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chicalapingpon1938
06.08.2019 •
Business
On november 30, capital balances are roses $299000, ellis $258000 and gise $258000. the income ratios are 20%, 20% and 60%, respectively. roses decides to retire from the partnership. the partnership pays roses $342000 cash for her partnership interest. after rose’s retirement, what is the balance of ellis’s capital account?
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Ответ:
$118,250
Explanation:
Provided Capital Balances
Roses $299,000
Ellis $258,000
Gise $258,000
Total Capital = $815,000
Cash paid to Roses on Retirement = $342,000
Balance of capital = $815,000 - $342,000 = $473,000
Ratio of sharing between Ellis and Gise will be
Rose's share = 20% will be divided in 20:60 i.e. 1:3
Ellis = 20
1/4 = 5
Therefore, Ellis Share = 20 + 5 = 25%
Gise = 60 + 20 - 5 = 75%
Balance of capital = $473,000
Share of Ellis = 25% of $473,000 = $118,250
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