Q.1 The Abdullah and Ahad partnership has the next belief for the distribution of partnership find profits (loss): Particulars Abdullah Ahad Salaries 80000 100000 Bonus on Gain Profits 6% 12% Interest on reasonable Capital Balance 7% 7% The relaxation (if Obvious Balance) 60% 40% The relaxation (if Adversarial Balance) 50% 50% Required: Calculate the distribution of partnership find profits (loss) for every self sufficient field underneath (for every field, mediate the smartly-liked capital steadiness of Abdullah is $140,000 and of Ahad is $240,000). Partnership find profits is $360,000. (2 Marks) Partnership find profits is $240,000. (2 Marks) Partnership find loss is $40,000. (2 Marks) On Jan, 1 2014, Peter Corp. (a U.S. essentially based firm) fashioned a fresh subsidiary in Saudi Arabia, Saeed Inc., with an initial funding of 30,000 SAR.Assume Saeed Inc. Purchases stock evenly at some stage in 2014. The ending stock is purchased Nov. 30, 2014. Makes exhaust of hetero-line depreciation on fastened assets. Publicizes and ought to pay dividends on Nov. 30, 2014. Purchased the fastened assets on April 1, 2014. Makes exhaust of SAR as the functional currency. Trade Rates are given: Jan 1, 2014 0.260 April 1, 2014 0.255 Nov. 30, 2014 0.240 Dec. 31, 2014 0.238 Saeeds monetary statements on Dec. 31, 2014 Accounts SAR Cash 5000 Chronicle Receivable 12000 Inventory 32000 Stamp Receivables 5000 Plant & Gear 70000 Price of Goods sold 32000 Depreciation 2000 Other Charges 18000 Dividends 16000 Entire Debits 192000 ACC. OC Translation Adjustment (Debit) Adjusted Entire Credit Collected Depreciation 2000 Chronicle Payable 12000 Bonds Payable 36000 Mortgage Payable 46000 Overall Stock 30000 Sales 66000 Entire Credits 192000 REQUIRED Put together a schedule to translate Saeeds monetary statements on Dec. 31, 2014 to U.S. bucks. (6 Marks) Q.3 Anwar and Bravo favor to put the A&B partnership. Anwar contributes land with a e book ticket of $ 175,000 (most up-to-date ticket of $200,000) and a constructing with a e book ticket of $200,000 (most up-to-date ticket of $300,000). Bravo will contribute cash. If the partners belief to portion profits and losses equally after the formation of the partnership and assuming they’ve agreed to equal capital contributions, how great cash will Bravo deserve to contribute to put the partnership? Gallop Journal entry to be recorded in A&B Agency. (3 Designate) Portion on Facebook Tweet Observe us Pattern Solution Q1: Partnership Profits Distribution Discipline 1: Gain Profits of $360,000 Salaries: Abdullah: $80,000; Ahad: $100,000 Bonus: Abdullah: 6% of $360,000 = $21,600; Ahad: 12% of $360,000 = $43,200 Interest: Abdullah: 7% of $140,000 = $9,800; Ahad: 7% of $240,000 = $16,800 The relaxation: $360,000 – $80,000 – $100,000 – $21,600 – $43,200 – $9,800 – $16,800 = $88,600 Abdullah: 60% of $88,600 = $fifty three,160; Ahad: 40% of $88,600 = $35,440 Entire: Pudgy Solution Allotment Abdullah: $80,000 + $21,600 + $9,800 + $fifty three,160 = $164,560 Ahad: $100,000 + $43,200 + $16,800 + $35,440 = $195,440 Discipline 2: Gain Profits of $240,000 Salaries: Abdullah: $80,000; Ahad: $100,000 Bonus: Abdullah: 6% of $240,000 = $14,400; Ahad: 12% of $240,000 = $28,800 Interest: Abdullah: 7% of $140,000 = $9,800; Ahad: 7% of $240,000 = $16,800 The relaxation: $240,000 – $80,000 – $100,000 – $14,400 – $28,800 – $9,800 – $16,800 = -$29,800 Abdullah: 50% of -$29,800 = -$14,900 Ahad: 50% of -$29,800 = -$14,900 Entire: Abdullah: $80,000 + $14,400 + $9,800 – $14,900 = $89,300 Ahad: $100,000 + $28,800 + $16,800 – $14,900 = $130,700 Discipline 3: Gain Lack of $40,000 Salaries: Abdullah: $80,000; Ahad: $100,000 Bonus: None (since there’s a find loss) Interest: Abdullah: 7% of $140,000 = $9,800; Ahad: 7% of $240,000 = $16,800 The relaxation: -$40,000 – $80,000 – $100,000 – $9,800 – $16,800 = -$246,600 Abdullah: 50% of -$246,600 = -$123,300 Ahad: 50% of -$246,600 = -$123,300 Entire: Abdullah: $80,000 + $9,800 – $123,300 = -$33,500 Ahad: $100,000 + $16,800 – $123,300 = -$7,500 Q2: Translation of Saeed Inc.’s Monetary Statements Step 1: Translate Monetary Assets and Liabilities on the Unique Trade Price Cash: 5,000 SAR * 0.238 = $1,190 Accounts Receivable: 12,000 SAR * 0.238 = $2,856 Inventory: 32,000 SAR * 0.240 = $7,680 Stamp Receivables: 5,000 SAR * 0.238 = $1,190 Accounts