Question
Partners x, y, z capital balances: 150000, 250000, and 450000, respectively. p/l based on capital. y became a PWD and thus incapable of performing his
Partners x, y, z capital balances: 150000, 250000, and 450000, respectively. p/l based on capital. y became a PWD and thus incapable of performing his duties, so he withdrew, April 25. as of April 25: income summary 78700 (debit balance). partners agreed to a +reval (land) of 90000, and to give y a 10% interest from withdrawal date up to payment date, and a bonus of 20000. as of April 25, partner drawings were 3k, 10k, and 1k, respectively.
Required: matrix for a capital update for y and new p/l ratio for the remaining partners. cash distribution to y, July 25.
Step by Step Solution
3.46 Rating (153 Votes )
There are 3 Steps involved in it
Step: 1
Answer Solution delef bo rent on Step 1 partnership such form of business where two or more person j...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get StartedRecommended Textbook for
Taxation For Decision Makers 2014
Authors: Shirley Dennis Escoffier, Karen Fortin
6th Edition
978-1118654545
Students also viewed these Accounting questions
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
View Answer in SolutionInn App