and they share profits and see in the ratio of $2 deed to adm) Acton in...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
and they share profits and see in the ratio of $2 deed to adm) Acton in a partner and a tith interest in the partnership Joph and Jae relinquered Anton's interest to him in the propertion of 21, and Jane are in parter respectively. They was do respectively Which one of the following amalives cates the correct new proft-sharing natio J 2 Joe Jane and Anton's new prof-sharing rate is 3:21, respectively Jane and Anton's new prodt-sharing ratios 7:53, spectively Joseph Jane and Arton's new profit sharing ratio is 1285, respectively 4. Joseph, Jane and Anton's new profit-sharing ratio is 1:1:1, respectively This information relates to questions 8, 9 and 10 Tick and Tack are in partnership, trading as Time Traders, and they share the profitsfosses in the ratio of 2:1 respectively. For the purpose of admitting Minnie to the partnership on 1 March 2020 Tick and Tack, valued the partnerships assets as follows: The land and buildings with a carrying amount of R1 650 000 were valued at a fair value of R2 000 000, and the fumiture and equipment, with a carrying amount of R540 000, were valued at a fair value of R20 000. Debtors amounted to R60 000. Tick and Tack decided to provide for credit losses of R7 000 on debtors. Bank amounted to R25 000 Minnie contributed a delivery vehicle valued at R460 000 and cash amounting to R140 00 for a one fifth share in a partnership. Tick. Tack and Minnie will share in the profits/losses of the new partnership, which will trade as Nano Traders, in the ratio of 2:2:1 respectively. QUESTION B Which one of the following alternative is the correct goodwill calculation for Time Traders? 1. R300 000 2. R302 000 3. R327 000 4. R295 000 QUESTION 9 Only for question 7 assuming that goodwill amounted to 90 000. Which one of the following alternative is the correct goodwill allocation to Time Traders? 2020 Feb 28 Goodwill Capital Tick Debit R 90 000 Credil R 60.000 30 000 30 ASSIGNMENT 01-SECOND SEMESTER-QUESTION 9 (continued) 1. 2 2020 Feb 28 Capital Tick Capital Tack Goodwill 2020 Feb 28 Goodwill Capital Tick Capital Tack Capital Minnie 2020 Feb 28 Capital: Tick Capital Tack Capital: Minnie Goodwill 2020 Feb 28 Land and buildings Allowance for credit losses Furniture and equipment Valuation account 2020 Feb 28 Allowance for credit losses Valuation account Land and buildings Furniture R and 60 30 000 000 Debit R 00 000 Debit R 36 000 36 000 18 000 FAC1002/101/3/2020 QUESTION 10 Which one of the following alternatives discloses the correct entry (narration omitted) in the general journal of Time Traders to record the valuations to be disclosed in the valuation account? Credit R 90 000 Credit R 30 000 36 000 10 000 Credit R 90 000 Debit R 350 000 Debit R 7 000 363 000 Credit R 7.000 20 000 323 000 Credit R 350 000 20 000 ASSIGNMENT 01-SECOND SEMESTER-QUESTION O Debit R 350 000 20 000 31 2020 Feb 28 Land and buildings Furniture and equipment Allowance for credit losses Valuation account 2020 Feb 28 Valuation account Allowance for credit losses Land and buildings Furniture and equipment Dubit R 377 000 Credit R 7.000 363 000 Credit R 7.000 350 000 20 000 END OF ASSIGNMENT 01-SECOND SEMESTER and they share profits and see in the ratio of $2 deed to adm) Acton in a partner and a tith interest in the partnership Joph and Jae relinquered Anton's interest to him in the propertion of 21, and Jane are in parter respectively. They was do respectively Which one of the following amalives cates the correct new proft-sharing natio J 2 Joe Jane and Anton's new prof-sharing rate is 3:21, respectively Jane and Anton's new prodt-sharing ratios 7:53, spectively Joseph Jane and Arton's new profit sharing ratio is 1285, respectively 4. Joseph, Jane and Anton's new profit-sharing ratio is 1:1:1, respectively This information relates to questions 8, 9 and 10 Tick and Tack are in partnership, trading as Time Traders, and they share the profitsfosses in the ratio of 2:1 respectively. For the purpose of admitting Minnie to the partnership on 1 March 2020 Tick and Tack, valued the partnerships assets as follows: The land and buildings with a carrying amount of R1 650 000 were valued at a fair value of R2 000 000, and the fumiture and equipment, with a carrying amount of R540 000, were valued at a fair value of R20 000. Debtors amounted to R60 000. Tick and Tack decided to provide for credit losses of R7 000 on debtors. Bank amounted to R25 000 Minnie contributed a delivery vehicle valued at R460 000 and cash amounting to R140 00 for a one fifth share in a partnership. Tick. Tack and Minnie will share in the profits/losses of the new partnership, which will trade as Nano Traders, in the ratio of 2:2:1 respectively. QUESTION B Which one of the following alternative is the correct goodwill calculation for Time Traders? 1. R300 000 2. R302 000 3. R327 000 4. R295 000 QUESTION 9 Only for question 7 assuming that goodwill amounted to 90 000. Which one of the following alternative is the correct goodwill allocation to Time Traders? 2020 Feb 28 Goodwill Capital Tick Debit R 90 000 Credil R 60.000 30 000 30 ASSIGNMENT 01-SECOND SEMESTER-QUESTION 9 (continued) 1. 