Anna and Ben formed a partnership. Anna contributed cash of P786,000 and office equipment costing P378,000. The equipment had been used in her sole proprietorship and had been 70% depreciated. The agreed value of the equipment is P104,000. Anna also has a note payable of P84,000 that will be assumed by the partnership. Ben contributed only the merchandise inventory from his sole proprietorship carried in the books at P650,000 but with fair value of P630,000. The partnership agreed on a profit and loss ratio of 50% each. How much is Anna's capital immediately after the partnership formation?
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- On September 1, 20X2, Tanya, Cecille, and Marie formed a partnership by combining their separate business proprietorships. Tanya contributed cash of P50,000. Cecille contributed property with P48,000 carrying amount, P56,000 original cost, and P45,000 fair value. The said property has an attached mortgage of P10,000, which will be assumed by the partnership. Marie Contributed a piece of equipment with P50,000 carrying amount, P85,000 original cost, and P45,000 fair value. It was stated in the Articles of Partnership that profits and losses are to be shared equally but is silent regarding capital contributions. Who among the partners has the smallest capital contribution? Justify the answer in no more than five (5) sentences.Alma and Becca have just formed a partnership. Alma contributed cash of P176,400 and office equipment that cost P75,600. The equipment had been used in his sole proprietorship and had been 70% depreciated, the current value of the equipment is P50,400. Alma also contributed a note payable of P16,800 to be assumed by the partnership. Alma is to have a 30% interest in the partnership. Becca contributed P256,000 land at fair market value. Becca should make additional investment ofItems 34 and 35 are based on the following information: On January 2,2010, Jason and Melissa formed a partnership by contributing the following assets: Cash Accounts Receivable Merchandise Inventory Land Building Jason P ? 80,000 100,000 Melissa 34. On January 2, 2010, Melissa, Capital amounts to a. P440,000 b. P600,000 P 380,000 240,000 The Land invested by Melissa is subject to mortgage loan of P160,000, which is to be assumed by the partnership. The accounts receivable invested by Jayson are believed to be only 90% collectible. d. P1,040,000 35. Assuming that Jayson is to contribute enough cash to bring his capital equal to that of Melissa, required cash contribution of Jayson is a. P268,000 b. P420,000 d. P600,000 c. P760,000 c. P440,000
- Ventic was the senior member of the partnership of Ventic, Joson, and Daguiso. When Ventic died, the firm's accountant revalued the assets. The following assets are to be increased in value by these amounts: Merchandise Inventory, P280,000; Building, P560,000. The value of the asset, Equipment, is to be decreased by P90,000. Assuming that the partnership profit and loss ratio is 2:2:1, respectively, prepare the journal entry to record the revaluation of the assets on June 5 prior to dissolution of the firm.Albert and Brenda have just formed a partnership. Albert contributed cash of P782,000 and office equipment that cost P390,000. The equipment had been used in his sole proprietorship and had been 80% depreciated. The current fair value of the equipment is P252,000. An unpaid mortgage loan on the equipment of P84,000 will be assumed by the partnership. Albert is to have a 60% interest in the partnership net assets. Brenda is to contribute, only, merchandise with a fair value of P630,000. Both partners agreed on a profit and loss ratio of 55% to Albert and the balance to Brenda. To finalize the partnership agreement, Albert should make additional investment (withdrawal) of cash in the amount of:Kara and Mia formed a joint arrangement to acquire and sell a special type of merchandise. Kara is to manage the joint arrangement and to furnish the capital. The joint operations are to share equally any gain or loss on the joint operations. On April 1,2020, Mia sent Kara P10,000 cash, which was all used to purchase merchandise, Kara paid freight of P240 on the merchandise purchased. On April 27, one half of the merchandise was sold for P7,200 cash. Kara paid the cost of delivering merchandise to customers which amounted to P260. No further transactions occurred until the end of the month. The profit(loss) of the joint arrangement for the month of April,2020 is:
- 1.On September 1, 20X2, Tanya, Cecille, and Marie formed a partnership by combining their separate business proprietorships. Tanya contributed cash of P50,000. Cecille contributed property with P48,000 carrying amount, P56,000 original cost, and P45,000 fair value. The said property has an attached mortgage of P10,000, which will be assumed by the partnership. Marie Contributed a piece of equipment with P50,000 carrying amount, P85,000 original cost, and P45,000 fair value. It was stated in the Articles of Partnership that profits and losses are to be shared equally but is silent regarding capital contributions. Who among the partners has the smallest capital contribution? Justify your answer in no more than five (5) sentences.2. On July 1, 20X2, Cua, Wicas, and Suico organized a partnership. Wicas contributed cash amounting to P600,000 and Cua contributed cash of P300,000 and machinery with a carrying amount of P250,000, the historical cost of P600,000, and market value of P475,000.…Taylor and Tanner formed a partnership. Taylor contributed $50,000 in cash. Tanner contributed land and buildings he purchased for $50,000 some time ago. His tax basis in the property is now $30,000, although it was recently appraised for $70,000. There is a $15,000 mortgage attached to the building that the partnership will assume. What is the amount of Tanner’s capital account after his contribution? a. $50,000 b. $30,000 c. $35,000 d. $55,0001. On September 1, 20X2, Tanya, Cecille, and Marie formed a partnership by combining their separate business proprietorships. Tanya contributed cash of P50,000. Cecille contributed property with P48,000 carrying amount, P56,000 original cost, and P45,000 fair value. The said property has an attached mortgage of P10,000, which will be assumed by the partnership. Marie Contributed a piece of equipment with P50,000 carrying amount, P85,000 original cost, and P45,000 fair value. It was stated in the Articles of Partnership that profits and losses are to be shared equally but is silent regarding capital contributions. Who among the partners has the smallest capital contribution? Justify the answer in no more than five (5) sentences. 2. On July 1, 20X2, Cua, Wicas, and Suico organized a partnership. Wicas contributed cash amounting to P600,000 and Suico contributed cash of P300,000 and machinery with a carrying amount of P250,000, the historical cost of P600,000, and market value of…
- Tamara owns interest in two different entities: a partnership and an S-Corp. Her basis in the partnership is $40,000. Her basis in the S-Corp is 23,250. Tamara is the sole owner of the S-Corp. Tamara received a cash distribution of $25,500 from her S-Corp. Corporate-level accounts at the end of the year were as follows. AAA $9,000OAA 13,500Accumulated E & P 900Cye and Dye have just formed a partnership. Cye contributed cash of P126,000 and computer equipment that cost P54,000. The computer had been used in his sole proprietorship and had been depreciated to P24,000. The fair value of the equipment is P36,000. Cye also contributed a note payable of P12,000 to be assumed by the partnership. Cye is to have 60% interest in the partnership. Dye contributed only P90,000 cash. Cye should make an additional investment (withdrawal) of: a.P(76,800) b.P96,000 c.P(15,000) d.P84,000Newton is a one-third owner of ProRite Partnership. Newton has decided to sell his interest in the business to Dunja for $68,000 cash plus the assumption of his share of ProRite's liabilities. Assume Newton's inside and outside bases in ProRite are equal. ProRite shows the following balance sheet as of the sale date: Assets Cash Receivables Inventory Land Totals Liabilities and capital: Liabilities Capital-Newton Capital-Barbara Capital-Liz Totals Tax Basis $ 96,500 28,000 40, 250 36,500 FMV $ 96,500 28,000 110, 750 23,500 $ 201, 250 $ 258,750 $ 60,000 47,083 47,084 47,083 $ 201, 250 What are the amount and character of Newton's recognized gain or loss?