User Account

All Pages

How much is the initial capital balances of AA

Assignment Help Financial Accounting
Reference no: EM133132633

Question - AA, BB and CC form a partnership which operates delivery and logistics services, January 1, 2020. AA contributed Cash of 100,000 and his new cargo van worth 1,500,000 which is mortgaged for 1,000,000. The partnership decided to assume the mortgage.

BB was a former manager of a logistics company and decided to manage the partnership. In addition, he contributed cash of 250,000 to the partnership.

CC contributed his sole proprietorship business with assets amounting to 2,050,000 and liabilities of 300,000. Assets are impaired by 250,000.

They agreed to divide their profit and losses 20:30:50.

Without additional contributions, they wish to bring their initial capital balances equal to their pnl ratio.

1. How much is the initial capital balances of AA?

2. How much is the initial capital balances of BB?

3. How much is the initial capital balances of BB?

During the first year of operations the partnership had the following information

A. Total service revenue 4,550,000

B. Total discounts 65,500

C. BB will receive a monthly salary of 20,000

D. All partners will receive 10% of their initial capital balances

E. BB and CC receives a 10% bonus after salaries and interest.

F. Administrative expenses totals to 350,000

G. Operation Expenses 920,000

4. How much is the profit?

5. How much is AA interest?

6. How much is BB interest?

7. How much is CC Interest?

8. How much is BB bonus?

9. How much shall be credited to AA Capital?

10. How much shall be credited to BB Capital?

11. How much shall be credited to CC Capital?

Reference no: EM133132633

Questions Cloud

Interpret the problem of reinforcement learning directly : (a) "In stock markets, the investors are in a zero-sum game." Is this statement true or false? Explain your answer.
Identify and describe financial probity requirements : Identify and describe financial probity requirements for businesses. Identify the requirements for audited accounts and the purpose of an audit report
Multi-factor view of productivity : -Why is it important to have a multi-factor view of productivity? What negative results can come from focusing on only one production factor? Give an example.
Post the transactions in Bobs ledger accounts : June 30 van repairs of £600 paid out of the petty cash. Post the above transactions in Bobs' ledger accounts of June20x, Close & Balance off the accounts
How much is the initial capital balances of AA : CC contributed his sole proprietorship business with assets amounting to 2,050,000 and liabilities of 300,000. How much is the initial capital balances of AA
Economics is the language of power : 1. Is it agreeable that economics connect us to other facets of life and not just in an economic perspective? Why or why not? and how?
Variety of settings and circumstances : What might the reason be for putting contemporary characters in such a wide variety of settings and circumstances, and have you experienced (or had students tha
Critically analyze - spatial databases : Critically analyze Spatial Databases academic papers then present their work in a detailed literature review and analysis.
Short-run and long-run production function : Explain the difference between a short-run and long-run production function. Cite one example of this difference in a business situation.

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