#45

DD EE Partnership Sales
Cash on Mar. 1 150,000.00 150,000.00 Cost of Goods Sold
Land on Mar. 1 100,000.00 100,000.00 Operating Expenses
Building on Mar. 1 80,000.00 80,000.00 Net Income
Cash on Nov. 1 60,000.00 60,000.00
Total 150,000.00 240,000.00 390,000.00

Salaries 18,000.00 24,000.00 42,000.00 remember its fiscal year fro

Interest (10%) 15,000.00 20,000.00 35,000.00 *150,000 x 10%
Remainder (60:40) 25,800.00 17,200.00 43,000.00 *180,000 x 10% = 18,000
Share in Income 58,800.00 61,200.00 120,000.00 *60,000 x 4/12 x 10% = 2,000
a. Share of DD to the net income

#46
DD EE Partnership
Cash on Mar. 1 150,000.00 150,000.00
Land on Mar. 1 100,000.00 100,000.00
Building on Mar. 1 80,000.00 80,000.00
Cash on Nov. 1 60,000.00 60,000.00
Total 150,000.00 240,000.00 390,000.00
Share in Income 58,800.00 61,200.00 120,000.00
Salaries (withdraw (18,000.00) (24,000.00) (42,000.00) *excludes in the operating e
Capital Balance on 190,800.00 277,200.00 468,000.00
b. capital balance of DD and EE
another assumption:
#47 Sales
DD EE Partnership Cost of Goods Sold
Interest on Capita 15,000.00 20,000.00 35,000.00 Operating Expenses
Remainder (60:40) 51,000.00 34,000.00 85,000.00 Net Income
Share in Income 66,000.00 54,000.00 120,000.00
b. share of DD to the net income

#48
DD EE Partnership
Cash on Mar. 1 150,000.00 150,000.00
Land on Mar. 1 100,000.00 100,000.00
Building on Mar. 1 80,000.00 80,000.00
Cash on Nov. 1 60,000.00 60,000.00
Total 150,000.00 240,000.00 390,000.00
Share in Income 66,000.00 54,000.00 120,000.00
Capital Balance on 216,000.00 294,000.00 510,000.00
c. capital balances of DD and EE to the partnership

#49
old information:
NN OO Partnership
Salaries 100,000.00 50,000.00 150,000.00
Share in Income 88,000.00 42,000.00 130,000.00 income

#50
Abe Bert Carl Dave
70% 20% 10%
Multiply 85% 85% 85% 15% (100%-15%=85%)
New Prof 59.50% 17% 8.50% 15%
b. new P/L of the partners after the admission of Dave

#51
Profit 2015 15,000.00
Adjustements:
Accrued Expense (1,050.00)
Accrued Income 875.00
Prepaid Expenses (1,400.00)
Unearned Income 1,225.00 (350.00)
Total 14,650.00
Bert's ratio 17%
Share in Profit 2,490.50
b. share of Bert in profits
 500,000.00
Cost of Goods Sold (280,000.00)
Operating Expenses (100,000.00)
Net Income 120,000.00

remember its fiscal year from march 1 - feb 28

*150,000 x 10%
*180,000 x 10% = 18,000
*60,000 x 4/12 x 10% = 2,000
20,000.00

*excludes in the operating expense

another assumption:
500,000.00
Cost of Goods Sold (280,000.00)
Operating Expenses (100,000.00) * includes partner's salaries expense
Net Income 120,000.00 no need to deduct withdrawals

new information:
NN OO Partnership
Salaries 180,000.00 180,000.00
Remainder (equ 15,000.00 15,000.00 30,000.00 *180,000-150,000

Unrecorded inc 24,000.00 16,000.00 40,000.00

Profit 2015 219,000.00 31,000.00 250,000.00
b. share of NN and OO in 2015 profit.