Please answer .2. Rama and Shyama were partners, sharing profits and losses as to two-thirds and one-third respectively.On Ist January, 2019 they dissolved partnership. Their books at that date show the following:Book-Debts35,000 Bank overdraft17,000 Sundry Creditors9,000 Capitals :1,560Stock24,440Investments40,00020,000 Rama4,400 ShyamaGoodwill20,000Trade FurnitureThe stock realised 75 per cent of its book value, and the book debts 7 27,800. Trade Furniture was soldTor < 5,000. Goodwill proved unrealisable. Investments were taken over by Rama for 7 12,000.Prepare Realisation Account, Capital Account and Cash Account.Hint LOSS on Realisation 27.850 : Final Payment to Rama 7 9,433 and Shyama 7 10,717].Sheet.]. • 3. Following was the Balance Sheet as on 31st July, 2019 of the firm of Arun and Aditya who were sharingprofits and losses in the ratio of 3 : 2.LiabilitiesAssetsCreditors97,500Land & Building30,00018,30072,80090,75033,650Capitals-ArunMotor Vehicles77,50058,00012,500StockAdityaGeneral ReserveDebtorsCash2,45,5002,45,500The partners decided to dissolve the firm on and from the date of Balance Sheet. Motor vehicles andstocks were sold for cash at 7 16,950 and 77,600 respectively. All debtors accounts were realised infull. Aditya took over Land and Buildings at an agreed valuation of 43,500. Creditors were paid offsubject to a discount of 7 1,700. Expenses of realisation were 1,250.Prepare and close Realisation Account, Cash Account and Capital Accounts of partners.ns. [Profit on Realisation 17,400; Final payment to Arun 7 95,440 & Aditya 26,460].

Note: Hi! Thank you for the question As per the honor code, We’ll answer the first question since…

