Question

Answer themall multiple I'll rate if you can't do them all please pass it to someone else thanks

1. Lambert invests $14,586 for a 1/3 interest in a partnership in which the other partners have capital totaling $34,605 before admitting Lambert. After distribution of the bonus, what is Lambert's capital?

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2.  Use the information below to answer the question that follow.

Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $6,900 and a fair market value of $13,500. Kelsey will invest a building with a book value of $37,900 and a fair market value of $67,600.

What amount will be recorded to Kelsey's capital account?

3. Samuel and Darci are partners. The partnership capital for Samuel is $63,500 and that of Darci is $72,200. Josh is admitted as a new partner by investing $57,000 cash. Josh is given a 23% interest in return for his investment. The amount of the bonus to the old partners is

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4. Tanner and Teresa share income and losses in a 2:1 ratio after allowing for salaries of $40,800 to Tanner and $63,900 to Teresa. Net income of the partnership is $130,500. Income should be divided as follows:

5. Singer and McMann are partners in a business. Singer's original capital was $40,000 and McMann's was $60,000. They agree to salaries of $12,000 and $18,000 for Singer and McMann respectively and 10% interest on original capital. If they agree to share remaining profits and losses on a 3:2 ratio, what will Singer's share of the income be if the income for the year was $15,000?

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6. singer and mcmann are partners in a business. singer's original capital was $40,000 and mcmann's was $60,000. they agree to salaries of $12,000 and $18,000 for singer and mcmann, respectively, and 10% interest on original capital. if they agree to share the remaining profits and losses in a 3:2 ratio, what will singer's share of the income (loss) be if the net loss for the year is $10,000?

a. ($6,000) b. ($14,000) c. ($12,600) d. ($10,000)

Answer 1

1) Lambert's Capital :-

= ($34605+$14586)/3

= $49191 / 3

= $16397

2) Assets recorded in Partership accounts at Fair Marhet Value.

So Market Value of the assets introduced by Kelsey is $67600.

So Capital of Kelsey is $67600

3) Total Capital = $63500+$72200+$57000 = $192700

Interest = $192700 * 23% = $44321

Bonus to old Partners = $57000 - $44321

= $12679

4) Net Income = $130500

Less : Salary of Partners ($40800+$63900) = $104700

Profit of Partnership = $25800

Profit Distribution Ratio = 2:1

Tanner = $25800 * 2/3 = $17200

Teresa = $25800 * 1/3 = $8600

Total Income of Tanner = $17200+$40800 = $58000

Total Income of Teresa = $8600+$63900 = $72500

5) Singer Income :-

Particulars	Amount($)
Salary	12000
Interest on Capital ($40000*10%)	4000
Net Profit ($15000*3/5)	9000
Total Income of Singer	25000

6) Singer's Income/(Loss) :-

Particulars	Amount($)
Salary	12000
Interest on Capital ($40000*10%)	4000
Net Loss ($10000*3/5)	(6000)
Total Income of Singer	10000