27. On December 31, 2020, the partnership of Abe, Bravo, Charlie and Delfin decided to liquidate with the following account balances. Cash NCA Liab. Bravo Charlie Abe Bravo Charlie Delfin Loan Loan (10%) (20%) (45%) (25%) 20,000 180,000 100,000 10,000 5,000 15,000 25,000 15,000 30,000 Assuming that Bravo and Charlie are limited partners and Abe, Bravo, Charlie and Delfin are solvent up to P10,000; P15,000; P10,000 and P5,000 respectively; determine the cash settlement given to Abe f the NCAS were sold for P100,000 (round to nearest peso). i
Q: A local partnership is liquidating and is currently reporting the following capital balances:…
A: Capital ratio between Barley and Carter = 50% : 30% i.e. 5:3 Desai loss shared between Barley and…
Q: After years of operations, the partnership of De Vera, Dela Cruz, De Jesus is to be liquidated.…
A: Liquidation in finance is the method of bringing a business to a stop and dispensing its assets to…
Q: 2. On July 1, 2019, Lola wants to retire from JKL Partnership. The Statement of Financial Position…
A: Partnership is the form of Business organization which is owned by two or more persons & shares…
Q: n 1 July 2020 Michael and Jackson decided to join forces and form a partnership (M&J Partners).…
A: Partnership : It is a group of person who agree to contribute the financial and human resources for…
Q: 4. On January 31, 2021, partners L, M and N had the following loan and capital account balances…
A: The partnership comes into existence when two or more persons comes together to do the business and…
Q: The partners of ABC Partnership decided to liquidate the partnership on January 1, 2021. The…
A: Total proceeds from the realization = [(Total interest of A + Loan Receivable) / A, Capital %] +…
Q: R, S and T
A: A profit-sharing arrange provides staff a share in their company's profits supported its quarterly…
Q: Anna, Ben, and Carl's partnership did not go well so the partners decided to liquidate on March 31,…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: 47. On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership. The…
A: Introduction: A partnership is a sort of business in which two or more people enter into a legal…
Q: The partners of ABC Partnership decided to liquidate the partnership on January 1, 2021. The…
A: Realization: In closing the affairs of a partnership firm, or other entity, the process of realizing…
Q: On January 1, 2020, Lim and Pan decided to form a partnership. At the end of the year, the…
A: Here in this question, we are required to find out how much net income is attributable to each of…
Q: On December 31, 2020, ABC Partnership’s Statement of Financial Positions shows that A, B, and C have…
A: Solution 1: Amount paid to C on retirement = P350,000 C's share in increase in revaluation of assets…
Q: The statement of financial position of the JKLM Partnership at July 31, 2021. when the partnership…
A: A Schedule of safe payments is a schedule that shows the amount of cash distributed to the partners…
Q: in 200,000 Gerwin 300,000 Froilan 450,000 The partnership agreement stated that profits and…
A: Accounting for Partnership firm
Q: 2. As of December 31, 2020, the books of ABC Partnership showed capital balances of A, P60,000; B,…
A: Total capital=A+B+C=P 60,000+P 30,000+P 5,000=P 95,000
Q: On December 31, 2020, the partnership of Abe, Bravo, Charlie and Delfin decided to liquidate with…
A: Liquidation of the partnership means cessation or end of partnership business. First all non cash…
Q: 27. On December 31, 2020, the partnership of Abe, Bravo, Charlie and Delfin decided to liquidate…
A: Liquidation of the partnership means cessation or end of partnership business. First all non cash…
Q: ilities Hungria, Capital Blanche Capital P1,000,000=…
A: Partnership according to section 3 (1) of the partnership act 1961 is known as the relation between…
Q: 10. On December 31, 2015, the statement of financial position of the partnership of Brenda, Melanie…
A: 14000 debit to Brenda and lace in 2:5
Q: The partners of ABC Partnership decided to liquidate the partnership on January 1, 2021. The…
A: Total proceeds from the realization = [(Total interest of A + Loan Receivable) / A, Capital %] +…
Q: he balance sheet of the Troy Partnership at September 30, 2020, shows: Va Various Assets 500,000…
A:
Q: On December 31, 2020, the partnership of Abe, Bravo, Charlie and Delfin decided to liquidate with he…
A: The liquidation of a partnership begins with a review of the company's assets, including assets…
Q: arvin, Gerwin, Froilan formed a partnership on July 1,2020 with the following investments: Marvin…
A: Partnership is one of the agreement or arrangement between two or more than two persons, under which…
Q: As of December 31. 2021, the books ot ALTHEA Partnership showed capital balances of: AL. P40.000:…
A: The partnership means the two or more person joining together for running the business and sharing…
Q: The loan and capital account balances of Hannah, Jean, Jenifer and Kristine Partnership were as…
A: In partnership liquidation with safe payments schedule each available instalment of cash is…
Q: As of December 31, 2020, the books of ABC partnership showed capital balances of: A, P60,000; B,…
A: Total partnership capital = A's capital + B's capital + C's capital = P60,000 + P30,000 + P5,000…
Q: ians, Capital 80,000 Ephesians, Capital 90,000 Philippians, Capital 70,000 The first cash sale…
A: when there is net realization of assets and payment of liability the residual amount that is left…
Q: A local partnership is liquidating and is currently reporting the following capital balances:Barley,…
A: Partnership: This is the form of business entity which is formed by an agreement, owned and managed…
Q: 3. Cabello and Dacanay are partners in a trading company. During 2020, they withdrew their salary…
A: It is pertinent to note that net profit in partnership is shared between partners in a predetermined…
Q: On December 31, 2020, the Statement of Financial Position of DEL Partnership shows the following…
A: The capital of partners are restructured after admitting a new partners based on the new…
Q: On September 30, 2021, Lopez admits Mendez for an interest in his business. On this date, Lopez's…
A: The question is based on the concept pf Financial Accounting.
Q: The accounts of the partnership of TJ, SR and MD at the end of its fiscal year on October 31, 2021…
A: Answers to the questions -
Q: 19. On January 1, 2019, partners Allan, Ben and Chris, who share profits and losses in the ratio of…
A: On liquidation of the partnership, the amount left after paying for liabilities should be shared…
Q: 17. On January 31, 2021, partners of Lon, Mac & Nan, LLP, had the following loan and capital account…
A: Admission of a new partner to the partnership firm: Unless otherwise agreed upon, a new partner may…
Q: ela, Capital 200,000 P600,000 P600,000 The partners share profits and losses as follows: Alyza, 20%;…
A: When a partner leaves the partnership, due to death or retirement, books of the partnership are…
Q: On December 31, 2020, the Statement of Financial Position of DTS Co. has the following balances:…
A: A partnership is a kind of business structure in which two or more people agree to carry out…
Q: 28. As of December 31, 2020, the books of Abad, Sison and Dario Partnership showed capital balances…
A: Partnership means where two or more person comes together to do some common business activity and…
Q: 3. As of January 1, 2018, the partnership of Canton, Yulls, and Garr had the following account…
A: When the partnership business comes to the verge of liquidation, all the assets are sold and…
Q: 27. On December 31, 2020. the partnership of Abe, Bravo. Charie and Delfin decided to liquidate with…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: The partnership of kapos, kulang and kasia was affected by the pandemic do the partners have decided…
A: Meaning of Liquidation of Partnership Firm :- Liquidating a partnership firm means discontinuing…
Q: On December 31, 2020, the partnership of Abe, Bravo, Charlie and Delfin decided to liquidate with…
A: Workings: Cash NCA Liability Bravo, Loan Charlie, Loan Abe, Capital Bravo, Capital Charlie,…
Q: On December 31, 2020, the partnership of Abe, Bravo, Charlie, and Delta decided to liquidate the…
A: A partnership is a kind of business structure in which two or more people agree to carry out…
Q: arvin, Gerwin, Froilan formed a partnership on July 1,2020 with the following investments: Marvin…
A: Partnership Accounting
Q: How much is the proceeds from the sale of non-cash assets in January 2022?
