project?

  The average remaining service life per employee in 2009

Using the corridor approach, compute the amount of net gain or loss amortized and charged to pension expense in each of the four years, setting up an appropriate schedule.

  Make an inductive argument stronger

10 is less than 100; 100 is less than 1,000; consequently, 10 is less than 1,000" is an example of a Student Answer: sound deductive argument.

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