Claire,Dolly and Ellery formed the CDE Partnership on September 1, 2016, with the following assets, measured at book values in their respective records, contributed by each partner: CLAIRE DOLLY ELLERY Cash 486,000 460,107 231,903 Accounts Receivable 109,620 - 141,000 Property, Plant and Equipment 2,094,390 450,000 - A part of Claire's cash contribution, P324,000, comes from personal borrowings. Also, PPE of Claire and Dolly are mortgaged with the bank for P1,458,000 and P108,000, respective
Q: 0 Accounts Payable 30,000 Myrna, Capital 193,000 Norma, Capital 70,000 At…
A: partnership states that no person can be the partner within himself. At least, 2 or more people are…
Q: Jo, Lee and Bee are partners who share profits and losses in the ratio of 35:25:40 to Jo, Lee and…
A: Partnership is a sort of business formation on which partners agree to share profits and losses as…
Q: The balance sheet for Coney, Honey, and Money partnership shows the following information as of…
A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…
Q: Claire,Dolly and Ellery formed the CDE Partnership on September 1, 2016, with the following assets,…
A: Claire, Dolly and Ellery formed partnership on 01.09.2016 CLARIE DOLLY ELLERY Cash Accounts…
Q: he partnership of Cruz, Amistoso, and Galicia decided to liquidate their partnership on May 31,…
A: SOLUTION- PARTNERSHIP IS AN ARRANGEMENT BETWEEN TWO OR MORE PEOPLE TO OVERSEE BUSINESS OPERATIONS…
Q: On January 1, 2017, the dental partnership of Angela, Diaz, and Krause was formed when the partners…
A:
Q: Faith Busby and Jeremy Beatty started the B&B partnership on January 1, 2018. The business acquired…
A: Income Statement, Capital Statement, Balance Sheet and Statement of cash flows are the four…
Q: On February 28, 2022, Aris and Yang formed a partnership. The partners agreed to invest equal…
A: Partnership- A partnership is a type of business that is formed by the mutual consent of several…
Q: Ana, Bea and Carol decided to form a partnership contributing the following items. Ana is to invest…
A: The interest in the partnership refers to the share that is owned by the partner in the assets and…
Q: Sandy and Mira have formed the SM Partnership, and have capital balances of $130,000 and $100,000,…
A: Partnership: It refers to a contract between two or more persons when they come together to run a…
Q: On January 1, 2017, Len, May and Nancy decided to form a business partnership to operate…
A: Answer - 16375000
Q: On May 1, 2022, Carlo and Jamie formed a partnership by contributing ₱500,000 each. In addition to…
A: The non cash assets invested by partners are recorded at fair market value.
Q: Mohan, Vijay and Anil are partners, the balance on their capital accountsbeing Rs. 30,000, Rs.…
A: Compute the opening capital for the three partners.
Q: The following balances as at October 31, 2016 for the Partnership of Wilma, Xelyn, and Yska were as…
A: Partnership is a form of business organization owned by two or more persons & sharing profits…
Q: Herbert and Ireneo are partners sharing profits and losses in the ratio of 60% and 40%,…
A: Herbert and Ireneo are partners sharing profits and losses in ratio = 60% and 40% respectively.…
Q: 1. On May 1, 2018, the business assets and liabilities of Nathan and Janice were as follows: Nathan…
A: Partnership formation: A partnership is a business arrangement between two or more people who own an…
Q: Farrell and Jimmy enter into a partnership agreement on May 1, 2018. Farrell contributes $30,000 and…
A: Lets understand the basics. Partnership is an agreement between two or more person who work together…
Q: Charles, Ward, and Nelson formed a partnership on January 1, 2016, with investments of $100,000,…
A: Capital is the amount of money invested by the partners in the partnership firm. It is the amount…
Q: The partnership of Maria, Clara, and Rita was formed on January 2, 2013. The original investments…
A: THE income statement shows the division of net profit among the partners as agreed or given in the…
Q: Herbert and Ireneo are partners sharing profits and losses in the ratio of 60 % and 40% ,…
A: When a new partner is admitted into a partnership firm then the profit sharing ratio of the existing…
Q: Claire,Dolly and Ellery formed the CDE Partnership on September 1, 2016, with the following assets,…
A: Partnership: It is the arrangement between two individuals to share profits of the business.
