Reference no: EM132818200
Problem 1: Jaz,Baron and Corrie are partners who share profits and losses in a 5:3:2 ratio and on January 1 of the current year, have capital balances of ?90,000, ?160,000 and ?200,000, respectively. Corrie withdrew from the partnership on July 1 of the current year and the partners agreed that, as of this date, certain inventory items would have to be revalued at ?70,000 from their recorded cost of ?50,000. For the six-month period ending June 30 of the current year, the partners realized a net income of ?130,000. The partners decided that Corrie should be paid ?245,000 for his interest. The payment to Corrie included bonus from remaining partners of:
a. ? 20,000
b. ? -0-
c. ? 15,000
d. ? 19,000
Problem 2: Using the same information in #1, the capital balances of the remaining partners after the withdrawal of Corrie would be:
a. Jaz - ?150,000; Baron - ?200,000
b. Jaz - ?155,625; Baron - ?199,375
c. Jaz - ? 90,000; Baron - ?160,000
d. Jaz - ?165,000; Baron - ?205,000
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