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Questions Bank (1231522 total)
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:
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 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=$30,000 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 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:
In a change in a partnership involving withdrawal of an existing partner and admission of a new partner:
Abby and Bill are in partnership sharing profits and losses equally. A new partner Cathy is admitted. Profits will now be shared Abby 40%, Bill 40% and Cathy 20%. The capital balances before Cathy was admitted were Abby $25,000 and Bill $25,000. There were no goodwill and revaluation arising from the change in the partnership. Cathy is to contribute capital in cash so that the capital balances of Abby, Bill and Cathy is in proportion to the profit sharing ratio for Abby, Bill and Cathy. How much Cathy’s cash capital contribution to the partnership?