QUESTION 39 Which of the following companies is dissolved on the death of any of the partners? OaA Limited Liability Company Ob. A Private Joint Stock Company CA Public Joint Stock Company Od. A General Partnership
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- Problem 14-11 (Algo) (LO 14-4, 14-5, 14-6) A partnership begins its first year of operations with the following capital balances: Allegan, Capital Berrien, Capital Kent, Capital $82,000 72,000 82,000 According to the articles of partnership, all profits will be assigned as follows: Allegan will be awarded an annual salary of $18,000 with $9.000 assigned to Kent • The partners will be attributed Interest equal to 10 percent of the capital balance as of the first day of the year. • The remainder will be assigned on a 5.23 basis, respectively. . Each partner is allowed to withdraw up to $5,000 per year The net loss for the first year of operations is $30,000, and net Income for the subsequent year is $35,000. Each partner withdraws the maximum amount from the business each period. Required: Prepare schedules that compute the balances in each partner's capital account at the end of each of the first two years of partnership operations. Ending apital Ending Capital Balance Year Balance Year…Question 4 John, Lee and Tony are in partnership, preparing accounts to 31 October each year. Their partnership agreement states that: The partners are entitled to 5% per annum interest on their opening capital accounts. No interest is allowed (or charged) on current account balances. Interest is charged on the partners' drawings at 7% per annum. Their drawings during the year to 31 October 2020 were as follows: John RM30,000 Lee RM20,000 Tony RM3,000 a. Partners' annual salaries are RM6,000 and RM 12,000 for Lee and Tony respectively. b. Remaining profits and losses are shared between John, Lee and Tony in the ratio of 5:4:1. c. The partners' capital and current account balances as at 1 November 2019 are as follows: Capital a/cRM Current a/cRM John 50,000 16,320 Cr Lee 30,000 1,110 Cr Tony 10,000 (590)Dr The capital account balances remained unchanged during the year to 31 October 2020. d. The partnership's net…Question 4 John, Lee and Tony are in partnership, preparing accounts to 31 October each year. Their partnership agreement states that: The partners are entitled to 5% per annum interest on their opening capital accounts. No interest is allowed (or charged) on current account balances. Interest is charged on the partners' drawings at 7% per annum. Their drawings during the year to 31 October 2020 were as follows: John RM30,000 Lee RM20,000 Tony RM3,000 a. Partners' annual salaries are RM6,000 and RM 12,000 for Lee and Tony respectively. b. Remaining profits and losses are shared between John, Lee and Tony in the ratio of 5:4:1. c. The partners' capital and current account balances as at 1 November 2019 are as follows: Capital a/cRM Current a/cRM John 50,000 16,320 Cr Lee 30,000 1,110 Cr Tony 10,000 (590)Dr The capital account balances remained unchanged during the year to 31 October 2020. d. The partnership's net profit for…
- Alexander, Capital Bertrand, Capital Coloma, Capital $30,000 40,000 50,000 The articles of partnership stipulate that profits and losses be assigned in the following manner: • Each partner is allocated interest equal to 5 percent of the beginning capital balance. • Bertrand is allocated compensation of $10,000 per year. • Any remaining profits and losses are allocated on a 3:3:4 basis, respectively. • Each partner is allowed to withdraw up to $3,000 cash per year. Assuming that the net income is $40,000 and that each partner withdraws the maximum amount allowed, what is the balance in Coloma's capital account at the end of the year? Multiple Choice $62,100 $52,500 $51,900 $59,100ONS J.K. SHAH ELAS SES CA FOUNDATION-ACCOUNTANCY UNIT V - DEATH OF A PARTNER 01 Band N were partners. The partnership deed provides inter elie (i) That the accounts be balanced on 31st December each venr (i) That the profits be divided as follows: R: One-half: N: One-third; and carried to Reserve Account: One-sixth (i) That in the event of death of a partner, his executor will be entitled to the following: (a) The capital to his credit at the date of death; (b) His proportion of profit to date of death based on the average profits of the last three completed years; (c) His share of goodwill based on three years' purchases of the average profits for the three preceding completed years. Trial Balance on 31st December, 2015 Particulars Debit (?) Credit (?) 90,000 B's Capital N's Capital 60,000 30,000 Reserve Bills receivable 50,000 40,000 Investments Cash 1,10,000 20,000 Trade payables 2,00,000 2,00,000 Total The profits for the three years were 2013: 42,000; 2014: 39,000 and 2015: ?…ENTRIES FOR DISSOLUTION OF PARTNERSHIP Cummings and Stickel Construction Company, a partnership, is operating a general contracting business. Ownership of the company is divided among the partners, Katie Cummings, Julie Stickel, Roy Hewson, and Patricia Weber. Profits and losses are shared equally. The books are kept on the calendar-year basis. On August 10, after the business had been in operation for several years, Patricia Weber passed away. Mr. Weber wished to sell his wifes interest for 30,000. After the books were closed, the partners capital accounts had credit balances as follows: REQUIRED 1. Prepare the general journal entry required to enter the check issued to Mr. Weber in payment of his deceased wifes interest in the partnership. According to the partnership agreement, the difference between the amount paid to Mr. Weber and the book value of Patricia Webers capital account is allocated to the remaining partners based on their ending capital account balances. 2. Assume instead that Mr. Weber is paid 60,000 for the book value of Patricia Webers capital account. Prepare the necessary journal entry. 3. Assume instead that Julie Stickel (with the consent of the remaining partners) purchased Webers interest for 70,000 and gave Mr. Weber a personal check for that amount. Prepare the general journal entry for the partnership only.
- The partnership of Chase and Chloe shares profits and losses in a 70:30 ratio respectively after Chloe receives a $10,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $ 30,000 B. $ 6,000 C. ($10,000)The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a $7,000 salary and Sue receives a $6,500 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $10,000 B. $5,000 C. ($12,000) In addition, show the resulting entries to each partners capital account.Question 4 John, Lee and Tony are in partnership, preparing accounts to 31 October each year. Their partnership agreement states that: i. The partners are entitled to 5% per annum interest on their opening capital accounts. No interest is allowed (or charged) on current account balances. ii. Interest is charged on the partners' drawings at 7% per annum. Their drawings during the year to 31 October 2020 were as follows: John RM30,000 Lee RM20,000 Tony RM3,000 iii. Partners' annual salaries are RM6,000 and RM 12,000 for Lee and Tony respectively. iv. Remaining profits and losses are shared between John, Lee and Tony in the ratio of 5:4:1. v. The partners' capital and current account balances as at 1 November 2019 are as follows: Capital a/cRM Current a/cRM John 50,000 16,320 Cr Lee 30,000 1,110 Cr Tony 10,000 (590) Dr The capital account balances remained unchanged during the year to 31 October 2020. vi. The partnership's net…
