Accounting Preparing Partnership Financial Statements Homework Help
- August 28, 2017
- Posted by:
- Category: Accounting QA
Best UK USA UAE Australia Canada China Accounting Preparing Partnership Financial Statements Homework Help Service Online
1.RNOP Partnership had been unprofitable and decided to liquidate their partnership. The partners share profits and losses in the ratio of 40:30:20:10, respectively. The following balance sheet was prepared immediately before the liquidation process began:
Cash $ 96,000 Liabilities $240,000
Other Assets 316,000
A, Capital 22,800
B, Capital 17,600
C, Capital 48,000
D, Capital 83,600
Total Assets $412,000
Total Lia & Equities $412,000
The personal status of each partner is as follows
Personal Personal
_Assets_ Liabilities
Ray $146,000 $ 126,000
Nil 90,000 130,000
Oden 154,000 128,000
Paul 56,000 56,000
The partnership’s other assets are sold for $100,000 cash. The partnership operates in a state which has adopted the Uniform Partnership Act.
Required
A. Complete the following schedule of partnership realization and liquidation. Assume that a partner makes additional contributions to the partnership when appropriate based on their individual status.
OTHER CAPITAL
CASH ASSETS LIABILITIES __Ray__ __Nil__ __Oden__ __Paul__
$96,000 $316,000 $240,000 22,800 17,600 48,000 83,600
B. Complete the following schedule to show the total amount that will be paid to the personal creditors.
From Distribution Total Paid
Personal from to Personal
_Assets_ _Partnership_ _Creditors_
Ray
Nil
Oden
Paul
2. Preparing partnership financial statements
On December 31, 2012, Dana Davis and Lou Ghai agree to combine their proprietorships into a partnership. Their balance sheets on December 31 are shown as follows.
Davis’s Business | Ghai’s Business | |||
Book Value | Current Market Value | Book Value | Current Market Value | |
Assets | ||||
Cash | $9,000 | $9,000 | $6,000 | $6,000 |
Accounts receivable | 26,000 | 24,000 | 16,000 | 14,000 |
Inventory | 49,000 | 43,000 | 38,000 | 38,000 |
Plant assets (net) | 123,000 | 105,000 | 54,000 | 58,000 |
Total assets | $207,000 | $181,000 | $114,000 | $116,000 |
Liabilities and Owners’ Equity | ||||
Accounts payable | $24,000 | $24,000 | $12,000 | $12,000 |
Accrued expenses payable | 12,000 | 12,000 | ||
Notes payable | 55,000 | 55,000 | ||
Davis, capital | 116,000 | ? | ||
Ghai, capital | 102,000 | ? | ||
Total liabilities and owners’ equity | $207,000 | $181,000 | $114,000 | 116,000 |
Requirements
a. Journalize the contributions of Davis and Ghai to the partnership.
b. Prepare the partnership balance sheet at December 31, 2012.
3. Account for partner investments, allocating profits and losses to the partners, preparing partnership financial statements
Lorena Lally and Allie Raras formed a partnership on March 15. The partners agreed to invest equal amounts of capital. Lally invested her proprietorship’s assets and liabilities (credit balances in parentheses). See the table that follows.
Lally’s Book Values | Current Market Values | |
Accounts receivable | $12,300 | $10,600 |
Inventory | 47,000 | 38,000 |
Prepaid expenses | 3,600 | 3,400 |
Store equipment | 41,000 | 28,000 |
Accounts payable | (24,000) | (24,000) |
On March 15, Raras invested cash in an amount equal to the current market value of Lally’s partnership capital. The partners decided that Lally will earn 70% of partnership profits because she will manage the business. Raras agreed to accept 30% of the profits. During the period ended December 31, the partnership earned net income of $74,000. Lally ’s drawings were $42,000, and Raras ’s drawings totaled $22,000.
Requirements
1. Journalize the partners’ initial investments.
2. Prepare the partnership balance sheet immediately after its formation on March 15.
3. Journalize the closing of the Income summary and partner Drawing accounts on December 31.
How it Works?
How it Works?
Step 1:- Want to buy solution for this. Please click on submit your assignment here and then fill all details and please mentioned product code at the end of the case. Product code is extremely important to locate your assignment. You can also mail us by keeping product code as mail subject to besthomewrokhelpers@gmail.com
Step 2:- As soon as we received your details, we will inform you with through email about quotations of the given assignment. Requesting you to please mention your budget. Also ensure our email besthomeworkhelpers@gmail.com should not go into your spam folder.
