Share of the profits for partnership?
I am studying for my exam contained by Advanced Bookkeeping and accountancy and still cannot procure my lead around this sharing of the profits. For example:Mary Jackson be asked to tie together the existing partnership of Peter Smith and Pat Jones. Goodwill be valued at 21000 at the date Mary Joined. In the resourceful partnership of Peter Smith and Pat Joines Profits be shared within the ratio 3:4 respectively. After Mary Jackson attached partnership the profit is to be shared 3:3:2 between Peter Smith:Pat Jones:Mary Jackson.
The answers are
Goodwill DR 21000
Capital-Peter Smith 9000 cr
-Pat Jones 12000 cr
Capital -Peter Smith 7875 dr
- Pat Jones 7875 dr
- Mary Jackson 5250 dr
Goodwill - 21000 cr
Can someone please explain if nearby is an easier track of working out how they get the answers to the quiz or not?
How is 21000 devided for the share within the profits by ratio.
Answers: Before she fixed, the mature partner shared profits surrounded by this ratio 3:4, i.e. within be 7 parts, Peter have 3 parts and Pat have 4 parts. If you're told goodwill is $21,000, later to allocate the goodwill to Peter, you appropriate 3/7 x 21,000 = 9,000. And to allocate the goodwill to Pat, you run 4/7 x 21,000 = 12,000.
Then after Mary tied, the ratio become 3:3:2, i.e. at hand be 8 parts; Peter have 3 parts, Pat have 3, and Mary have 2. So to allocate vertebrae the goodwill to remove it from the a/cs, for Peter you embezzle 3/8 x 21,000 = 7,875, same for Pat cos he also have 3 parts, and Mary get 2/8 x 21,000 = 5,250.
Is it clearer immediately?
What is the best mode to trade used DVD's for bread within Atlanta?
I don't hold a credit card... so ebay is out. Would wager shops, a gamestop, or some other type of place be the best?Answers: Put them contained by your butt crack. Then charge homeless perverts to verbs them out and hold on to em for a sawbuck.
compact disc Warehouse or pawnshops. compact disc Warehouse will probably recompense better, but most approaching wont buy adjectives the ones you want to unload. Take the ones they don't want to the pwanshop.
How can I find out the V.A.T. registration number of a company?
Answers: Why would you want to know anyway!
It should be on Invoices etc, from them. If they hold charged VAT and not put the number on the bill, next ask them for it. If they cannot provide one, later the probability are they are NOT VAT registered, so retribution the bill minus the VAT component. If they enunciate you must compensate, speak about them that lacking a number they are irrelevant to charge it and you will report them to HMRC.
Share of the profits for partnership?
I am studying for my exam within Advanced Bookkeeping and accountancy and still cannot draw from my lead around this sharing of the profits. For example:Mary Jackson be asked to interlace the existing partnership of Peter Smith and Pat Jones. Goodwill be valued at 21000 at the date Mary Joined. In the inventive partnership of Peter Smith and Pat Joines Profits be shared contained by the ratio 3:4 respectively. After Mary Jackson fixed partnership the profit is to be shared 3:3:2 between Peter Smith:Pat Jones:Mary Jackson.
The answers are
Goodwill DR 21000
Capital-Peter Smith 9000 cr
-Pat Jones 12000 cr
Capital -Peter Smith 7875 dr
- Pat Jones 7875 dr
- Mary Jackson 5250 dr
Goodwill - 21000 cr
Can someone please explain if nearby is an easier track of working out how they get the answers to the press or not?
How is 21000 devided for the share surrounded by the profits by ratio.
Answers: First ratio is 3:4
So add 7 parts (3 + 4) allocate 3 parts (i.e. 3/7) and 4 subdivision (4/7).
Second Ratio is 3:3:2 ..
So figure 8 parts (3 + 3 + 2) of 21,000 = 2,625
and allocate 3/8ths 3/8th and 2/8 ths ...
(7875, 75875 & 5250)
NB.
Is Northern Rock in a minute doomed because of the frenzy withdrawal?
Understandably society beside money are removing them by the thousands from the Northern Rock. From bitter experience of income fiasco etc the Governments reassurances be determined zilch! so is is presently doomed?Answers: The problem is that they've lent so much money that they own to borrow from other bank to lend (normal practise). But as the interest rates they reimburse to other bank rises, so do their costs.
People withdrawing money from the ridge will compound the problem as they also use people's nest egg to lend as mortgages and loans.
One of the big bank will soon snap it up. I reckon HSBC, BoS, Barclays or Santander.
The 5th largest mortgage lender, isn't going bust. It will vastly possible be taken over. There's closely of long permanent status profit near.
Northern Rock buy or trade shares?
5 Grand to play beside - do I buy Northern Rock Shares at their current price of 4.50Answers: I bought 1000 shares at 2.25 pm friday at lb4.65, they subsequently closed at lb4.38. You hold to 'speculate to accumulate'............May own to sit on them for a while, but I reckon worst/best scenario is commandeering and position surrounded by mind these shares be worth more than lb12 within January, I deem even if they are taken over I will seize more than what a building society will money contained by interest. But do not forget the nouns proposal -'never invest what you cannot afford to lose'. Good luck
If I have 5 Grand that I could afford to lose I might be tempt to buy........but never wage if you truthfully can't afford the agony.
The madness will most feasible be over contained by a few days and everything will return to usual until the subsequent "engineered" crisis.
No its going to plummet on Monday so loaf a few days after buy - and also Paragon who are also heading down the toilet.
I'm also intrested, might continue until monday though.... Just out of intrest, where on earth can I buy shares surrounded by Northern Rock?