2 2020 Feb 28 Capital Tick Capital Tack Goodwill 2020 Feb 28 Goodwill Capital Tick Capital Tack Capital Minnie 2020 Feb 28 Capital: Tick Capital Tack Capital: Minnie Goodwill 2020 Feb 28 Land and buildings Allowance for credit losses Furniture and equipment Valuation account 2020 Feb 28 Allowance for credit losses Valuation account Land and buildings Furniture R and 60 30 000 000 Debit R 00 000 Debit R 36 000 36 000 18 000 FAC1002/101/3/2020 QUESTION 10 Which one of the following alternatives discloses the correct entry (narration omitted) in the general journal of Time Traders to record the valuations to be disclosed in the valuation account? Credit R 90 000 Credit R 30 000 36 000 10 000 Credit R 90 000 Debit R 350 000 Debit R 7 000 363 000 Credit R 7.000 20 000 323 000 Credit R 350 000 20 000 ASSIGNMENT 01-SECOND SEMESTER-QUESTION O Debit R 350 000 20 000 31 2020 Feb 28 Land and buildings Furniture and equipment Allowance for credit losses Valuation account 2020 Feb 28 Valuation account Allowance for credit losses Land and buildings Furniture and equipment Dubit R 377 000 Credit R 7.000 363 000 Credit R 7.000 350 000 20 000 END OF ASSIGNMENT 01-SECOND SEMESTER
Expert Answer:
Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
Posted Date:
Students also viewed these accounting questions
-
Sam Ltd purchased 92% of the issued shares(Ex div)of Rex Ltd for $1404000 on 1 July 2019 when the equity of Rex Ltd was as follows; Share capital Asset revaluation surpluss Retained earnings 210600...
-
Jane has a 50% interest in JB Partnership and intends to perform $10,000 worth of services in Year 1 for the partnership. Disregarding Janes services, JB Partnership has $80,000 of ordinary income...
-
27) Jane Jones has signed a contract to purchase a home from Blake Blain for $187,000. Ms. Jones has applied for a $162,250 mortgage loan from the Bank of Mississippi. The bank requested from you an...
-
What is the driving force for mountain building in the Andes?
-
Researchers in Norway found that of 61,042 children born to women who took folic acid while pregnant there were 64 who developed autism. This compares to 50 out of 24,134 for women who did not take...
-
The removal of ammoniacal nitrogen is an important aspect of treatment of leachate at landfill sites. The rate of removal (in percent per day) is recorded for several days for each of several...
-
What is the meaning of separation of powers?
-
Kendall Jackson, CPA, is examining the operating effectiveness of the internal control of Town Mo, a large conglomerate in the music industry. As part of the evaluation, Jackson determined a...
-
A1. Solve the Euler-Lagrange equation for the following functionals: (b)* f [y + xy'] dx (e)* f [(1 + x) (y')] dx (c) fx [12xy + (y')] dx 20 (f)* f [y' (1 + xy')] dx x0 You DO NOT need to apply the...
-
Chemco Inc. manufactures a combination fertilizer/weed-killer under the name Fertikil. It is the only product produced by Chemco at the present time. Fertikil is sold nationwide, through normal...
-
Boeing operates in a duopoly with Airbus. Why might this affect the opportunity costs of external failures differently than a consumer goods company operating in an environment with more...
-
After reading chapters 8 linked below. What is your approach to manage interpersonal conflict? Watch the Ted Talk https://www.ted.com/talks/jonathan_
-
You are the support worker for a student with dyslexia. What resources might you be required to assemble or source? Give Six example.
-
1. What are the general needs of consumers when logging on to a sport website? 2. What factors affect online sport communication? 3. What factors contribute to a successful sport website? 4. How does...
-
What is research and why is it important in the practical and theoretical arella of sport communication? what are the four types of research? Define and describe each one that are the primary...
-
5. What are five current sociological issues in sport communication, and how have they been characterized in the media? Individual Exercises 1. Think about two or three key sociocultural issues...
-
3.1. Complete, by hand, the VBA function that adds one increment of time DELTA_T for each cycle of a loop until the total time reaches P*DELTA_T, where P is a whole number greater than 1. DELTA_T and...
-
DEPARTMENT DATA EMPLOYEE DATA EmployeeNumber FirstName Mary Rosalie Richard George Alan 3 4 5 7 8 9 855555ES 12 13 14 15 16 17 Create the database tables in SQL or ACCESS: 18 19 20 PROJECT DATA Ken...
-
Murphy Products balance sheet includes total assets of $1,326,000 and the following equity account balances at December 31, 2011: Common stock, $3 par, 10,000 shares issued and outstanding ..... $...
-
Basu Company produces two types of sleds for playing in the snow: basic sled and aerosled. The projected income for the coming year, segmented by product line, follows: The selling prices are $30 for...
-
Lorale Company, a producer of recreational vehicles, recently decided to begin producing a major subassembly for jet skis. The subassembly would be used by Lorales jet ski plants and also would be...
-
Using what you learned in this chapter of Dessler Human Resource Management, build on the companys new system by recommending two more specific career development activities the hotel should...
-
Many hotel jobs are inherently dead end; for example, maids, laundry workers, and valets, either have no great aspirations to move up, or are just using these jobs temporarily, for instance, to help...
-
Should other employees (cleaner/spotters, counter people) be put on a similar plan? Why or why not? If so, how exactly?
Study smarter with the SolutionInn App