Step 3:- Once you agree with our price, click on pay now and pay the agreed amount and once we received the payment assignment will be delivered before agreed deadline.
Step 4:-You can also call us in our phone no. as given in the top of the home page or chat with our customer service representatives by clicking on chat now given in the bottom right corner.
Features
Our Features for Assignment Help Services
Plagiarism Free Solution
The first and foremost things that we promise to our customer is plagiarism free solution i.e. a complete and unique solution as per customer’s university requirements.
Excellent Customer Care Services
You can feel our responsiveness once you use our service. Our team of excellent and dedicated customer service representatives are always ready to provide best customer care service 24X7 . Just drop a mail to besthomeworkhelpers@gmail.com and you can receive response in just no time.
Multiple Stage Quality Assurance
We design a unique multiple stage quality assurance team to ensure plagiarism free, original, relevant and as per customer’s requirements. We not only give importance to accurate solutions or writing but also we give equal importance to references style too.
Privacy and Confidentiality
We believe in maintaining complete privacy and confidentiality of all our clients. None of the information furnished to us is shared with anyone else.
Our Clients
We receive requests from clients all over the World. Most of our customers are from USA, UK, Australia, Canada, UAE, Muscat, Oman, Qatar, UAE, New-Zealand, France Germany etc.
Related Services
- Accounting Homework Help
- Accounting Assignment Help
- Computer Science Homework Help
- Management Homework Help
- Finance Assignment Help
- Online Essay Writing Help
- Strategic management case study help
- Case Study Assignment Help
- Dissertation Writing Help
- Trade finance case study help
- Project Management Assignment Help
- Mechanical Engineering Homework Help
- Online Quiz Help
- Maths homework Help
- Online Exam Help
- Economics Assignment Help
- Economics Homework Help
- English Homework Help
- Macroeconomics Homework Help
- Microeconomics Homework Help
- Statistics Assignment Help
- Australia Taxation Homework Help
- Supply chain management homework help
- Taxation homework help
- USA taxation assignment help
- Advanced accounting homework help online
- Auditing homework writing help
- Human resource management homework help
- Nursing homework help online
- Psychology homework help online
- Sociology homework help online
- Ratio analysis homework help online
- Strategic Management Homework Help Online
- Mba operations management homework help
- Human resource management homework help
- Operations management homework help
4. On March 1, 2009, Eckert and Kelley formed a partnership. Eckert contributed $83,000 cash and Kelley contributed land valued at $66,400 and a building valued at $96,400. The partnership also assumed responsibility for Kelley’s $77,800 long-term note payable associated with the land and building. The partners agreed to share income as follows: Eckert is to receive an annual salary allowance of $30,500, both are to receive an annual interest allowance of 11% of their beginning-year capital investment, and any remaining income or loss is to be shared equally. On October 20, 2009, Eckert withdrew $32,000 cash and Kelley withdrew $25,000 cash. After the adjusting and closing entries are made to the revenue and expense accounts at December 31, 2009, the Income Summary account had a credit balance of $86,000.
1. Prepare journal entries to record
(a) the partners’ initial capital investments,
(b) their cash withdrawals, and
(c) the December 31 closing of both the Withdrawals and Income Summary accounts.
2. Determine the balances of the partners’ capital accounts as of December 31, 2009.
5. On March 1, 2011, Abbey and Dames formed a partnership. Abbey contributed $88,000 cash and Dames contributed land valued at $70,000 and a building valued at $100,000. The partnership also assumed responsibility for Dames’s $80,000 long-term note payable associated with the land and building. The partners agreed to share income as follows: Abbey is to receive an annual salary allowance of $30,000, both are to receive an annual interest allowance of 10% of their beginning-year capital investment, and any remaining income or loss is to be shared equally. On October 20, 2011, Abbey withdrew $32,000 cash and Dames withdrew $25,000 cash. After the adjusting and closing entries are made to the revenue and expense accounts at December 31, 2011, the Income Summary account had a credit balance of $79,000.
1. Prepare journal entries to record
(a) the partners’ initial capital investments,
(b) their cash withdrawals,
(c) the December 31 closing of both the Withdrawals and Income Summary accounts.
2. Determine the balances of the partners’ capital accounts as of December 31, 2011.
Product Code: ACC262
Looking for Accounting Preparing Partnership Financial Statements Homework Help , please submit your details here with product code mentioned above.