Q: Purkerson, Smith, and Traynor have operated a bookstore for a number of years as a partnership. At…
A: Allocation of profits as per ratio mentioned: Interest on capital calculations:
Q: Garachico, Dugan, Pascua and Cerda are partners, sharing profits in the ratio of 3/21, 4/21, 6/21…
A: Realization account is prepared at the time of liquidation of the Company and the profit/loss should…
Q: Washington and Jacobs formed a partnership on March 15, 2018. The partners agreed to contribute…
A: What is meant by a partnership firm? When two or more persons decide to run a business by bringing…
Q: Kai and her very close friend Bigan formed a partnership on January 1,2015 with Kain contributing…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: Property, Plant and Equipment 2,094,390 450,000 - A part of Claire's cash contribution, P324,000,…
A: Claire, Dolly and Ellery formed partnership on 01.09.2016 Contributed to partnership by each partner…
Q: Herbert and Ireneo are partners sharing profits and losses in the ratio of 60% and 40%,…
A: 1. Since Joshua is purchasing a share of existing partners what is paid is a personal transaction.…
Q: Herbert and Ireneo are partners sharing profits and losses in the ratio of 60% and 40%,…
A: Bonus method: A method used by partnership entity where the new admitted partner is provided with a…
Q: On January 1, 2022, Bon Hok, Dyon Ok and Meow Meng agreed to form a partnership with the following…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: On September 1, 20X2, Tanya, Cecille, and Marie formed a partnership by combining their separate…
A: Any assets contributed by partners in the partnership will be recorded at fair value of assets as on…
Q: Bulan, Bustos, and Bucao formed a partnership on January 1, 2009 and contributed P150,000, P200,000,…
A:
Q: Claire,Dolly and Ellery formed the CDE Partnership on September 1, 2016, with the following assets,…
A: Claire, Dolly and Ellery formed partnership on 01.09.2016 Contributed to partnership by each partner…
Q: ho share profits and losses in the ratio of 35:25:40 to Jo, Lee and Bee respectively. The statement…
A: The right anser is C. 20,250
Q: On February 1, 2022, AA and BB formed a partnership and agreed to share profits in the ratio of 4:6,…
A: The capital account is credited by the value of contribution brought by the partner into the…
Q: On July1, 2021, Jungkook, Jimin and J-Hope formed a partnership by combining their separate business…
A: Solution: Capital balance of Jungkook = Cash contributed in partnership
Q: Claire, Dolly and Ellery formed the CDE Partnership on September 1, 2016, with the following assets,…
A: Bonus Method: If new partner’s investment exceeds the book value of the capital interest, difference…
Q: On January 1, 2017, Angel, Bea and Collen formed ABC & Co., a general professional partnership for…
A: Given, The capital contribution of Angel and Bea To find: Amount of cash to be brought by Colleen…
Q: Four M Co., a partnership was formed on January 2016, with four partners, Joy, Ash, Elisha and…
A: Partnership is an agreement between two or more than two persons, in which they invest capitals, run…
Q: On Jan. 1, 2016, the Mones, Pitular and Tuazon Partnership was formed with initial investments by…
A: For the given question, Net Income = P350,000 Allowance of interest on capital balance @ 5% is…
Q: On March 1, 2021, Candace and Noreen formed a partnership with each contributing the following…
A: A Partnership Firm is an organisation of two or more people or organizations, who agreed to run a…
Q: Nurul and Fiza are partners of a day care centre called Happy Kids, which they formed on 1 January…
A: To record the investment by the partner in the partnership firm, the assets invested by the partners…
Q: Myrna and Norma are partners sharing profits and losses in the ratio of 60% and 40%, respectively.…
A: Part (1) Myrna Norma Total Capital 180000 90000 270000 Distrbution (6:4) 58500 39000 97500
Q: On January 01, 2020, Malachi and Haggai agreed to form a partnership. The following are their assets…
A:
Q: Pedro, Quito, Romeo and Sixto are partners, sharing earnings in the ratio of 3/21, 4/21, 6/21 and…
A: Liquidation means where the company decide to close out the operations , sell all the assets and…
Q: The partnership of Chichay and Joacquin was formed on February 28, 2021. On this date, Chichay…
A: Partnership refers to the agreement among two or more than two persons who came together to carry…
Q: On January 01, 2020, Malachi and Haggai agreed to form a partnership. The following are their assets…
A: Partnership: When more than one person comes together to form a business and make an agreement. This…
Q: (Cash, Non-cash and Net Assets Contributions) The partnership of Abueva and Alano was formed on June…
A: Thanks for the Question: Bartleby's Guideline: “Since you have asked multiple question, we will…
Q: The partnership of Avery and Kirk was formed on July 1, when George Avery and Dinah Kirk agreed to…
A: Partnership: Partnership refers to the business run by two or more individuals based on some agreed…
Q: Sophia and Anna are partners operating a chain of retail stores. The partnership agreement provides…
A: Partnership is one of the agreement or arrangement between two or more than two persons, in which…
Claire,Dolly and Ellery formed the CDE
CLAIRE | DOLLY | ELLERY | |
Cash | 486,000 | 460,107 | 231,903 |
Accounts Receivable | 109,620 | - | 141,000 |
Property, Plant and Equipment | 2,094,390 | 450,000 | - |
A part of Claire's cash contribution, P324,000, comes from personal borrowings. Also, PPE of Claire and Dolly are mortgaged with the bank for P1,458,000 and P108,000, respectively. The partnership is to assume responsibility for these PPE mortgages. The fair value of the accounts receivable contributed by Ellery is P137,000 while the PPE contributed by Dolly at this date is P510,300. The partners have agreed to share interests on a 5:3:2 ratio, to Claire, Dolly and Ellery, respectively.
