Carla Vista Accountants is a partnership with three partners. On February 2, 2021, the three partners...
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Carla Vista Accountants is a partnership with three partners. On February 2, 2021, the three partners M. Kumar, H Deol, and A Kassam, have capital balances of S87.7700, $74.800, and $39.500, respectively The proht and los ratio is 431.On March 1. 2021. Deol withdraws from the partnership and the remaining partners agree to pay him $94,400 cash from the partnership anets Atter Deol leaves, Kumar and Kassam agree to a42 profit ratio. During the year ended February 28, 2022. the partnership earmsa profit of $24.000. Neither Kumar nor Kassam makes any withdrawats because the partnership is short of cash after paying Deol On March 1, 2022. Kumar and Kassam agree to admit C. Mawani to the partnership with a 45N interest for $75,120 cash. After Mawani is admitted, the new profit ratio will be 425 for Kumar. Kasam, and Mawani, respectively Journalize the withdrawal of Deol from the partnership. Credit account titles are otomatically inderted when the amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Mar. 1 (To record withdrawal of partner) What are the balances in Kumar's and Kassan's capital accounts after Deol leaves th partnership M Kumar. Capital A Kassam, Capital %2. Question Part Score Prepare the journal entry to close the income summary account on February 28. 2022. Credit account titles ere automaticolly Indented when the amount is entered. Do not indent manuoly) Date Account Titles and Explanation Debit Credit Feb. 28 (To close Income Summary) What is the total partnership capital on March 1. 2022. prior to admitting Mawan Total partnership capital Question Part Score Prepare the journal entry to record the admission of Mawani into the partnership. Credit account titles ore atomatically indented when the amount is entered. Do not indent manualy) Debit Credit Date Account Titles and Explanation Mar 1 (Torecord admission of partner) What is the balance in each of the partners' capital accounts after Mawani is admitted to the partnership? Balance M. Kumar, Capital A Kassam, Capital C. Mawani, Capital Total partnershipcapital Carla Vista Accountants is a partnership with three partners. On February 2, 2021, the three partners M. Kumar, H Deol, and A Kassam, have capital balances of S87.7700, $74.800, and $39.500, respectively The proht and los ratio is 431.On March 1. 2021. Deol withdraws from the partnership and the remaining partners agree to pay him $94,400 cash from the partnership anets Atter Deol leaves, Kumar and Kassam agree to a42 profit ratio. During the year ended February 28, 2022. the partnership earmsa profit of $24.000. Neither Kumar nor Kassam makes any withdrawats because the partnership is short of cash after paying Deol On March 1, 2022. Kumar and Kassam agree to admit C. Mawani to the partnership with a 45N interest for $75,120 cash. After Mawani is admitted, the new profit ratio will be 425 for Kumar. Kasam, and Mawani, respectively Journalize the withdrawal of Deol from the partnership. Credit account titles are otomatically inderted when the amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Mar. 1 (To record withdrawal of partner) What are the balances in Kumar's and Kassan's capital accounts after Deol leaves th partnership M Kumar. Capital A Kassam, Capital %2. Question Part Score Prepare the journal entry to close the income summary account on February 28. 2022. Credit account titles ere automaticolly Indented when the amount is entered. Do not indent manuoly) Date Account Titles and Explanation Debit Credit Feb. 28 (To close Income Summary) What is the total partnership capital on March 1. 2022. prior to admitting Mawan Total partnership capital Question Part Score Prepare the journal entry to record the admission of Mawani into the partnership. Credit account titles ore atomatically indented when the amount is entered. Do not indent manualy) Debit Credit Date Account Titles and Explanation Mar 1 (Torecord admission of partner) What is the balance in each of the partners' capital accounts after Mawani is admitted to the partnership? Balance M. Kumar, Capital A Kassam, Capital C. Mawani, Capital Total partnershipcapital
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