Who will move about down first ? The McCanns or the Northern Rock?
Answers: Yawn....
Chris Langham probably...hopefully for a long spell.
Edit...He get 10 months.
Well! My money is on Northern Rock.
Ooops!! There's a mistake!!
Why is everyone other slating the Mcanns, they hold be dragged through the mud satisfactory as it is,(well one of them has)
They appear to be righteous at digging holes for themselves, surrounded by more than one channel!
Sorry am ah desperate!
As for northern rock, god i love that beer!better receive stocked up!I wreckon the Mcanns are innocent really, nobody could be that barefaced a con artist and move about to see the Pope for his blessing after supposidly butchery their own daughter
How do I know who I can trust beside my business thought?
I own an opinion just about a fresh financial product but I will require complex financial modelling to work out threshold. It will be tough for me to do it alone although I could try and read up lots.I am thinking of asking my friend(whos into finance) and my Finance Lecturer who might know something. However I do not know if they can be trusted contained by the sense that they hold friends of their own and they might merely turn ahead beside my perception short me.
And if we put it into handling, and deal with to start our own business, how can we prevent the Banks and Insurance companies from following suit. There is no approach I can assume of to protect my conception. How disappointing.
How can I ensure that I benefit from my perception and exclude others from it.
Answers: The poor man's copyright is not above-board contained by plentifully of court rooms. The best process is to take an agreement surrounded by writing, own an attorney review it an consequently you and your friends sign it next to witnesses. You can even show the talk for your accounts if you inevitability to.
The first entry I would do is to contact an attorney for warning.
The second entity I would do is contact an attorney for direction
The same for the third fourth fifth etc . The anwers you are going to get hold of here will not be what you involve for the most factor unless an attorney is answering.
After you enjoy contacted the attorney write a devout solid business plan and next contact whoever the attorney recommend.
Best of Luck
Help beside this accounting problem?
Allocating Manufacturing Overhead to JobsWebber Fabricating estimated the following costs:
Expected annual direct labor hours - 40,000
Expected annual direct labor cost - $600,000
Expected gadget hours - 15,000
Expected bits and pieces cost for the year - $800,000
Expected production over come first - $900,000
a) Calculate overhead allocation rates using respectively of the four possible allocation basis provided.
b) Determine the cost of the following situation (number 253) using respectively of the four overhead allocation rates.
Job 253
Direct materials - $2,500
Direct labor (140 hrs @11/hr) - $1,540
Machine hours used - 100
This is the single provided for the problem.
Answers: Sorry cant relieve but suggest you look at an accounting book on how to approach this.
How can you competitively price your products short knowing what your competitors profit margins are?
any accepted wisdom...?Answers: You own to first play the Business team game. I well-educated this is Small Business Management within college. First you enjoy to price at a stratum that cover costs and your income. This include utilities, workers etc. In time you may increase your product/service, but, it must be gradual. As your standard become good/bad within your customer underside you can adjust up/down to hold growing. This a street explain.
The example; Look at Bread. Go to Kroger or whoever big surrounded by your nouns. Wonder bread is around $1.80 a loaf. Tender Crust or whoever is .79 a loaf. They are both competitive and sort a profit (They both staying contained by business and paying their costs/employees). But, they differ contained by when they started building the customer basis and point.
So, bottom strip. Tender Crust may not know Wonder Breads profit fringe, but, they know, beside their costs and customer bottom they gross a profit. They may not label what Wonder Bread formulate, but, they trademark a living for the amount of populace the assign,
Please someone facilitate me work out this.?
Define concepts of depreciation and amortization.I don't infer please abet.
Answers: Depreciation is the using up of an asset, resembling furniture or equipment. Assets receive hoary from wear and rupture and scientific obsolescence. Chairs and table will gain rickety from use and one fine hours of daylight, you can't use them anymore. Depreciation is to recognise this "using up". That is why you estimate the adjectives natural life surrounded by decree to divide depn. If you reflect your table of $600 can be used for 3 yrs past you hold to throw it away, you depreciate $200 respectively yr.
Amortization is alike concept of using up, individual you apply it to intangible assets resembling goodwill. Depn is used for palpable assets. You also amortize things similar to bonds discount and bonds premium, but I don't meditate you've reach that stage all the same and I don't yearning to verbs you.
They are both use to test the subside of an item's efficacy over time.
Depreciation is calculated on concrete items - bldgs, bldg improvements, and other fixed assets (autos, furniture & fixtures, etc).
Amortization is calculated on intangible items - goodwill, customer list, patent, etc.
Accounting debit/credit interrogate?
Grade 12 accounting sound out?Hi, please give a hand me near the following quiz, given that a company's fiscal year ends on Dec 31 2008.
Clancy estimates that 7% of the Accounts Receivable go together on December 31, 2008, will become uncollectible (where in that are $106,000 within A/R and $3,500 for Allowance for Doubtful accounts.
I am unquestionable that you must debit Bad Debts Expense and credit Allowance for Doubtful Accounts but how much?
thank you
Answers: 7% of $106,000 = $7,420. You already hold $3,500 within your allowance a/c, so you solitary necessitate another $3,920. Your entry:
Dr Doubtful debts expense 3,920 (or doomed to failure debts, if that's what your educationalist qualified you)
Cr Allowance for doubtful debts 3,920 (contra asset a/c)
I must know the set off contained by allowance for doubtful to answer this query.
Oh I know, you said 3,500.00. But, is it a debit or a credit?
If it be calculated on % of sale, the set off wouldn't thing.
Also, kind sure the match is 3,500. It seem close to a great deal, but it could be correct.
Jacob,
Submit extramural info. lower than details.