Provide entry to divide profit and loss int the ratio

Assignment Help Accounting Basics
Reference no: EM132670030

Biore invested 800,000 on Jan 1, 2019 and an additional 150,000 on April 1. Besario invested 1,200,000 on Jan 1 and withdraw 200,000 on July 1. The partnership contract provided that each partner may withdraw 10,000 on the last day of each month; both partners did so during the year.

Problem 1: Provide journal entry with explanation and computation assuming partners agree to divide profit and loss in a 70:30 ratio. Profit=500,000

Problem 2: Provide journal entry with explanation and computation assuming partners agree to divide profit and loss into the ratio of their original capital investment. Profit=500,000

Problem 3: Provide journal entry with explanation and computation assuming partners agree to divide profit and loss int the ratio of their capital balances at the end of the year. Loss=400,000

Reference no: EM132670030

Questions Cloud

What is primary amebic meningoencephalitis : What is Primary Amebic Meningoencephalitis? How might the patient have become infected with the parasite?
Briefly describe the agency intervention-treatment plan : Review the agency's intervention/treatment plan used to engage clients. After reviewing the agency's intervention/treatment plan, consult the literature.
Differentiate between bacterial and and viral pneumonia : Could you utilize a Gram stain to differentiate between bacterial and and viral pneumonia? Why or why not?
Find what amount should be reported as total payroll tax : Chloe Company reported, Find what amount should be reported respectively as total payroll tax liability and payroll tax expense?
Provide entry to divide profit and loss int the ratio : Provide journal entry with explanation and computation assuming partners agree to divide profit and loss int the ratio of their capital balances.
Identify relevant covid-19-related health disparities : The COVID-19 pandemic has left no part of the United States untouched. Yet, as with past pandemics and natural disasters, the health outcomes and effects.
What does the term mesophilic mean : What does the term mesophilic mean? Explain why mesophilic organisms tend to be pathogenic
Processing the samples for ebola virus : What particular precautions must be done in processing the samples for Ebola virus, Marburg virus, and Lassa virus?
Provide journal entry with explanation : Provide journal entry with explanation and computation assuming partners agree to divide profit and loss equally, Profit=500,000

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