Required: Use Bonus and
Step by step
Solved in 2 steps
- Claire,Dolly and Ellery formed the CDE Partnership on September 1, 2016, with the following assets, measured at book values in their respective records, contributed by each partner: CLAIREDOLLYELLERYCash486,000460,107231,903Accounts Receivable109,620-141,000Property, Plant and Equipment 2,094,390450,000- A part of Claire's cash contribution, P324,000, comes from personal borrowings. Also, PPE of Claire and Dolly are mortgaged with the bank for P1,458,000 and P108,000, respectively. The partnership is to assume responsibility for these PPE mortgages. The fair value of the accounts receivable contributed by Ellery is P137,000 while the PPE contributed by Dolly at this date is P510,300. The partners have agreed to share interests on a 5:3:2 ratio, to Claire, Dolly and Ellery, respectively. Required: Use Bonus and Goodwill Method in computing the Capital balances of Claire, Dolly and Ellery.Claire,Dolly and Ellery formed the CDE Partnership on September 1, 2016, with the following assets, measured at book values in their respective records, contributed by each partner: CLAIRE DOLLY ELLERY Cash 486,000 460,107 231,903 Accounts Receivable 109,620 - 141,000 Property, Plant and Equipment 2,094,390 450,000 - A part of Claire's cash contribution, P324,000, comes from personal borrowings. Also, PPE of Claire and Dolly are mortgaged with the bank for P1,458,000 and P108,000, respectively. The partnership is to assume responsibility for these PPE mortgages. The fair value of the accounts receivable contributed by Ellery is P137,000 while the PPE contributed by Dolly at this date is P510,300. The partners have agreed to share interests on a 5:3:2 ratio, to Claire, Dolly and Ellery, respectively.Claire,Dolly and Ellery formed the CDE Partnership on September 1, 2016, with the following assets, measured at book values in their respective records, contributed by each partner: CLAIRE 486,000 460,107 231,903 DOLLY ELLERY Cash Accounts Receivable Property, Plant and Equipment 109,620 141,000 2,094,390 450,000 A part of Claire's cash contribution, P324,000, comes from personal borrowings. Also, PPE of Claire and Dolly are mortgaged with the bank for P1,458,000 and P108,000, respectively. The partnership is to assume responsibility for these PPE mortgages. The fair value of the accounts receivable contributed by Ellery is P137,000 while the PPE contributed by Dolly at this date is P510,300. The partners have agreed to share interests on a 5:3:2 ratio, to Claire, Dolly and Ellery, respectively. Required: Use Bonus and Goodwill Method in computing the Capital balances of Claire, Dolly. and Ellery.
