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Partnership Accounting
REQUIREMENTS:
A. PARTNERSHIP FORMATION
Alternative solution:
Total capital
Total liabilities
Total assets
Computation of bonuses
17.) Wade
18.) Bosh
James Wade
Capital balance - Feb 1, 2013 72,950.00 145,900.00
Add: Increase in capital
Additional investment 15,000.00 10,000.00
Share in net income 58,019.17 66,155.83
Total 73,019.17 76,155.83
Total 145,969.17 222,055.83
Less: Withdrawal 5,000.00 3,000.00
Capital balance - December 31, 2013 140,969.17 219,055.83
Computation of bonuses
James Wade
Capital balances before 140,969.17 219,055.83
Purchased interest (43,811.17)
Balances 140,969.17 175,244.67
Investment by Oden
Capital balances after Oden Admission 140,969.17 175,244.67
20,000.00
(700.00)
(1,125.00)
200.00
-
98,775.00
72,950.00
98,775.00
47,125.00
291,800.00
142,075.00
36,900.00
328,700.00
291,800.00
36,900.00
328,700.00
195,000.00
131,000.00
165,000.00
11,788.33
8,841.25
2,947.08
58,019.17
66,155.83
40,825.00
Bosh Total
11,000.00 46,750.00
12,142.50 47,520.00
2,947.08 11,788.33
14,735.42 58,941.67
40,825.00 165,000.00
Bosh
72,950.00
10,000.00
82,950.00
2,000.00
80,950.00
15%
12,142.50
140,969.17
219,055.83
121,775.00
Bosh
72,950.00
10,000.00
40,825.00
50,825.00
123,775.00
2,000.00
121,775.00
Bosh Total
12,142.50 47,520.00
2,947.08 11,788.33
14,735.42 58,941.67
29,825.00 118,250.00
Bosh
72,950.00
10,000.00
11,000.00
29,825.00
50,825.00
123,775.00
2,000.00
121,775.00
Bosh Oden Total Partnership Capital
121,775.00
43,811.17
121,775.00 43,811.17 437,988.83
65,686.04
121,775.00 109,497.21 547,486.04