User Account

All Pages

How much is the share of Choji in the partnership profits

Assignment Help Financial Accounting
Reference no: EM132917249

Question - The capital accounts of Choji and Sydney at the end of the 2020 are as follows:

Choji Sydney

January 1 balance P500,000 P 350,000

Investment March 28 100,000

June 26 50,000

Withdrawal June 30 50,000

Oct. 1 15,000

The partnership has a credit balance of P 230,000 in the income summary account.

If the partnership agreements states that profit and losses are divided by allowing 15% interest on average capital balance and any remainder in the ratio of 1:2 then, how much is the share of Choji in the partnership profits/losses?

A. P30,604.17

B. P61,208.33

C. P116,895.83

D. P113,104.17

Reference no: EM132917249

Questions Cloud

Prepare general journal entries to record the transactions : Feb 2 Purchased plumbing tools for $1,000 on account. Prepare general journal entries to record the transactions
What options does Phoebe Photo Studio to correct error : What options does Phoebe's Photo Studio have to correct this error if the payment has not yet been recorded? If the payment has been recorded
Persuasive-what are the three tests for truth : What are the three "tests" for truth? Which do you find the most persuasive? Why? Which solution to the problem of evil do you find most convincing?
What amount should Etsy report as cost of goods : Etsy Co. uses a periodic inventory system. What amount should Etsy report as cost of goods on its income statement for the month of January
How much is the share of Choji in the partnership profits : The partnership has a credit balance of P 230,000 in the income summary account. How much is the share of Choji in the partnership profits
Explain how concepts of risk control and quality : Explain how the concepts of risk control and quality are related within the project management discipline. How do the two knowledge areas impact one another?
What is the leadership paradox : What is the leadership paradox? Give some reasons why a leader can encounter difficulty in newly formed teams or groups using a participative management system.
What is the amount of the Cost of Goods Sold : Using the above amounts, what is the amount of the Cost of Goods Sold on the Schedule of Cost of Goods Sold
Find the amount of effective fees : Find the amount of effective fees, F*, at which Clark is indifferent between retaining the cash and paying it out

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