User Account

All Pages

Record the withdrawal of Ka under each cases

Assignment Help Accounting Basics
Reference no: EM132840277

Question - Accounting for Partnership/Advance accounting - Please help me answer the following requirements below

The partnership of Aa, Ba and Ka has been in business for 25 years. On December 31, Ka decided to retire from the partnership. The statement of financial position before the retirement of Ka is presented below:

Cash 40,000

Accounts receivable 60,000

Inventory 140,000

Plant assets - net 400,000

Loan to Aa 30,000

Loan to Ka 40,000

Total assets 710,000

Accounts payable 70,000

Notes payable 80,000

Loan from Ba 50,000

Aa, Capital (20%) 150,000

Ba, Capital (30%) 200,000

Ka, Capital (50%) 160,000

Total liabilities & equity 710,000

Required - Record the withdrawal of Ka under each of the following independent cases:

1) Ka was paid P150,000 cash upon his retirement. The partnership goodwill attributable to the partners were recorded by the partnership.

2.) Due to the limited cash of the partnership, Ka was paid merchandise with a fair value of P100,000 and a note payable for P50,000. The carrying amount of the merchandise was P60,000. Capital of the partnership after Ka's retirement was P360,000.

Reference no: EM132840277

Questions Cloud

Steps in the acquisition process for a negotiated : Outline the steps in the acquisition process for a negotiated best value source selection. Address the impact of the best value trade off method
Calculate the amount that recorded for closing inventory : A business supplies the following information in regards to its inventory - Calculate the amount that would be recorded for closing inventory
Advantages of integrating business processes : Explain the advantages of integrating business processes in an organization. List three enterprise applications for organization-wide process integration.
Issue of diversity in remote work groups : Have you experienced this and how should leadership approach the issue of diversity in remote work groups?
Record the withdrawal of Ka under each cases : Record the withdrawal of Ka under each of the following independent cases: Ka was paid P150,000 cash upon his retirement
Identify a small business organization in malaysia : Identify a small business organization in Malaysia that has experienced significant growth during the outbreak because of its digital operating model.
Advantages and disadvantages of the shell matrix : 1) What are some advantages and disadvantages of the Shell Matrix?
Prepare a physical flow schedule : The costs incurred during February were $700,000 for direct materials and $700,000 for conversion. Prepare a physical flow schedule
Quarantine and pandemic containment measures : Coronavirus disease (COVID-19) is an infectious disease caused by a newly discovered strain of coronavirus, a type of virus known to cause respiratory infection

Reviews

Write a Review

Accounting Basics Questions & Answers

  Find amount recognized as gain from debt extinguishment

Dolphin Company is experiencing financial difficulty, What amount should be recognized as gain from debt extinguishment as a result of the equity swap?

  Provide an example of how these two assumptions

Which are described in your readings for this week. Select two of these assumptions and explain their criticality. Provide an example of how these two assumptions are fulfilled in disaster operations.

  What expense should bramble company record

What expense should Bramble Company record as a result of the facts above for the year ended December 31, 2017

  Evaluate the issue price of bonds

On January 1, 2011 Piper Co. issued ten-year bonds with a face value of $1,000,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds were sold to yield 12%. Calculate the issue price of the bonds.

  Phil owns a ranch business and uses four-wheelers to do

phil owns a ranch business and uses four-wheelers to do much of his work. occasionally though he and his boys will go

  Determine the applicable rule number from the code

The following situation involves a possible violation of the AICPA's code of professional conduct. For this situation, determine the applicable rule number from the code, and decide whether or not the code has been violated.

  What is the interest rate

Dubois Inc. has completed the purchase of new Dell computers. What is the interest rate, to the nearest percent, used in discounting this purchase transaction

  Percentage of tenkey assets

Sandra was alarmed because inventories constituted a large percentage of Tenkey's assets, and if losses could occur in even one store, they could probably occur in others too. She called a staff meeting that included the IT director and the genera..

  What amount is to be reported in net income for tax purposes

An additional 2,000 were purchased for $8,000 twenty days before the sale. What amount is to be reported in net income for tax purposes?

  What is the accrued interest expense on the note on october

On September 28, Assuming a 360-day year for your calculation, what is the Accrued Interest Expense on the Note on October 31?

  Method human service professional use to prevent child abuse

You are working as a school counselor in an elementary school in a rural community. You are also on the city council and are involved in your local faith-based community. As such, you know most people in the community.

  Determine which standard cost variances will be affected

Determine which standard cost variance(s) will be affected, and compute the amount of the effect for one month on each variance.

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