Advanced Accounting

My comments on these problems ar in italics. 27.Determine Monthly Payments to Partners base on safe Capital Balances (LO4) (35 minutes) One thing you pick turn out to watch for in these problems is contributes to or from attendants. A lend to a follower is a loan receivable and will hit the hay a debit residuum. This means that the partner owes the confederation money. In liquidation, this loan is deducted from the partners gravid. A loan from the partner to the partnership has a credit balance. In liquidation this loan is added to the partners metropolis. So, you squirt mark that the loan to parvenu wave is deducted from Vans capital and the loan from Bakel is added to Bakels capital. VAN, BAKEL, AND follow PARTNERSHIP Safe Installment Payments to Partners January 31 TotalVanBakelCox boodle and press release ratio 100%50%30%20% Preliquidation capital balances $282,000$118,000$ 90,000$74,000 Add (deduct) loans (10,000)(30,000)20, 000 -0- 272,00088,000110,00074,000 January losses (Schedule 1) (28,000)(14,000)(8,400)(5,600) Equity of partnership January 31 244,00074,000101,60068,400 voltage losses (Schedule 1) (199,000)(99,500)(59,700)(39,800) 45,000(25,500)41,90028,600 Potential lossVans famine balance (Bakel 3/5; Cox 2/5) -0-25,500(15,300)(10,200) Safe payments to partners $45,000$ -0-$ 26,600$18,400 The above table is utilize to determine the safe payments that can be made to the partners at the end of January. You can see that the first line has the preliquidation capital balances taken directly from the balance sheet. Then, the loans are added and deducted. The January losses are detailed in enrolment 1 below. They...If you want to check a full essay, lodge it on our website: OrderCustomPaper.com

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