User Account

All Pages

What is the capital balance of a on december

Assignment Help Accounting Basics
Reference no: EM132688574

AB Partnership was formed on February 28, 20x1. Partner A invested P150,000 cash while Partner B invested land that he originally bought for P70,000 but has a current fair value of 180,000. B invested additional cash of 60,000 on November 1, 20x1. The partnership contract states the following:

                                                                                 A                                          B

Monthly salary (recognized as                        10,000                    20,000

expenses and withdrawn periodically)

Interest on beginning capital                               12% p.a.                     12% p.a.

Bonus on profit before salaries                               20%

and interest but after bonus

Remaining profit or loss                                        50%                           50%

Problem 1: AB Partnership earned profit pf 120,000 in 20x1. What is the capital balance of A on December 31, 20x1?

Reference no: EM132688574

Questions Cloud

Find what capital balance of beng after admission of dong : What is the capital balance of Beng after the admission of Dong? Ang, Beng and China are partners sharing pro?ts in the ratio of 3:3:2.
What is the recoil speed of the archer : What is the recoil speed of the archer? (report your answer to at least the thousandth's place)
Professional liability-health profession : Professional Liability-select an allied health (nonphysician) profession; this can be your own profession or another profession that interests you.
What is the mass of the second sphere : The composite system moves with a speed equal to one third the original speed of the 5.7 kg sphere. What is the mass of the second sphere?
What is the capital balance of a on december : AB Partnership was formed on February 28, 20x1. AB Partnership earned profit pf 120,000 in 20x1. What is the capital balance of A on December 31, 20x1?
Describe the trajectory of the proton : A proton is moving with a velocity ~v along the y-z plane that forms an angle of 45 degrees with the y-axis. The proton is at a distance of 1 m from the wire.
What are the main element of a geomagnetic field : ?Draw the 3 dimensions of the main elements of the geomagnetic field.
District play regarding discipline decision-making : What role does the district play regarding discipline decision-making? What are discipline issues that often arise with special needs students?
Find average coefficient of static friction : A group of students collected the data shown below while attempting to measure the coefficient of static friction (of course, it looks like this group varied th

Reviews

Write a Review

Accounting Basics Questions & Answers

  Matthew company issued 10-year 7 bonds paying semiannual

matthew company issued 10-year 7 bonds paying semiannual interest with a par value of 100000. the market rate of

  Prepare the workpapers entries necessary

Prepare the workpapers entries necessary to eliminate the effects of the intercompany sales for 2014 and 2015

  What would monthly sales in members and dollars

What would monthly sales in members and dollars have to be to achieve a target net income of $14,500 for the month? What is the margin of safety in dollars?

  What is the overhead application rate of company

O.K. Company uses a job order cost accounting system and allocates its overhead on the basis of direct labor costs. O.K. expects to incur $800,000 of overhead.

  Calculate the capital balances

Calculate the capital balances for each individual in the new partnership assuming bonus and good will method

  A manufacturer has identified the options for acquiring a

a manufacturer has identified the options for acquiring a machined part. it can make the part on a numerically

  List of common accounting acronyms

Presented below is a list of common accounting acronyms. Identify the term for which each acronym stands, and provide a brief definition of each term.

  Z ltd purchased a fixed asset for rs 50 lakhs which has the

z ltd. purchased a fixed asset for rs. 50 lakhs which has the estimated useful life of 5 years with the salvage value

  How are the transactions handled for tax purposes

Bruce, Sally's son and executor, incurred $6,200 in travel expenses in flying to Florida, How are the following transactions handled for tax purposes

  Ensor materials corporation approved a stock option plan

1.On October 15, 2012, the board of directors of Ensor Materials Corporation approved a stock option plan for key executives.

  Develop a process that firms can use

REVIEW THE CASE STUDY THEN ANSWER THE QUESTIONS BELOW - Develop a process that firms can use when identifying and developing supply chain alliances

  Find the annual ordering cost of cheese inventory

Cheeseburger and Taco Company purchases 10,734 boxes of cheese each year. Find the annual ordering cost of cheese inventory

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