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ACCTN202-25A (HAM) - Intermediate Financial Accounting
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In a partnership, the journal entries to account for interest charged on drawings accounts balances of partners are:
In a partnership, a debit balance in the current account of a partner indicates that:
If partners do not have a partnership deed:
When an existing partner retires or withdraws from a partnership:
I. Accounting for revaluation of assets is considered
II. Accounting for goodwill is considered
III. The partnership pays the balances in the capital and current account of all partners
IV. The profit and loss sharing ratio of the remaining partners is determined
The journal entries to account for salary of a partner are:
. R, S and T share profit and losses in the ratio R=35%, S== 45% and T= 20%. The partners decided to dissolve their partnership. The capital balances of the partners before and after accounting for sale of partnership assets and settlement of creditors and dissolution cost are:
|
Before Dissolution
|
After Dissolution
|
R
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$40,000 credit balance
|
$30,000 credit balance
|
S
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$60,000 credit balance
|
$50,000 credit balance
|
T
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$20,000 credit balance
|
$30,000 debit balance
|
T became insolvent and was able to settle the deficit balance in the capital accounts. In accordance with the Garner V Murray rule, the journal entries to settle the debit balance in T’s capital account are:
On 1st January 2022 the partners A, B and C agreed to dissolve their partnership. During the dissolution, the following assets of the partnership were taken over by the partners:
Partner A took over a vehicle with Book Value of $23,000 at an agreed value of $25,000
Partner B took over office equipment Book Value $5,000 at an agreed value of $3,000
Partner C took over furniture Book Value $7,000 at an agreed value of $6,000
The journal entries to record the assets taken over by the partners are:
A debit balance in the realization account in a partnership dissolution:
In accordance with the Garner V Murray rule, the deficit in the capital account of a defaulting partner is transferred to the capital accounts of the remaining partners:
During a dissolution of a partnership, creditors of the partnership agreed to a settlement of $10,000. The creditors balance in the balance sheet prior to settlement was $15,000. The journal entries to record the discounts provided by the creditors are: