Reference no: EM13168889
1. Prepare a journal entry to share the profit among the partners. Include a narration.
2. Prepare journal entries to close the Drawings accounts to the partners' Current accounts. Include a single narration.
3. Prepare a statement of comprehensive income, showing allocation of profit.
4. Prepare a statement of changes in equity.
5. Prepare a partnership statement of financial position. (Statement format).
PART D You can choose whether to admit a new partner or have a partner retire.
Include a narrative as described below.
Admission of a new partner
1. Include in the narrative: Who is the new partner? What was he/she doing before? Why was he/she invited to join the partnership? How much is the new partner contributing and what will be his or her share of partnership equity? What is the new profit sharing agreement?
2. What was the equity of the partnership before admission of the new partner? (If it is the day after Part C it will be the same. If it is later it will be different. Ensure it is not long afterwards). Prepare a worksheet to show the calculation of the new partner's capital and any bonus to or from the existing partners.
3. Prepare a journal entry to admit the new partner. Include a narration.
4. What is the equity of each partner and of the partnership after the admission of the new partner?
|
What effect does the presence of lone-pair electrons have
: What effect does the presence of lone-pair electrons have on the bond angles and the geometry of a molecule?
|
|
Junk food tax to discourage
: Recently in the news, you may have heard concerned citizens and politicians call for a “junk food” tax to discourage the American people from purchasing and consuming so many soft drinks, potato chips, cookies, candies, cakes, pies, ice cream cones, ..
|
|
What mass of cos is isolated
: If a student starts with 615g of Co(NO3)2 and obtains a 57.3% yield of CoS, what mass of CoS is isolated? Co(NO3)2 +K2S ---> CoS + 2KNO3
|
|
Determine the ratio of water to copper sulfate
: a mass of 2.50 g of hydrated copper sulfate is placed in a crcible and heated. on heating, 1.59 g of white anhydrous copper sulfate is left behind. determine the ratio of water to copper sulfate.
|
|
Prepare journal entries to close the drawings accounts
: Prepare a worksheet to show the calculation of the new partner's capital and any bonus to or from the existing partners.
|
|
Verify boyle law using the relationship
: To verify Boyle's Law using the relationship between gas volume and gas pressure when the amount of gas remains constant at certain temperature.
|
|
Bill to be debated and voted
: If you were a member of the U. S. House of Representatives, and were able to introduce a bill to be debated and voted on, what topic would you choose for your bill? Why?
|
|
Prepare a statement of financial position
: Prepare general journal entries to account for the capital contributed by the partners. Include narrations and prepare a statement of financial position on the day of formation.
|
|
How many grams of bromine are used in the reaction
: A 13-g sample of calcium reacts with bromine to form 24g of calcium bromide. How many grams of bromine are used in the reaction?
|