Reference no: EM132794997
Christie, Nora and Bads are partners who share profits and losses in a 4:4:2 ratio and on January 1 of the current year, have capital balances of P180,500, P145,000 and P74,500, respectively. Christie withdrew from the partnership on April 1 of the current year and the partners agreed that, as of this date, certain inventory items would have to be revalued at P120,000 from their recorded cost of P135,000. For the three-month period ending March 31 of the current year, the partners realized a net loss of P48,000.
Question 1: After incorporating the adjustment on inventory and the net loss, what is the adjusted capital as of March 31 of CHRISTIE?
Question 2: After incorporating the adjustment on inventory and the net loss, what is the adjusted capital as of March 31 of NORA?
Question 3: After incorporating the adjustment on inventory and the net loss, what is the adjusted capital as of March 31 of BADS?
Question 4: If CHRISTIE's interest is bought by NORA for ?150,000, the jorunal entry is to?
Question 5: If CHRISTIE's interest is bought by NORA for ?150,000, at what amount will CHRISTIE, Capital be removed in the partnership books upon withdrawal?
Question 6: If CHRISTIE receives ?170,000 of partnership funds for his interest. The remaining partners are to absorb the bonus, the journal entry is?
Question 7: If CHRISTIE receives ?170,000 of partnership funds for his interest. The remaining partners are to absorb the bonus. What is the adjusted capital of Bads after Christie's withdrawal?
|
What is a statement of cash flows
: What are the 3 main categories of this statement? Explain each category? How is the statement of cash flows related to changes of balance sheet accounts
|
|
Marketing strategies for new product development
: Develop creative marketing strategies for new product development including product, price, people and promotion - Generate creative strategies for customer
|
|
Climate change-due to climate change
: Climate change-Due to climate change, some sectors of the economy may grow faster in comparison to the others and at the same time
|
|
What central issues that are underlying theory
: Can Dior continue to balance the interest of its brand as high-end, heritage-driven luxury, while simultaneously engaging younger consumers in China?
|
|
What is the adjusted capital as of march of bads
: If CHRISTIE receives ?170,000 of partnership funds for his interest. The remaining partners are to absorb the bonus, the journal entry is?
|
|
What are the different oligopoly models
: What are the different oligopoly models and what are some examples of these models in the home improvment industries?
|
|
What is the equilibrium price in the market
: A perfectly competitive market is described by the demand curve QD = 60 - 2P, and the supply curve QS = 5P - 10. A typical firm in the market has the total cost
|
|
What is the amount of inventory to be reported
: A business using the retail method of inventory costing determines that inventory at retail is $1,235,000. What is the amount of inventory to be reported
|
|
What is producer surplus and how is it measured
: What is producer surplus and how is it measured? What is the relationship between the cost to sellers and the supply curve?
|