Prepare journal entries to record partners cash withdrawals

Assignment Help Accounting Basics
Reference no: EM133172961

Question - On March 1, 2021 Aika and Jill formed a partnership with Aika contributing P900,000 cash and Jill contributing land valued at P300,000 and a building valued at P500.000. The partnership will assume Jill's P200,000 long-term note payable associated with land and building. The partners agree to share income on a 3:2 basis, respectively. Before the year ended, Aika and Jill withdrew cash of P30,000 and P25,000 respectively. At the end of the year, total revenues amounted to 475,000 and total operating expenses amounted to P125,000.

Required - Prepare journal entries to record the partners' (a) initial capital investments, (b) cash withdrawals, and (c) determine net income and record the share in the profit.

Reference no: EM133172961

Questions Cloud

About change management in global business : Write a education and training document to teach/develop all senior and mid-level executives/managers in your company about change management in global business
Secure a loan and factoring accounts receivable : What is the difference between pledging accounts receivable to secure a loan and factoring accounts receivable?
Examine ethics in international management : Examine ethics in international management and some of the major ethical issues and problems confronting Multinational Corporation's.
Conspiracy to steal and sell military equipment : Explain how this violation in this situation could have been avoided and what type of internal controls or oversight could have prevented the violation and whet
Prepare journal entries to record partners cash withdrawals : On March 1, 2021 Aika and Jill formed a partnership with Aika contributing P900,000 cash. Prepare journal entries to record partners cash withdrawals
Evaluation of recruiting and selection processes : How can HRMs use metrics to measure the success of the recruiting and selection processes? List 3 metrics that you view as most relevant
Discuss how porter five forces model : Discuss how Porter's Five forces model and Strategic Group Map used in Human Resources management
Explain the meaning of the bonus schemes : Question - Explain the difference between apportionment and allocation of overheads. Explain the meaning of the Bonus Schemes
Sequencing activities properly : Sequencing activities properly is a critical component of project management, whether on a small scale

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.

  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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd