User Account

All Pages

How much is the capital of bb in the partnership

Assignment Help Accounting Basics
Reference no: EM133139380

Question - AA, BB and CC were partners with capital balances on January 1, 2022 of P115,000, P150,000 and P200,000, respectively. They share profits and losses in a 5:3:2 ratio, respectively. On September 30, 2022, AA decides to retire from the partnership. Net income of the partnership from January 1 until September 30 amounted to P200,000. Inventories carried at P50,000 was to be revalued to P70,000, based on the consensus of the partners. The partnership will pay AA P195,000 in full settlement of his interest in the partnership. The partnership books as of September 30 also provided the following information:

Receivable from BB P40,000

Payable to CC 70,000

AA, drawing 15,000

Required - How much is the capital of BB in the partnership upon retirement of AA?

Reference no: EM133139380

Questions Cloud

Employee retention strategies : "Employee Retention Strategies" (3) strategies that might be good ideas to supplement the basics most firms employ to retain employees.
Majority of states issue : A majority of states issue a severance tax when what is removed from their state? A majority of states issue a severance tax when what is removed from their sta
Identify the training and development needs at gap inc : Identify the training and development needs at gap inc. Are these needs currently integrated in a training and development program? Explain.
Which of the persons noted above should society : Which of the persons noted above should society/government provide extra retirement income help to? Justify your answer.
How much is the capital of bb in the partnership : On September 30, 2022, AA decides to retire from the partnership. How much is the capital of BB in the partnership upon retirement of AA
Dfferent learning styles : Kolb's (2014) theory suggests that people have different learning styles and that they will be more comfortable, and more successful in their learning, if the t
Describe the nature and purpose of a premarital agreement : Describe the nature and purpose of a premarital agreement and explain why such agreements are becoming more common.
How does issue affect organizational effectiveness : Does your organization have partnerships with local community groups?
What is kai breakeven point in units : What is Kai's breakeven point in units with the labor-intensive technology? What is Kai's breakeven point in units with the capital-intensive technology

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