A. Cara. Fatima and Zabra are sharing income and loss in a 1.2.2 ratio respectively and decided to d their partnership Prine to the final distribution of cash to the partners, Sarah (60,000), Fatima has capital balance of $94,000, and Zahra has capital balance of $106,000. the cash balance is $200,000. Required: Prepare journal entries to record the above liquidation process When: Sara is able to pay the amount she owes to the partnership. B. Batool plans to withdraw from

A. Cara. Fatima and Zabra are sharing income and loss in a 1.2.2 ratio respectively and decided to d their partnership Prine to the final distribution of cash to the partners, Sarah (60,000), Fatima has capital balance of $94,000, and Zahra has capital balance of $106,000. the cash balance is $200,000. Required: Prepare journal entries to record the above liquidation process When: Sara is able to pay the amount she owes to the partnership. B. Batool plans to withdraw from

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 65P

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Arun and Margot want to admit Tammy as a third partner for their partnership. Their capital balances prior to Tammy's admission are $50,000 each. Question Content Area Prepare a schedule showing how the bonus should be divided among the three, assuming the profit or loss agreement will be 1:3 once Tammy has been admitted and her contribution is: If an amount is zero, enter "0". A. $5,000 Total capital of Arun and Margot $fill in the blank a9a449fdc04f047_1 Investment by new partner, Tammy fill in the blank a9a449fdc04f047_2 Total capital of new partnership $fill in the blank a9a449fdc04f047_3 Tammy's capital credit $fill in the blank a9a449fdc04f047_4 Total bonus to Arun and Margot $fill in the blank a9a449fdc04f047_5 Allocation of bonus to Arun and Margot: Arun $fill in the blank a9a449fdc04f047_6 Margot $fill in the blank a9a449fdc04f047_7 B. $62,000 Total capital of Arun and Margot $fill in the blank a9a449fdc04f047_8 Investment by new partner,…
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