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

accounting please help urgent - SraJMcGin, Saturday, June 4, 2011 at 9:03pm
Since you are studying accounting, you might like to keep some of the following tutorial links handy:

http://search.yahoo.com/search?fr=mcafee&p=accounting+tutorials

1. For recording initial investments, try some of these links:

http://search.yahoo.com/search?fr=mcafee&p=how+to+record+initial+investments

2. To record withdrawals, try here:

http://search.yahoo.com/search?fr=mcafee&p=how+to+make+entries+to+record+withdrawals+by+partners

Sra

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