User Account

All Pages

How much is the capital balance of Juliet at the end

Assignment Help Financial Accounting
Reference no: EM132963099

Question - Juliet and Kilo have capital balances of P200,000 and P220,000 respectively before admission of Lima. Their profit and loss agreement was 35:65. Lima was to be admitted for 40% interest in the partnership and 20% in the profits and losses by contributing a used machine which had a cost of P205,000 and an appraised value of P180,000. After admission of Lima, Juliet and Kilo agreed to share profits and losses equally. At the end of the year the new partnership generated net income of P130,000.

Required -

a. How much is the capital balance of Kilo after admission of Lima?

b. How much is the capital balance of Juliet at the end of the year?

Reference no: EM132963099

Questions Cloud

Determine the budgeted units of inventory for March : The Cardinal Company had a finished goods inventory of 55,000 units on January 1. Determine the budgeted units of inventory for March 31
How many pounds of plastic should be budgeted for purchasing : The desired ending inventory of plastic is 60 pounds. How many pounds of plastic should be budgeted for purchasing during the coming period?
How many units should be produced for the coming period : How many units should be produced for the coming period?. A company plans on selling 400 units. The selling price per unit is $5.
Demonstrate understanding of issues related to hiring : Demonstrate understanding of issues related to hiring, retention, and turnover. explain
How much is the capital balance of Juliet at the end : Juliet and Kilo have capital balances of P200,000 and P220,000 respectively before admission of Lima. How much is the capital balance of Juliet at the end
What will be the likely effect on desired ending inventory : What will be the likely effect on the desired ending inventory of finished product? A company has had stable sales and production for several years.
Example of a training where roi analysis : 1. There are several methods for cost-benefit analysis (e.g., benefit cost ratio, incremental cost benefit ratio, utility analysis).
What is the total direct labor cost variance : If 3,900 units required 31,800 hours at an hourly rate of $9.50 per hour, what is the direct labor rate variance, total direct labor cost variance
Compute the amount of depreciation to record : He believes that the salvage value of the building at that time will be $800,000. Compute the amount of depreciation to record during 2018

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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