0 оценок0% нашли этот документ полезным (0 голосов)
97 просмотров4 страницы
- The partners each contributed $5,000 cash to the partnership and agreed to share profits equally. They leased a cafe space for $1,000 per month and borrowed $21,000 from the bank.
- After several months of operation, two partners went missing with $500 in cash and equipment. An accountant was brought in to resolve the dissolved partnership.
- The accountant prepared a final balance sheet listing assets, liabilities, and dividing the remaining equity equally among the three partners. This showed the partnership would not be able to pay out the partners' full proportional equity shares.
- The partners each contributed $5,000 cash to the partnership and agreed to share profits equally. They leased a cafe space for $1,000 per month and borrowed $21,000 from the bank.
- After several months of operation, two partners went missing with $500 in cash and equipment. An accountant was brought in to resolve the dissolved partnership.
- The accountant prepared a final balance sheet listing assets, liabilities, and dividing the remaining equity equally among the three partners. This showed the partnership would not be able to pay out the partners' full proportional equity shares.
- The partners each contributed $5,000 cash to the partnership and agreed to share profits equally. They leased a cafe space for $1,000 per month and borrowed $21,000 from the bank.
- After several months of operation, two partners went missing with $500 in cash and equipment. An accountant was brought in to resolve the dissolved partnership.
- The accountant prepared a final balance sheet listing assets, liabilities, and dividing the remaining equity equally among the three partners. This showed the partnership would not be able to pay out the partners' full proportional equity shares.
A)Each of the partners contributed !"### cash to the
partnership and a$reed to share in their profits proportiona%%& to 'hat the& had in(ested 'hich a)ounts to !*+rd of the tota% profit, Therefore- each O'ner.s e/uit& : !"### cash The& si$ned a one &ear %ease at a nearb& cafe ca%%ed the Lone pine cafe and a$reed to pa& a rent of !0## e(er& )onth, The partners borro'ed 1!### fro) the ban2 , The& used +0### out of their partnership )one& and %oan fro) the ban2 to bu& e/uip)ents 'orth 0+1## p%us 13## for In(entor& 4 food and be(era$es),
A%so the& paid additiona%%& !513 for %oca% operatin$ %icense and !5## for a ne' cash re$ister, Thus the )one& re)ainin$ fro) their partnership account is : o 53###6 4 +0###7!5137!5##)8 !#!91 Lone Pine Cafe Statement of Financial Position As of Nov 2nd, 2009
Assets Liabilities
Cash 10172 Payable to Bank 21000 Inventory 2800 Prepaid license expense 1428
otal Assets# +2000 otal liabilities and o%ner&s '(!ity +2000 :) On ;arch +! st - 1#!#- ;rs Antoine disco(ered that ;r Antoine and ;rs %anders 'ere )issin$, She considered the partnership to be disso%(ed and thus brou$ht in an accountant to reso%(e the )atter, ;r Antoine and ;rs %anders had ta2en a'a& the cash re$ister p%us +!! cash in it, Thus tota% e/uip)ent cost 8 4 05"##6!5##) 8 0+1## Thus tota% %oss8 cost of cash re$ister 7 cash in it 8 4 !5## 7 +!!) 8 !9!! There fore- ;r Antoine 'ithdra'a%s8 !9!!*18 300,0# ;rs %anders 'ithdra'a%s8 !9!!*18 300,0# Chec2in$ account ba%ance8 !#+# S2i instructor.s pa&)ent8 39# Tota% cash 8 !<## ;r Si)pson 4 The accountant ) ca%cu%ated the depreciation on the e/uip)ent to be 1550, Net cost of e/uip)ent8 4 0+1##61500)8 0#900 Lone Pine caf= o'ed supp%iers 8 !03+ Food and be(era$es on hand 'ere esti)ated to be about 15+#, In(entor& 8 15+# The partnership had repaid 1!## of the %oan fro) :an2, Thus %oan re)ainin$: 4 1!###61!##)8 !3<## The prepaid %oca% operatin$ e>pense had been used for 0 )onths, Thus this shou%d be subtracted fro) the re)ainin$ a)ount, !513*!18 !!< per )onth For 0 )onths: !!<? 0 8 0<0 A)ount re)ainin$: 4 !51360<0) 8 3++ @urin$ the period of the operations- the partners 'ithdre' a$reed upon sa%aries and these pa&)ents 'ere upto date, ;r Antoine %eft behind his c%othes 'hich 'ere esti)ated to be about 90#, ;r Si)pson thus prepared a ba%ance sheet as of ;arch +# th
1#!#, Ae %isted the ite)s the& o'ned as of ;ar +# th - %isted the ite)s the& o'ed and the ba%ance 'as di(ided a)on$ the three e/ua%%& as e/uit&, Lone Pine Cafe Statement of Financial Position As of Mar 30th, 2010
Tota% Assets: 00<!3 Tota% Liabi%ities and O'nerBs E/uit&: 00<!3 c) Ce see fro) the ba%ance sheets that their partnership 'ou%d not ha(e been ab%e to recei(e their proportiona% share of e/uit& disre$ardin$ the )arita% co)p%ications,