ACCTN202-25A (HAM) - Intermediate Financial Accounting
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In a partnership dissolution, a debit balance in the capital and current accounts of a partner:
Mei, Nancy and Oprah have been in partnership for several years, sharing profits and losses in the ratio of Mei 60%, Nancy 20% and Oprah 20%. The sale of the assets of the partnership resulted in a realization gain of $20,000. The journal entries to record the transfer of the balance in the realization are:
The partners of ABC Partnership share profits and losses in the ratio A: 50% B 25% and C 25%. On 1 January 2022, C withdraws from the partnership and a new partner D is admitted to the partnership. A, B and D agree to share profits and losses in the ratio A: 40% B 30% and C 30%. Goodwill amounting to $50,000 is to be recorded in the books on the day C retires. The partners (A, B and D) in the new partnership do not wish to maintain a goodwill account and the goodwill is to be written off. The journal entry to create and write-off goodwill are
The partners of XYZ Partnership share profits and losses in the ratio X: 30% Y 30% and Z 40%. The capital credit balances of the partners as at 1 January 2022 are: X=$30,000 Y=$30,00 Z=$40,000 and current account credit balances are: X= $4,000 Y=$3,000 Z=2,000. 1 January 2022, Z withdraws from the partnership and X and Y agree to continue with the partnership sharing profits and losses in the ratio X: 50% and Y 50%. Upon Z’s withdrawal from the partnership, the assets of the partnership were revalued resulting in a net credit balance of $20,000 in the revaluation account. Goodwill amounting to $30,000 is to be recorded in the books on the day Z retires. The journal entries to record the payment to Z by the partnership are:
The partners of XYZ Partnership share profits and losses in the ratio X: 30% Y 30% and Z 40%. The capital credit balances of the partners as at 1 January 2022 are: X=$30,000 Y=$30,000 Z=$40,000 and current account credit balances are: X= $4,000 Y=$3,000 Z=2,000. 1 January 2022, Z withdraws from the partnership and X and Y agree to continue with the partnership sharing profits and losses in the ratio X: 50% and Y 50%. Upon Z’s withdrawal from the partnership, the assets of the partnership were revalued resulting in a net credit balance of $20,000 in the revaluation account. Goodwill amounting to $30,000 is to be recorded in the books on the day Z retires. X and Y decided to write-off goodwill. The credit balances in the capital accounts of X and Y in the new partnership are:
The partners of XYZ Partnership share profits and losses in the ratio X: 30% Y 30% and Z 40%. The capital credit balances of the partners as at 1 January 2022 are: X=$30,000 Y=$30,000 Z=$40,000 and current account credit balances are: X= $4,000 Y=$3,000 Z=2,000. 1 January 2022, Z withdraws from the partnership and X and Y agree to continue with the partnership sharing profits and losses in the ratio X: 50% and Y 50%. Upon Z’s withdrawal from the partnership, the assets of the partnership were revalued resulting in a net credit balance of $20,000 in the revaluation account. Goodwill amounting to $30,000 is to be recorded in the books on the day Z retires. The credit balances in the capital accounts of X and Y in the new partnership are:
Which one of the following statements is regarding accounting for admission of a new partner onto a partnership?
The partners of ABC Partnership share profits and losses in the ratio A: 50% B 25% and C 25%. On 1 January 2022, C withdraws from the partnership and a new partner D is admitted to the partnership. A, B and D agree to share profits and losses in the ratio A: 40% B 30% and D 30%. The value of the assets of the partnership as shown in the Balance sheet as at 1 January 2022 are: Fixed Assets = $63,000, Inventory = $12,000 and Accounts Receivable = $19,000. The Fixed Assets were revalued at $56,000. Inventory was revalued at $10,000. An amount of $6,000 was written off from Accounts Receivable as bad debts. The journal entries to record the revaluation of the assets are:
John and Mathew are in partnership sharing profits and losses equally. A new partner Peter is admitted to the partnership. Profits will shared John 40%, Mathew 40% and Peter 20%. Goodwill is valued at $45,000. The capital balances before Peter was admitted to the partnership were John $33,000 and Mathew $33,000. Peter pays $27,750 cash capital contribution to the partnership. The partners agreed to write-off goodwill. The capital balances after accounting for the change in partnership are John = $37,500 Mathew = $37,500 and Peter = $18,750. The differences in capital balances of the partners before and after accounting for change in partnership are due to:
In a change in a partnership involving withdrawal of an existing partner and admission of a new partner:
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