posted by jessie

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

1. SraJMcGin

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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