Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question - Partnership profit distribution - fixed ratio
Godfrey and Taylor formed a partnership on 1 July 2018 with initial capital balances of $90 000 and $60 000 respectively. For the year ended 30 June 2019, the Profit or Loss Summary account disclosed a final debit balance of $96 000.
Required -
(a) Prepare the closing entry to transfer the profit disclosed in the Profit or Loss Summary account to the Profit Distribution account under method 1 and method 2.
(b) Prepare the closing general journal entry to distribute the profit to Godfrey and Taylor assuming they have agreed to share profits in proportion to each partner's initial capital balance under both method, variabble capital balances and fixed capital balances.
(c) Show how the partners' equity accounts would appear in the balance sheet of the partnership at 30 June 2019.
Briefly describe the two types of strategies that companies may choose to persue. how can the efficient use of organisational operational precedures promote the effective implementation of company strategy?
If Ruth's adjusted gross income is $29,000, calculate her net miscellaneous deductions after the adjusted gross income percentage limitation
What types of businesses would prosper in China? Why? What are the challenges and risks associated with doing business in China?
Suppose this action will increase sales to 375,000 jars - should Santiago's lower the price of salsa based on incremental analysis?
Included in the December 31, 2012, Jacobi Company balance sheet was the following shareholders' equity section:
Prepare the stockholders equity section of the combined company's balance sheet. assuming Pumpworks acquires all of Seaworthy's net assets
A parcel of land is: offered for sale at $150,000, assessed for tax purposes at $95,000, recognized by its purchasers as being worth $140,000 and purchased for $137,000. The land should be recorded in the purchaser's books at:
The adjusted trial balance of Karise Repairs on December 31, 2013, follows.
For its first year of operations, Tringali Corporation's reconciliation. What should Tringali report as its income tax expense for its first year of operations?
1.On November 21, 2013, a fire at Hodge Company's warehouse caused severe damage to its entire inventory of Product Tex.
Rolf sold 2,500 of the wheels produced in Raj's division for $350 each. Net income is based on Full absorption costing. What is the COGS using actual costing
The retained earnings account has a debit balance of $2,400, what is the ending balance in retained earnings account after all closing entries have been made
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd