Please answer all questions

rewpectlvely Durling 2016 . Potwin witharew 530,000 and Pulbord with derw 594000 . seles for the vear ameonted to Siso,000 and expehars were 580,000 . Potvh and Rultod thare their pewits on a 3.1 busit. b) Frepare a spatement of Partners fquily for the year end if during the year the lintutsted 55000 cash each. a) erepare the closing entries at Dec. 31 , 2016 for the ur 4. The Gainey and shutt Partnership hus caplal balances as follow: Me partnen share their profits in the ratlo of 60x so bainey and ack to shuth. Prepare the joumal entry on the books of the partnerahig to record the admission of fobinion as a naw partnee under the following three independent clrcumstances: (104) (2T) a) Mobinson pays $100,000 to Galiey and $35,000 to Shutt for one half of tach their ownerahip intereat in a personal transaction. b) flobinson invests $150,000 in the partnership for a one.thind intelest in parthership capital. c) Hobinson invests $60,000 in the partnership for a one-third interest in partherahip capital. d) Pobinson inverts an amount that gives them a 25% ownership interest. 5. Stastmy, Sivard and Salming share their profits in a ratio of 4:1.5, respectively. The capital account balances of Frepare the journal entry on the books of the partinership to record the withdrawal of Salming under the following (7A) independent circumstances: a) The partners agree that 5 alming should be paid $70,000 by the parthership for bis interest. b) The partners agree that 5 alming should be paid $45,000 by the partnerahip for his interest. 6. The Triple F Partnership is to be liquidated when ledger shows the following: The Triple F Partnership income ratio are 6:3:1, respectively (14T) a) Prepare separate transactions (4) to record the liquldation of the partnership assuming that the non-cash assets are sold for $50,000 in cash. b) Now assume Forsberg's Capital balance was only 52,000 and the cash balance was $12,000, thow how this would change the last transaction(s) and assume Forsberg could not pay. (hint you may want to ure T-accounts) Grade 12 Accountine Ch 12 Name Daniel Part A. True or False [S?] 1. If a new partner is admitted into a partnenhip by imestment, the total wsuets and rotal caphal will change. 2. If a partner inveits noncash assets in a parthership, they ahould be recorded by the garthership at their faif market value. 3. Uniess otherwise stated in the partnershlp contract, profits and loswes are thared among the parthers in the ratio of their capital equity balances. 4. If a partnership has a lon for the period, the closing entry to transier the loss to the partnera will require a credir to the income summary accoun. 5. The personal assets, liabilities and personal transactions of partnens are exduded trom the acceunting records of the partinership. Part B: Multiple Choice (3K) 1. The liquidation of a partnership is a process containing the following steps: 1. Pay partnershlp liablities in cash. 2. Allocate the gain/loss on realtation to the pertners on their income ratios 3. Sell noncash assets for cash and recognite a gairvloss of realization. 4. Distribute remaining cash to partners on the basis of their remaining capltal balances. a) 3,2,4,1 b) 3,2,1,4 c) 1,3,2,4 d) 1,4,3,2 2. The individual assets invested by a partner in a partnership: a) revert back to the partner if the partnership liquidates b) determine that partner's share of net income or loss for that year c) are jointly owned by all partners d) determine the scope of authority of that partner. a. Which af the following is correct when admitting a new partner into an existing parthership? Part C: Full Solutions \begin{tabular}{l} 1. The Kane and Toews Partnership has a capital account balances as follows: \\ The partners share profits and losses in the ratio of 60% Kane and 40% Toews. Capiral \\ Toews. Capital \\ \hline \end{tabular} Prepare the journal entry on the books of the partnership to: a) Record the admission of Strome a5 a new partner if Strome pays 580,000 to Kane and 595,000 to Toews for one:hali. of each of their ownership interests in a personal transaction. b) Determine the partnerships new capital balances. 2. Barber and Bossy have a partnership agreement which includes the following provisions regarding sharing net. income or net loss: i) A salary allowance of $30,000 to Barber and $15,000 to Bossy. i) An interest allowance of 10% on capital balances at the beginning of the year. iii) The remainder to be divided 60% to Barber and 40% to Bossy. The capital balances on Jan 1, 2016, for Barber and Bos5y were $80,000 and $100,000, respectively. During 2016, the, partnership had sales of $330,000, cost of goods sold of 5190,000 , and operating expenses of $50,000. a) Determine the net income for the partnership. b) Determine the division of net income for each partner and update the capital accounts