User Account

All Pages

How much is the capital balance of b right after withdrawal

Assignment Help Accounting Basics
Reference no: EM132833671

The capital account balances of the partners in ABC Partnership on June 30, 20x1 before  any necessary adjustments are as follows:

Capital accounts

A, Capital (20%) 600,000

B, Capital (30%) 1,000,000

C, Capital (50%) 400,000

Total 2,000,000

The partnership reported profit of ?3,600,000 for the six months ended June 30, 20x1.

Problem 1: On July 1, 20x1, C withdraws from the partnership when he was bought-out by his co- partners for ?2,480,000 cash. How much is the capital balance of A immediately after the withdrawal of C?

Problem 2: C retires on July 1, 20x1. It was agreed that C shall receive ?2,480,000 cash from the partnership in settlement of his interest. How much is the capital balance of B right after the withdrawal of C?

Problem 3: C retires on July 1, 20x1. It was agreed that C shall receive cash of ?2,000,000 and equipment with carrying amount of ?400,000 and fair value of ?1,200,000 as settlement of his interest in the partnership. The entry in the partnership's books to record the retirement of C includes?

Reference no: EM132833671

Questions Cloud

What is the percentage gain-loss on the funds she invested : Mrs. Samuels sold short 300 shares of DST Inc. at $34 and 250 AKA Inc. shares at $25. The margin requirement is 60% and the broker charges interest of 8%.
Determine the ending inventory cost and cost of goods sold : Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers
What was its turnover : Question - The Starks Income Fund's average daily total assets were $130 million for the year just completed. What was its turnover
Describe the capacity requirements planning process : Describe the capacity requirements planning process. What information do each of the inputs provide in the process? Why are the available capacity
How much is the capital balance of b right after withdrawal : C shall receive ?2,480,000 cash from the partnership in settlement of his interest. How much is the capital balance of B right after the withdrawal of C?
Bu480-ebusiness strategy : Explain how the Internet can help a company to achieve a competitive advantage in the marketplace through (1) cost leadership and (2) differentiation.
What total amount of biological assets should be reported : Agricultural produce growing on bearer plants 800,000. What total amount of biological assets should be reported
Accounting information in evaluating the decision : Is the information you need financial or managerial in nature?
Prepare memo to audit partner outlining some potential issue : Your audit client, Prepare memo to audit partner outlining some potential issues to the BCP/DRP and Cybersecurity program at the Bank.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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