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the following condensed balance sheet is presented for the partnership of alfa and b 606461

Items 1 and 2 are based on the following:

The following condensed balance sheet is presented for the partnership of Alfa and Beda, who share profits and losses in the ratio of 60:40, respectively:

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Cash

$. 45,000

Other assets

625,000

Beda, loan

30,000

$700,000

Accounts payable

$120,000

Alfa, capital

348,000

Beda, capital

232,000

$700,000

The assets and liabilities are fairly valued on the balance sheet. Alfa and Beda decide to admit Capp as a new partner with 20% interest. No goodwill or bonus is to be recorded. What amount should Capp contribute in cash or other assets?

  1. $110,000
  2. $116,000
  3. $140,000
  4. $145,000

Instead of admitting a new partner, Alfa and Beda decide to liquidate the partnership. If the other assets are sold for $500,000, what amount of the available cash should be distributed to Alfa?

  1. $255,000
  2. $273,000
  3. $327,000
  4. $348,000

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