- Max, Jones, and waters shared profits and losses 20%, 40%, and 40% respectively and their partnership capital balance is 10,000, 30,000, and 50,000 respectively. Max had decided to withdraw from the partnership. An appraisal of the business and its property estimates the fair value to be 200,000. Land with book value of 30,000 has a fair value of 45,000. Max has agreed to receive 20,000 in exchange for her partnership interest. What amount should land be recorded on the partnership books?
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. Max , Jones , and waters shared profits and losses 20% , 40% , and 40% respectively andtheir partnership capital balance is 10 , 000 , 30 , 000 , and 50, 000 respectively . Max hasdecided to withdraw from the partnership . An appraisal of the business and its propertyestimates the fair value to be 200, 000 . Land with book value of 30, 000 has a fair value of45, 000 . Max has agreed to receive 20, 000 in exchange for her partnership interest . Whatamount should land be recorded on the partnership books ?2 .On July 1 , ML and PP formed a partnership , agreeing to share profits and losses in theratio of 4:6 respectively . ML contributed a parcel of land that cost her 25 , 000 . PPcontributed 50 , 000 cash . The land was sold for 50, 000 0 July 1 four hours after formationof the partnership . How much should be recorded in ML's capital account on thepartnership formation .3 .Paul , Jeremy , and Juan are forming a partnership . Juan contributes a building having ahistorical cost , accumulated depreciation , and market value of 290 , 000 , 100 , 000 , and400, 000 respectively . The building is initially recorded on the partnership books at Juan'sbook value ( 190 , 000 ) Two years later the building is sold for a 270, 000 gain . What portionof the profit or loss should be allocated to Juan ?"4 .Albert , Claude , and Jamie form a partnership by contributing 25 , 000 , 70 , 000 , and 80 , 000respectively . In addition , the partners agree that albert should receive 20 , 000 of goodwillbecause of his special skills relevant to this business . What amount of capital will exist forClaude when the partnership is formed ?"5 .Max , Ike , and Tony are forming a partnership . The appraised value of assets contributedis 60 , 000 , 80 , 000 , and 100 , 000 respectively . In addition , Max and Tony agree that Ike'sexperience is worth 30, 000 . The partners desire to apply the bonus method whereapplicable . What is the total capital recorded at the date the partnership is formed ?.Richardson , Peterson , and Wilkerson are forming a partnership . The partners contributecash and non cash assets valued at 30, 000 , 50, 000, and 25, 000 respectively . The partnerschoose to apply the bonus method where applicable . If the partners agree to establishequal capital account balances when the partnership is formed , how much of a bonus isreceived by Richardson ?Bill and Ken enter into a partnership agreement in which Bill is to have a 60% interest incapital an profits and Ken is to have a 40% interest in capital and profits . Bill contributesthe following :"CostFair ValueLand10 , 000Building20 , 00060 , 000Equipment100 , 00020, 00015, 000There is a 30, 000 mortgage on the building that the partnership agrees to assume . Ken8 . WWW and MM drafted a partnership agreement that list the following assets contributedof the partnership's formation :"contributes 50, 000 cash to the partnership . Bill and Ken agree that Ken's capital accountGoodwill should be recorded in the amount of ?should equal Ken's 50, 000 cash contribution and that goodwill should be recorded .
