Post a New Question

accounting please help urgent

posted by .

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

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

More Related Questions

Post a New Question