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July 31, 2014

Homework Help: accounting

Posted by jessie on Friday, May 27, 2011 at 7:29pm.

please can you help how to get the answers fpr this problem solving ..
I am really could not get the correct answer.

problem:

On Jan 1, 2011, the Rhiri, Brit & Keisha partnership is formed. Rhiri and Brit contribute cash of $30,000 and $20,000 respectively, while Keisha contributes assets with the following fair values:

Inventory $ 5,000
Land 22,000
Buildings 23,000
TOTAL CONTRIBUTIONS $ 50,000

The partners agree on a profit and loss sharing ratio of 3:2:5. During the first year, net income is $70,000 and the partners’ drawings are Rhirhi — $12,000, Brit —$15,000, and Keisha — $30,000.

Requirements :

1.Record the Initial investment made by each partners during Jan 1.
2.Entries to record withdrawals made by partners.

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