Thursday
April 17, 2014

Homework Help: accounting please help urgent

Posted by jessie on Saturday, June 4, 2011 at 8:48pm.

pls.hep me to solve tjis problem..
is anyone willing to solve please.

PROBLEM 1:

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

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

accounting.pls help me - Is anyone can help me to solve this problem beloww. ...
accounting - please can you help how to get the answers fpr this problem solving...
accounting ..urgent pls - please help me to solve this problem. THANK YOU AND ...
accounting - kindly please help me. B1, G1, and P1 formed a partnership. They ...
math help - Thank you for helping me with the last problem Reiny and Bosnian. ...
accounting..please help - can you help me please for this solving problem below...
accounting - I continue getting the wrong totals can you please help me solve ...
English - 1. He can not solve the math problem. 2. He cannot solve the math ...
algebra 1 - 2+a/-4=3/5 Two plus a over negative four equals three over five. ...
mat/116 - Will someone please help me slove this problem? Use the elimination ...

Search
Members