Answered: On Ist January, 2019 they dissolved…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Chan, Tan and Eric were in partnership sharing profits and losses in the ratio Chan 2/3, Tan 1/4 and Eric 1/12. Their summarized Balance Sheet as at 31 October 2019 was as follows:                                                                         $$$                  $ $ $               $$$ Fixed Assets (at Book Value) Premises                                                                                  120 000 Machinery                                                                               60 000 Motor Vehicle                                                                         9 000               189 000 Current Assets Stock                                                                           14 200 Debtors                                               18 000 less Provision for Doubtful Debts      360                 17 640 Bank                                                                            16 160             48 000 237 000 Capital Accounts…
Chan, Tan and Eric were in partnership sharing profits and losses in the ratio Chan 2/3, Tan 1/4 and Eric 1/12. Their summarized Balance Sheet as at 31 October 2019 was as follows:                                                                         $$$                  $ $ $               $$$ Fixed Assets (at Book Value) Premises                                                                                  120 000 Machinery                                                                               60 000 Motor Vehicle                                                                         9 000               189 000 Current Assets Stock                                                                           14 200 Debtors                                               18 000 less Provision for Doubtful Debts      360                 17 640 Bank                                                                            16 160             48 000 237 000 Capital Accounts…
Chan, Tan and Eric were in partnership sharing profits and losses in the ratio Chan 2/3, Tan 1/4 and Eric 1/12. Their summarized Balance Sheet as at 31 October 2019 was as follows:                                                                         $$$                  $ $ $               $$$ Fixed Assets (at Book Value) Premises                                                                                  120 000 Machinery                                                                               60 000 Motor Vehicle                                                                         9 000               189 000 Current Assets Stock                                                                           14 200 Debtors                                               18 000 less Provision for Doubtful Debts      360                 17 640 Bank                                                                            16 160             48 000 237 000 Capital Accounts Chan…
On December 31, 2020, the accounting records of the Friends Partnership included the following information: Raflyn, drawing (debit balance) P 120,000 Jane, drawing (debit balance) Pablo, loan Raflyn, capital Jane, capital Pablo, capital 45,000 150,000 615,000 502,500 540,000 Total assets amounted to P2,392,500, including P262,500 cash, and liabilities totaled P750,000. The partnership was liquidated on December 31, 2020, and Jane received P416,250 cash pursuant to the liquidation. Raflyn, Jane, and Pablo share net income and losses in a 5:3:2 ratio, respectively. Compute for the total loss on realization.
Chan, Tan and Eric were in partnership sharing profits and losses in the ratio Chan 2/3, Tan 1/4 and Eric 1/12. Their summarized Balance Sheet as at 31 October 2019 was as follows: $$$ $ $ $ $$$ Fixed Assets (at Book Value) Premises 120 000 Machinery 60 000 Motor Vehicle 9 000 189 000 Current Assets Stock 14 200 Debtors 18 000 less Provision for Doubtful Debts 360 17 640 Bank 16 160 48 000 237 000 Capital Accounts Chan…
On January 02, 2019, the business assets and liabilities of Gail Anne & Precious were as follows: Gail AnnePrecious CashP28,000P62,000 Receivables 200,000 600,000 Inventories 120,000 200,000 PPE 650,000 535,000 Other Assets 2,000 3,000 Accounts Payable 180,000 250,000 Notes Payable 200,000 350,000 Gail Anne and Precious agreed to form a partnership by contributing their net assets subject to the following adjustments: ➢ Receivables of P20,000 in Gail Anne’s books and P40,000 in Precious’ books are uncollectible ➢ Inventories of P6,000 and P7,000 in the respective books of Gail Anne and Precious are worthless ➢ Other assets in both books are to be written off ➢ Accrued interest on notes payable equal to 10% is to be established. The note payable of Gail Anne was dated August 01, 2018 while that of Precious, was dated April 01, 2018. The balances of selected accounts after the formation are: Assets…
Adjani, Malcolm, and Shanice have been in partnership for over forty years. They are now ready to retire and have decided to dissolve the partnership on March 31, 2021. The balance sheet at that date stood as follows: iii. iv. ASSETS Non-current assets Buildings Furniture Statement of Financial Position as at 31 March Current assets Inventory Trade receivables Allowance for doubtful accounts A. Bank Total current assets Total assets EQUITY AND LIABILITIES Capital -Adjani Capital - Malcolm Capital - Shanice C. Current a/c - Adjani Current a/c - Malcolm Current a/c - Shanice Additional information: Long-Term Liabilities Loan Current Liabilities Creditors Required: Prepare the following: a. Buildings realized $180,000 b. Debtors $233, 600 c. Inventory $83,000 Realization account B. Partners' capital accounts $ Bank account 2020 i. Adjani took over the furniture at an agreed value of $10,000 ii. Of the remaining assets: 250,000 15,000 $ 50,000 200,000.00 3,000 12,000.00 212,000.00 83,000…
2. Amion admits Basa for a partnership interest in his business. The balance sheet accounts of Amion on November 30, 2020 prior to the admission of Basa are as follows: Debit Credit Cash 312,000 Merchandise inventory 468,000 Accounts receivable Accounts payable P161,200 Amion, capital
The loan and capital account balances of Hannah, Jean, Jenifer and Kristine Partnership were as follows on October 26, 2020, the date that the partnership began liquidation: Debit Credit Loan, Hannah P20,000 Loan, Jenifer P35,000 Hannah, Capital – 20% 30,000 Jean, Capital – 30% 15,000 Jenifer, Capital – 10% 25,000 Kristine, Capital – 40% 40,000 Required: 1. Prepare a cash priority program. 2. Assume that P20,000 cash is available for the first distribution, determine the cash to be received by the partners. 3. In continuation with the preceding number, another P15,000 cash is available for the next distribution, determine the cash to be received by the partners. Required: Prepare a statement of liquidation with safe payments schedule.
Question Asked Jul 24, 2020 Chan, Tan and Eric were in partnership sharing profits and losses in the ratio Chan 2/3, Tan 1/4 and Eric 1/12. Their summarized Balance Sheet as at 31 October 2019 was as follows: $$$ $ $ $ $$$ Fixed Assets (at Book Value) Premises 120 000 Machinery 60 000 Motor Vehicle 9 000 189 000 Current Assets Stock 14 200 Debtors 18 000 less Provision for Doubtful Debts 360 17 640 Bank 16 160…
Ahmed and Wahid are partners sharing profits and losses in the ratio of 3:1. Their Balance sheet as on March 31, 2021 is as follows. Liabilities Amount (RO) Assets Amount (RO) Creditors 315000 Cash 26250 Bills Payable 105000 Debtors 367500 General Reserve 210000 Stock 157500 Capital 0Plant 131250 Ahmed 420000 Buildings 525000 Wahid 210000 Profit & Loss Ac. Bank Overdraft 315000 Equipment 315000 Total 1575000 Total 1575000 On April 01, 2021, they agreed to admit Khalid into the firm for 1/5th Share of future profits on the following terms: 2) Building s revalued at 630000 b) Stock is revalued at 112875 l Goodwill i raised at 210000 di Provuion for bad debts sto be made at 5% e) Khalid has to bring in a Lapital 262500 n Khalid war onable to brina the amount of goodwill: Pass Journal Lntries and Prepare Revaluation Account, Capiital Accounts and the Dalance Sheet of the reconstituted firm.
On January 01, 2020, Malachi and Haggai agreed to form a partnership. The following are their assets and liabilities. ACCOUNTS MALACHI HAGGAI P 136,000 P 76,000 48,000 Cash Accounts Receivable 88,000 304,000 364,000 480,000 Inventories Machinery Accounts Payable Notes Payable 440,000 144,000 216,000 140,000 60,000 Malachi decided to pay-off his notes payable from his personal assets. It was also agreed that Haggai's inventories were overstated by P24,000 and Malachi machinery was over-depreciated P20,000. Haggai is to invest/withdraw cash in order to receive a capital credit that is 20% more than Malachi's total net investment in the partnership. Immediately after the formation, compute for the following: 1. Total cash of the partnership 2. Total assets of the partnership 3. Total capital of the partnership

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS