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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05-08-2019
Business

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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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stokholm stokholm · Answer 1 · 2019-08-13T11:07:22+02:00

Answer:

$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 [tex]\times[/tex] 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

andromache andromache · Answer 2 · 2022-02-17T13:57:05+01:00

The balance of Ellis’s capital account is $118,250

Calculation of the balance:

Since the capital balance of roses, ellis, and the gise should be $299,000, $258,000 and $258,000

So, the total should be $815,000

And, the Cash paid to Roses on Retirement = $342,000

Now

Balance of capital should be

= $815,000 - $342,000

= $473,000

Now

The ratio of sharing between Ellis and Gise should be

Rose's share = 20% will be divided in 20:60 i.e. 1:3

And,

Ellis = 20 × 1/4 = 5

So, Ellis Share = 20 + 5 = 25%

And,

Gise = 60 + 20 - 5 = 75%

So,

Balance of capital = $473,000

Now

Share of Ellis = 25% of $473,000

= $118,250

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