. 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 .
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