- Estrada and Molina formed a partnership on March 1, 2016 and contributed the following assets: Estrada – Cash of P80,000 Molina – Equipment of P50,000 The equipment was subject to a mortgage of P10,000 that was assumed by the partnership. The partners agreed to share profits and losses equally, Molina’s capital account at March 1 should beJane and Kathy are joining their separate business to form a partnership. Cash and non-cash assets are to be contributed for a total capital of P300,000. The non-cash assets are to be contributed and liabilities to be assumed are as follows: Jane Kathy Book Value Fair Value Book Value Fair Value Receivable Inventories Equipment Payable P 22,500 22,500 37,500 11,250 P 22,500 33,750 30,000 11,250 P 60,000 67,500 7,500 P67,500 71,250 7,500 The partner's capital accounts are to be equal after all contributions of assets and assumptions of liabilities. Determine the total assets of the partnership.Items 34 and 35 are based on the following information: On January 2,2010, Jason and Melissa formed a partnership by contributing the following assets: Cash Accounts Receivable Merchandise Inventory Land Building Jason P ? 80,000 100,000 Melissa 34. On January 2, 2010, Melissa, Capital amounts to a. P440,000 b. P600,000 P 380,000 240,000 The Land invested by Melissa is subject to mortgage loan of P160,000, which is to be assumed by the partnership. The accounts receivable invested by Jayson are believed to be only 90% collectible. d. P1,040,000 35. Assuming that Jayson is to contribute enough cash to bring his capital equal to that of Melissa, required cash contribution of Jayson is a. P268,000 b. P420,000 d. P600,000 c. P760,000 c. P440,000
- On June 1, 2015, DAVE and MAR are combining their separate business to form a partnership. Cash and noncash assets are to be contributed. The noncash assets to be contributed and the liabilities to be assumed are as follows: DAVE Fair value MAR Book value Account receivable Inventory PPE Accounts payable Book value P 25,000 40,000 100,000 15,000 P26,250 450,000 91,250 (15,000) P20,000 20,000 86,250 11,250 Fair value P19,500 20,750 82.250 11,250 DAVE and MAR are to invest equal amounts of cash such at hat the contribution of DAVE would be 10% more than the investment of MAR 8. What is the amount of cash presented on the partnership's statement of financial position on June 1, 2015? D. 251,250 A. 276,250 B. 480,500 C. 552,500Joshua and Caleb formed partnership on May 1, 2018 and contributed the following assets: Joshua Caleb Cash P300,000 P100,000 Land 300,000 The land was subject to a mortgage of P50,000, which was assumed by the partnership. Under the partnership agreement, Joshua and Caleb will share profit and loss in the ratio of 1;2 respectively. Required: 1. Prepare journal entries to record the transactions on May 1, 2018.On February 14, AA and BB formed a partnership and contributed the following assets at historical costs: AA BB Cash P600,000 P200,000 Inventories Furniture and fixtures Delivery equipment Land The land was subject to a mortgage which has an unpaid balance of P50,000. The mortgage will be assumed by the partnership. AA and BB agreed to share profits and losses in the ratio of 1:2, respectively. The partners agreed to contribute inventories (BB is to contribute inventories worth 2.5 times the peso value of the inventories to be contributed by AA) in order to have their capital credits in the same ratio as their profits and losses ratio.
- On December 31, 2020, the accounting records of the Friends Partnership included the following information: Raflyn, drawing (debit balance) P 120,000 Jane, drawing (debit balance) Pablo, loan Raflyn, capital Jane, capital Pablo, capital 45,000 150,000 615,000 502,500 540,000 Total assets amounted to P2,392,500, including P262,500 cash, and liabilities totaled P750,000. The partnership was liquidated on December 31, 2020, and Jane received P416,250 cash pursuant to the liquidation. Raflyn, Jane, and Pablo share net income and losses in a 5:3:2 ratio, respectively. Compute for the total loss on realization.On January 1, 2020, Mr. Ann and Ms. Buoy agreed to form a partnership. The partnership contributions are as follows Mr. Ann Ms. Buoy Cash 50,000.00 120,000.00 Accounts receivable 360,000.00 1,080,000.00 Inventories 216,000.00 360,000.00 Land 1,080,000.00 Building 900,000.00 Equipment 90,000.00 90,000.00 Accounts Payable (336,000.00) (450,000.00) Capital P1,460,000.00 2,100,000.00 The partners agreed the following *The recovereable amount of the partners respective accounts receivable are P300,000 for Mr. Ann and P760,000 for Ms. Buoy *The inventory contributed by Ms. Buoy includes obselete items with recorded cost of P20,000.00 *The land has an attached mortgage of P180,000, which the partnership will assume *The equipment contributed by Ms. Buoy has a fair value of P130,000. *Mr. Ann has unrecorded accounts payable of P100,000. The partnership assumes the obligation How much is the initial capital of Ms. BuoyDescription Claire, Dolly and Ellery formed the CDE Partnership on September 1, 2016, with the following assets, measured at book values in their respective records, contributed by each partner: CLAIRE DOLLY ELLERY Cash 486,000 460,107 231,903 Accounts Receivable |109,620 141,000 Property, Plant and Equipment 2,094,390 450,000 PPE of Claire and Dolly are mortgaged with the bank for P1,458,000 and P108,000, respectively. The partnership is to assume responsibility for these PPE mortgages. The fair value of the accounts receivable contributed by Ellery is P137,000 while the PPE contributed by Dolly at this date is P510,300. The partners have agreed to share interests on a 4:3:3 ratio, to Claire, Dolly and Ellery, respectively. REQUIRED: a. Use the Bonus Method and give the: 1. Table of Agreed Capital and Contributed Capital 2. Journal Entry to record the contribution of the partners. b. Use the Goodwill Method and give the: 1. Table of Agreed Capital and Contributed Capital 2. Journal…