A: The determination of proceeds from the sale of non-cash assets is shown hereunder : Liabilities to…
Q: 28. As of December 31, 2021, the books of Ton partnership showed capital balances of: T P40,000; O,…
A: Partnership means where two or more person comes together to do some common business activity and…
Q: The partnership of kapos, kulang and kasia was affected by the pandemic do the partners have decided…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: 27. On December 31, 2020, the partnership of Abe, Bravo, Charlie and Delfin decided to liquidate…
A: Liquation is the process of bringing business to end due to incapacity of paying its obligation.
Q: The partnership of kapos, kulang and kasia was affected by the pandemic do the partners have decided…
A: On the liquidation of a partnership firm, first of all the external liabilities are paid and after…
Step by step
Solved in 2 steps
- The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $40,000 B. $25,000 C. ($5,000) In addition, show the resulting entries to each partners capital account. Tatums capital account balance is $50,000 and Brooks is $60,000.27. On December 31, 2020, the partnership of Abe, Bravo, Charlie and Delfin decided to liquidate with the following account balances. Cash-20,000; Noncash asset- 180,000; Liabilities-100,000; Bravo loan-10,000; Charlie Loan- 5,000; Abe(10%)-15,000; Bravo (20%)- 25,000; Charlie (45%)- 15,000; Delfin(25%)- 30,000 . Assuming that Bravo and Charlie are limited partners and Abe, Bravo, Charlie and Delfin are solvent up to P10,000; P15,000; P10,000 and P5,000 respectively; determine the cash settlement given to Abe if the Non cash assets were sold for P100,000 (round to nearest peso).On December 31, 2020, the partnership of Abe, Bravo, Charlie and Delfin decided to liquidate with the following account balances. Cash NCA Liab. Bravo Charlie Abe Bravo Charlie Delfin Loan Loan (10%) (20%) (45%) (25%) 20,000 180,000 100,000 10,000 5,000 15,000 25,000 15,000 30,000 Assuming that Bravo and Charlie are limited partners and Abe, Bravo, Charlie and Delfin are solvent up to P10,000; P15,000; P10,000 and P5,000 respectively; determine the cash settlement given to Abe if the NCAS were sold for P100,000 (round to nearest peso). in good accounting form
- On December 31, 2020, the partnership of Abe, Bravo, Charlie, and Delta decided to liquidate the following account balances: Cash NCA Liab. Bravo Charlie Abe Bravo Charlie Delfin Loan Loan (10%) (20%) (45%) (25%) 20,000 180,000 100,000 10,000 5,000 15,000 25,000 15,000 30,000 Assuming that that Bravo and Charlie are limited partners and Abe, Bravo, Charlie and Delfin are solvent up to 10,000; 15,000; 10,000; and 5,000 respectively; determine the cash settlement given to Abe if the NCAs were sold for 100,00010 As of December 31, 2020, the books of ABC partnership showed capital balances of: A, P60,000; B, P30,000 and C, P5,000. The partnership's profit or loss ratio was 5:3:2, respectively. The partners decided to liquidate and they sold all non-cash assets for P40,000. After the settlement of all liabilities amounting to P10,000, they still have cash of P20,000 left for distribution. Assuming that any capital debit balance is uncollectible, determine payment to partner B at the end of the liquidation.On December 31, 2020, the partnership of Abe, Bravo, Charlie and Delfin decided to liquidate with the following account balances. Cash NCA Liab. Bravo Loan 10,000 Charlie Loan Abe (10%) 15,000 Bravo (20%) 25,000 Charlie (45%) 15,000 Delfin (25%) 30,000 20,000 180,000 5.000 Assuming that Bravo and Charlie are limited partners and Abe, Bravo, Charlie and Delfin are solvent up to P10,000; P15,000; P10,000 and P5,000 respectively; determine the cash settlement given to Abe if the NCAs were sold for P100,000
