1. The Boson and Carter Partnership has capital balances as follows:

Boson, Capital $280,000

Marter, Capital 160,000

The partners share their income and losses in the ratio of 60% to Boson and 40% to Marter.

Please record the admission of Simson as a new partner, under the following 3 INDEPENDENT circumstances.

2. Simson pays $160,000 to Boson and $95,000 to Marter for of each of their ownership interests in a personal transaction.
4. Simson invests $250,000 into the partnership for interest in partnership capital.
6. Simson invests $100,000 in the partnership for interest in partnership capital.

Date 2022	Particulars	PR	Debit	Credit
a)
b)
c)

Withdrawal of a Partner

2) The following information is available for the CCG Partnership at December 31, 2021.

A. Chase, Capital $70,000

N. Gilbert, Capital 45,000

R. Godfrey, Capital 20,000

A.Chase, Drawings 50,000

N. Gilbert, Drawings 28,000

R. Godfrey, Drawings 35,000

Income Summary Shared equally among partners 180,000

Godfrey wishes to withdraw from the partnership January 1, 2022.

a) Prepare the Statement of Partners' Equity as of December 31, 2021

b)Prepare the January 1, 2022 entry to record Godfrey's withdrawal under each of the following INDEPENDENT circumstances.

i))Chase and Gilbert each pay Godfrey $10,000 out of their v personal accounts and each receives half of Godfrey's equity. ii) Godfrey is paid $40,000 out of partnership cash.

2a)
	Statement of Partner's Equity
	Chase	Gilbert	Godfrey	Total
Balance, Jan. 1
Add: Investments
Add: Net Income
Subtotal
Less: Drawings
Balance, Dec. 31

2b) GENERAL JOURNAL
Date 2022	Particulars	PR	Debit	Credit
i)
ii)
iii)

Liquidation of Partnership

3) The YES Partnership is owned by Owners Y, E and S. It is to be liquidated. Their income ratios are 6:3:1 respectively.

Cash 15,000

Noncash Assets 80,000

Liabilities 20,000

Y, Capital 30,000

E, Capital 40,000

S, Capital 5,000

a)Prepare the journal entry to sell noncash assets for $50,000

b)Allocate loss or gain to owners.

c)Pay liabilities.

d)Pay the owner's the remaining cash.

3) GENERAL JOURNAL
Date 2022	Particulars	PR	Debit	Credit

Can someone please help me understand this assignment? The notes given from my teacher weren't the best :/

Answer rating: 100% (QA)

Absolutely I can help you understand the assignment and record the transactions for the Boson and Carter Partnership the CCG Partnership and the YES P... View the full answer