Corporate accounting MT

at cheafist on the evam" and - Disciplinary offenses requiring the suspension from higher education institution for a semester AaTicuf 7.1. To cheat on the exam or to help another cheat"). Incase taking such an action; your exam will be carcelled. - Da not demand any extra time apart from the given total exam duration. You are not allowed to leave the classtoom in the first 20 minutes. SORULAR (QUESTIONS) la. Pike, Quinn, and Reed are forming a parthnership On March 31 of the current year, the capital accounts of the three existing partners and their shares of profits and losses are as follows: Requirements A partnership reports net income of $70,000. The partnership agreement has defined an income sharing ratio, which provides for salaries of $15,000 to Pike and $10,000 to Quinn. Any remaining profit is allocated based on profit and loss ratio. What division of profits would you recommend to Pike, Quinn and Redd? (20 p.) 1b. Pike, Quinn, and Reed are forming a partnership On March 31 of the current year, the capital accounts of the three existing partners and their shares of profits and losses are as follows: Canital Profit-and.I w... ae Pike, Quinn, and Reed are considering adding Shipp as a new partnet on April 31 Shipp iny $200,000 in the partnership, acquiring a one-fourth interest in the business. Journalize admission of Shipp as a partner on March 31 (20 p.) 2. The partnership of Donald, Healey \& Jaguar has experienced operating losses. The partnershave shared profits and losses in the ratio of Donald, 105e. Healey, 30\%; and Jaguar, 60% liquidating the business. They ask you to analyze the effects of liquidation and present the follon partnership balance sheet at December 31, end of the current year: Requirements a. Prepare a summary of liquidation transactions. The noncash assets are sold for $192,000 (25p) b. Journalize the liquidation transactions ( 15p) 3. On April 01,2020 a limited company was incorpotated with an authorised capital of 54 divided into shares of 510 each. It offered to the public for subseription of 3,000 shares paya follows: - On Application $3 per share - On Allotment $2 per share - On First Call (One month after allotment) \$2.50 per share - On Second and Final Call \$2.50 per share The shares were fully subseribed for by the public and application money duly received on Ap 2020. The directors made the allotment on May 1, 2020. Requirement Pass journal eatrics to record this transaction (20p)