Payable: 12,000 SAR * 0.238 = $2,856 Bonds Payable: 36,000 SAR * 0.238 = $8,568 Mortgage Payable: 46,000 SAR * 0.238 = $10,948 Overall Stock: 30,000 SAR * 0.260 (historical price) = $7,800 Step 2: Translate Non-Monetary Assets at Historical Trade Price Plant & Gear: 70,000 SAR * 0.255 (historical price) = $17,850 Collected Depreciation: 2,000 SAR * 0.255 (historical price) = $510 Step 3: Translate Profits Assertion Objects at Moderate Price Sales: 66,000 SAR * [(0.260+0.255+0.240)/3] = $16,500 Price of Goods Equipped: 32,000 SAR * [(0.260+0.255+0.240)/3] = $8,000 Depreciation Expense: 2,000 SAR * 0.255 (historical price) = $510 Other Charges: 18,000 SAR * [(0.260+0.255+0.240)/3] = $4,500 Dividends: 16,000 SAR * 0.238 = $3,808 Step 4: Calculate Translation Adjustment Translation Adjustment = $19,914 – $17,850 = $2,064 (debit) Translated Monetary Statements: Chronicle Amount (USD) Cash 1,190 Accounts Receivable 2,856 Inventory 7,680 Stamp Receivables 1,190 Plant & Gear 17,850 Collected Depreciation 510 Accounts Payable 2,856 Bonds Payable 8,568 Mortgage Payable 10,948 Overall Stock 7,800 Sales 16,500 Price of Goods Equipped 8,000 Depreciation Expense 510 Other Charges 4,500 Dividends 3,808 Translation Adjustment 2,064 Entire $70,112 Export to Sheets Q3: Partnership Formation Calculation of Cash Contribution by Bravo: Entire Capital Required: $200,000 (Anwar’s land) + $300,000 (Anwar’s constructing) = $500,000 Anwar’s Contribution: $200,000 (land) + $300,000 (constructing) = $500,000 Bravo’s Contribution: $500,000 – $500,000 = $0 Journal Entry: Chronicle Titles and Clarification Debit Credit Land 200,000 Building 300,000 Cash 500,000 Anwar, Capital 500,000 This assign a question to has been answered. Earn Solution
- WE OFFER THE BEST CUSTOM PAPER WRITING SERVICES. WE HAVE DONE THIS QUESTION BEFORE, WE CAN ALSO DO IT FOR YOU.
- Assignment status: Already Solved By Our Experts
- (USA, AUS, UK & CA PhD. Writers)
- CLICK HERE TO GET A PROFESSIONAL WRITER TO WORK ON THIS PAPER AND OTHER SIMILAR PAPERS, GET A NON PLAGIARIZED PAPER FROM OUR EXPERTS
QUALITY: 100% ORIGINAL PAPER – NO ChatGPT.NO PLAGIARISM – CUSTOM PAPER
Looking for unparalleled custom paper writing services? Our team of experienced professionals at AcademicWritersBay.com is here to provide you with top-notch assistance that caters to your unique needs.
We understand the importance of producing original, high-quality papers that reflect your personal voice and meet the rigorous standards of academia. That’s why we assure you that our work is completely plagiarism-free—we craft bespoke solutions tailored exclusively for you.
Why Choose AcademicWritersBay.com?
- Our papers are 100% original, custom-written from scratch.
- We’re here to support you around the clock, any day of the year.
- You’ll find our prices competitive and reasonable.
- We handle papers across all subjects, regardless of urgency or difficulty.
- Need a paper urgently? We can deliver within 6 hours!
- Relax with our on-time delivery commitment.
- We offer money-back and privacy guarantees to ensure your satisfaction and confidentiality.
- Benefit from unlimited amendments upon request to get the paper you envisioned.
- We pledge our dedication to meeting your expectations and achieving the grade you deserve.
Our Process: Getting started with us is as simple as can be. Here’s how to do it:
- Click on the “Place Your Order” tab at the top or the “Order Now” button at the bottom. You’ll be directed to our order form.
- Provide the specifics of your paper in the “PAPER DETAILS” section.
- Select your academic level, the deadline, and the required number of pages.
- Click on “CREATE ACCOUNT & SIGN IN” to provide your registration details, then “PROCEED TO CHECKOUT.”
- Follow the simple payment instructions and soon, our writers will be hard at work on your paper.
AcademicWritersBay.com is dedicated to expediting the writing process without compromising on quality. Our roster of writers boasts individuals with advanced degrees—Masters and PhDs—in a myriad of disciplines, ensuring that no matter the complexity or field of your assignment, we have the expertise to tackle it with finesse. Our quick turnover doesn’t mean rushed work; it means efficiency and priority handling, ensuring your deadlines are met with the excellence your academics demand.
