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August 27, 2014

Homework Help: accounting

Posted by jessie on Monday, June 6, 2011 at 11:56am.

is any one can help me in solving these problem.thank you and may GOD blees u always.

Problem Solving:

1. Xiat is a partner who used the stock of the firm worth Php 10,000 and suffered a loss of
Php 2,000. He went the firm to bear the loss. How much ‘Xiat’ is liable to pay to firm.





2. The partnePhp of a firm is planning to distrubute profits for the year ended 31st March 200x Php 3,00,000 equally without providing for the following adjustments:

(i) See and Ria were entitled to a salary of Php. 5,000 per annum.

(ii) Negrita was entitled a Commission of Php 5,000

(iii) See and Ria had guaranteed a minimum profit of Php 1,20,000 per annum to
Negrita

(iv) Profit were to be shared in the ratio of 2:2:1

Prepare necessary journal entries.





3. Prior to the distribution of cash to the partners, the accounts in the NJF Company are: Cash $28,000, Newell Capital (Cr.) $17,000, Jennings Capital (Cr.) $15,000, and Farley Capital (Dr.) $4,000. The income ratios are 5:3:2, respectively.
Instructions

(a) Prepare the entry to record (1) Farley’s payment of $4,000 in cash to the partnership and (2) the distribution of cash to the partners with credit balances.

(b) Prepare the entry to record (1) the absorption of Farley’s capital deficiency by the other partners and (2) the distribution of cash to the partners with credit balances.


4. Assume that partners Mori, Ned, and Odan have capital balances of $25,000, $15,000, and $10,000, respectively. Mori and Ned agree to buy out Odan’s interest. Each of them agrees to pay Odan $8,000 in exchange for one-half of Odan’s total interest of $10,000.


The entry to record the withdrawal is:


5. Assume that the following capital balances exist in the RST partnership: Roman $50,000, Sand $30,000, and Terk $20,000. The partners share income in the ratio of 3:2:1, respectively. Terk retires from the partnership and receives a cash payment of $25,000 from the firm.

A bonus is paid to the retiring partner since the cash paid to the retiring partner is more than his/her capital balance. (5pts)

Allocate the bonus to the remaining partners on the basis of their income ratios.

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