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(Solved) I need help with these two accounting related questions, they


I need help with these two accounting related questions, they also need computations, please. I already answered A of #2.

1)Benson and Orton are partners who share income in the ratio of 2:3 and have capital balances of $30,000 and $50,000 respectively. Ramsey is admitted to the partnership and is given a 10% interest by investing $20,000. What is Orton's capital balance after admitting Ramsey?

a)$20,000

b)34,000

c)44,000

d)56,000


2)After discounting the ordinary business operations and closing the accounts on January 7, 2016, the ledger of the partnership of Lola, Beba, and Fany indicated the following:


Cash?????????????????????????????????????????????? $10,000

Noncash Assets????? ????????????????????????130,000

?? Liabilities??????????????????????????????????????????????????? $40,000

?? Lola,Capital????????????????????????????????????????????????? 25,000

?? Beba,Capital?????????????????? ??????????????????????????????55,000

?? Fany,Capital ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?20,000

? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ??$140,000?$140,000


The partners share net income and losses in the ratio of 3:3:6. In between January 7-31, the noncash assets were sold for $150,000, the liabilities were paid, and the remaining cash was distributed to the partners.


a)Prepare a statement of partnership liquidation at January 7 to 31.

b)Assume the same facts as in (a), except that the noncash assets were sold for $50,000 and any partner with a capital deficiency pays the amount of the deficiency to the partnership. Prepare a statement of partnership liquidation.


lola beba and fany

 

statement of liduidation

 


 

cash

 

other assets

 

balnce befo 10,000 130,000

 

sale of asse 150,000 (130,00)

 

total

 

160,000

 

payment of l -40,000

 

balance

 

120,000

 

payments t -120,000...

 


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