Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on May 30, 2024

John and Jane are partners in a business. Their capital balances on January 1, 2024, were 100,000 and 80,000 respectively. During the year, John withdrew

John and Jane are partners in a business. Their capital balances on January 1, 2024, were ₹100,000 and ₹80,000 respectively. During the year, John withdrew ₹10,000 and Jane withdrew ₹8,000. The partnership earned a net income of ₹50,000, which is to be divided in the ratio of their original capital balances. Calculate the closing capital balances for both John and Jane.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles of Accounting

Principles of Accounting

Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson

12th edition

978-1133603054, 113362698X, 9781285607047, 113360305X, 978-1133626985

More Books

Students also viewed these Accounting questions

Question

★★★★★

Consider the following limit order book for a stock.The last trade in the stock occurred at a price of $55. Buy Order Limit Sell Order Limit Precio share Precio share ps 54.75 500 ps 55.25 200 54.50...

Answered: 1 week ago

Question

★★★★★

Moving Source vs. Moving Listener. (a) A sound source producing 1.00-kHz waves moves toward a stationary listener at one-half the speed of sound. What frequency will the listener hear? (b) Suppose...

Answered: 1 week ago

Question

★★★★★

Kongsberg Maritime, a Norwegian technology enterprise, receives a shipment of batteries from Grenland Energy, a battery manufacturer in Skien, Norway, and tests a random sample of nine before...

Answered: 1 week ago

Question

★★★★★

49. A and B play a series of games with A winning each game with probability p. The overall winner is the first player to have won two more games than the other. (a) Find the probability that A is...

Answered: 1 week ago

Question

★★★★★

Curtis Hamilton started a new business and completed these transactions during December. Dec. 1 Curtis Hamilton transferred $56,000 cash from a personal savings account to a checking account in the...

Answered: 1 week ago

Question

★★★★★

P-14 On December 31, 2012, Jacinto Steel Inc., sold construction equipment to Anthony Company for P3,600,000. The equipment had cost of P2,400,000. Anthony Company paid P600,000 cash on December...

Answered: 1 week ago

Question

★★★★★

Shoreline Physicians Group is a for-profit group practice in the state of South Carolina. Its dividends are expected to grow at a constant rate of 7 percent per year into the foreseeable future. The...

Answered: 1 week ago

Question

★★★★★

ABC Company has current assets of $100,000 and capital assets of $140,000. Current liabilities are $60,000 and long-term liabilities are $90,000. There is $40,000 in preferred stock outstanding and...

Answered: 1 week ago

Question

★★★★★

Tamarisk Corporation had income from continuing operations of $10,763,000 in 2025. During 2025, it disposed of its restaurant division at an after-tax loss of $201,600. Prior to disposal, the...

Answered: 1 week ago

Question

★★★★★

Bonita Corporation had income from continuing operations of $10,615,500 in 2025. During 2025, it disposed of its restaurant division at an after-tax loss of $191,900. Prior to disposal, the division...

Answered: 1 week ago

Question

★★★★★

O'Hara Photography's checkbook lists the following (Click the icon to view the checkbook.) Read the requirements Requirement 1. Prepare O'Hara Photography's bank reconciliation at November 30, 2024....

Answered: 1 week ago

Question

★★★★★

On January 1, 2022, Blossom Corporation acquired machinery for $1470000. Blossom adopted the straight-line method of depreciation for this machine and had been recording depreciation over an...

Answered: 1 week ago

Question

★★★★★

Managerial accounting is diferent from financial accounting in that Multiple Cholce 0:58:38 Managerial accounting is used extensively by Investors, whereas financial accounting is used only by...

Answered: 1 week ago

Question

★★★★★

A police officer pulls you over and asks to search your vehicle because he suspects you have illegal drugs inside your car. Since he doesn't have reasonable suspicion to search your car, legally he...

Answered: 1 week ago

Question

★★★★★

Select the most appropriate description ac for types of standby centres. The organization should ensure that it has a contract for standby facilities to take over processing in the event of the...

Answered: 1 week ago

Question

★★★★★

Select the most appropriate term (efficiency or economy) for items ad. A systems-based approach to an (a) review would consider the standards, plans, direction and type of information that management...

Answered: 1 week ago

Question

★★★★★

Which of the steps is inappropriate? A procedure for carrying out probity audits is: 1. The work will be agreed with senior management and this may involve a one-off visit or a series of programmed...

Answered: 1 week ago

Previous Question Next Question