- 19. Following is the balance sheet of the WXYZ Partnership at March 31, 2021, when the partnership isto be liquidated: Cash – P6,000; Other Assets – P126,000; Liabilities – P12,400; W, Loan – P12,000; X, Loan– P14,400; Z, Loan – P9,600; W, Capital (25%) – P16,200; X, Capital (25%) – P12,000; Y, Capital (25%)– P37,700; Z, Capital (25%) – P17,700. During the month of April 2021, assets having book value ofP18,000 are sold at a loss of P2,400. Liquidation expenses of P600 are paid as well as P7,200 of theliabilities. Of the liabilities shown in the balance sheet, P240 represents salary payable to Z and P160represents salary payable to Y. On April 30, 2021, how much cash will be distributed to the partners? a. W – 0; X – 0; Y – 0; Z – P9,000b. W – P1,950; X – P1,950; Y – P1,950; Z – P1,950c. W – 0; X – 0; Y – 0; Z – P1,950d. W – 0; X – 0; Y – P9,000; Z – 0On October 1, 2021, Galatians, Ephesians and Philippians who share earnings 5:3:2, respectively, decided to liquidate their partnership at which time their condensed balance sheet was as follows:Cash50,000Other Assets250,000Liabilities60,000Galatians, Capital80,000Ephesians, Capital90,000Philippians, Capital 70,000The first cash sale of assets booked at P150,000 resulted in net realization of P120,000. Half of the liabilities was paid. At this time, Ephesians received P48,000. How much is the restricted interest?On January 02, 2019, the business assets and liabilities of Gail Anne & Precious were as follows: Gail AnnePrecious CashP28,000P62,000 Receivables 200,000 600,000 Inventories 120,000 200,000 PPE 650,000 535,000 Other Assets 2,000 3,000 Accounts Payable 180,000 250,000 Notes Payable 200,000 350,000 Gail Anne and Precious agreed to form a partnership by contributing their net assets subject to the following adjustments: ➢ Receivables of P20,000 in Gail Anne’s books and P40,000 in Precious’ books are uncollectible ➢ Inventories of P6,000 and P7,000 in the respective books of Gail Anne and Precious are worthless ➢ Other assets in both books are to be written off ➢ Accrued interest on notes payable equal to 10% is to be established. The note payable of Gail Anne was dated August 01, 2018 while that of Precious, was dated April 01, 2018. The balances of selected accounts after the formation are: Assets…
- On October 1, 2020, Geri, Elma and Philip who share earnings 5:3:2, respectively, decided to liquidate their partnership at which time their condensed balance sheet was as follows:Cash- 50,000 Other assets- 250,000Liabilities- 60,000Geri, Capital- 80,000Elma, Capital- 90,000Philip, Capital- 70,000The first cash sale of assets booked at P150,000 resulted in net realization of P120,000. At this time Elma received P48,000.What was the amount received by Philip?On October 1, 2020, Geri, Elma and Philip who share earnings 5:3:2, respectively, decided to liquidate their partnership at which time their condensed balance sheet was as follows:Cash- 50,000 Other assets- 250,000Liabilities- 60,000Geri, Capital- 80,000Elma, Capital- 90,000Philip, Capital- 70,000The first cash sale of assets booked at P150,000 resulted in net realization of P120,000. At this time Elma received P48,000.What is the amount of the expected liquidation expenses?Sameer, Hani, and Ali are partners in SHA Partnership. On 1/1/ 2021, they decide to liquidate their business. On 31/12/2020, and before closing the net income for 2020, you have the following accounts and balances:Cash $ 52,000Non cash Assets 215,000Liabilities 5,000Sameer’s capital 134,000Hani’s capital 78,000Ali’s capital 10,000You know that:Net income for the year 2020 was $ 40,000.Non cash assets are sold for $160,000 cashPartners share income/ loss in a 4:3:3 ratio, respectively.Required: Calculate the amount of Cash distribution to Sameer, after the liquidation process is over.