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    PArtnership Accounting-Operation

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    pau mejares
    The document contains financial information for a partnership between Bruce and Rachel including: 1) Balance sheets as of July 1, 20xx showing assets of $814,000 and liabilities and equity of $814,000 with Bruce owning 60% and Rachel owning 40%. 2) Income statement for the half year showing net profit of $120,500 with Bruce's share being $59,350 and Rachel's share being $61,150. 3) Statement of capital balances as of December 31, 20xx showing total equity of $649,500 with Bruce's balance being $389,350 and Rachel's being $260,150.

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    PArtnership Accounting-Operation

    Uploaded by

    pau mejares
    4 views2 pages
    The document contains financial information for a partnership between Bruce and Rachel including: 1) Balance sheets as of July 1, 20xx showing assets of $814,000 and liabilities and equity of $814,000 with Bruce owning 60% and Rachel owning 40%. 2) Income statement for the half year showing net profit of $120,500 with Bruce's share being $59,350 and Rachel's share being $61,150. 3) Statement of capital balances as of December 31, 20xx showing total equity of $649,500 with Bruce's balance being $389,350 and Rachel's being $260,150.

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    The document contains financial information for a partnership between Bruce and Rachel including: 1) Balance sheets as of July 1, 20xx showing assets of $814,000 and liabilities and equity of $814,000 with Bruce owning 60% and Rachel owning 40%. 2) Income statement for the half year showing net profit of $120,500 with Bruce's share being $59,350 and Rachel's share being $61,150. 3) Statement of capital balances as of December 31, 20xx showing total equity of $649,500 with Bruce's balance being $389,350 and Rachel's being $260,150.

    Copyright:

    © All Rights Reserved
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    4 views2 pages

    PArtnership Accounting-Operation

    Uploaded by

    pau mejares
    The document contains financial information for a partnership between Bruce and Rachel including: 1) Balance sheets as of July 1, 20xx showing assets of $814,000 and liabilities and equity of $814,000 with Bruce owning 60% and Rachel owning 40%. 2) Income statement for the half year showing net profit of $120,500 with Bruce's share being $59,350 and Rachel's share being $61,150. 3) Statement of capital balances as of December 31, 20xx showing total equity of $649,500 with Bruce's balance being $389,350 and Rachel's being $260,150.

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    of 2

    8

    a AR 30,000.00
    Inventory 138,000.00
    Equipment 240,000.00
    Cash 166,000.00
    AP 200,000.00
    NP 14,000.00
    Bruce, Capital 360,000.00 60%

    Inventory 146,500.00
    Cash 93,500.00
    Rachel Capital 240,000.00 40%

    b Bruce And Rachel Partnership


    Balance Sheet
    July 1, 20xx

    Cash 259,500.00 AP 200,000.00


    AR 30,000.00 NP 14,000.00
    Inventory 284,500.00 TL 214,000.00
    Equipment 240,000.00
    TOA 814,000.00 Bruce, Capital 360,000.00
    Rachel Capital 240,000.00

    TL & Partner's
    Equity 814,000.00

    c Bruce Rachel Total


    Interest for half year 21,600.00 14,400.00 36,000.00
    Salaries 30,000.00 40,000.00 70,000.00
    Interest Charge - 1,000.00 - 1,000.00
    Remainder equally 7,750.00 7,750.00 15,500.00
    Share in Net Profit 59,350.00 61,150.00 120,500.00

    Income Summary 120,500.00


    Bruce, Drawings 59,350.00
    Rachel, Drawings 61,150.00

    d Bruce, Capital Rache, Capital


    360,000.00 240,000.00

    Bruce, Drawings Rachel, Drawings


    59,350.00 61,150.00

    e Bruce And Rachel Partnership


    SOCE
    Dec 31, 20xx
    Bruce Rachel Total
    Capital Balances 360,000.00 240,000.00 600,000.00
    Add: Share in Net Profit 59,350.00 61,150.00 120,500.00
    Less: Personal Drawings - 30,000.00 - 41,000.00 - 71,000.00
    Total 389,350.00 260,150.00 649,500.00
    Current Acc Bal. 29,350.00 20,150.00 49,500.00

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