AB and C have been partner for years and have been dividing the profits 2:33 with the following balances: DR: Cash 120,000 DR: AR 420,000 CR ADA 25000 DR: Inventory 580,000 DR: Vehicle 1000,000 CR: Accum. Dep'n 600,000 CR: ACcounts Payable 595,000 CR: B Loan 100,000 CR: A, Capital 300,000 CR: B, Capital200,000 Cr: C, Capital 300,000 If at the first realization, P900,000 worth of net non-cash assets were sold for P480,000, how much should A absorb as additional loss using Theoretical Loss Approach method? O a. 71,250 Ob. 35,625 O c. 5,000 O d. 0
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- Doy, Rey, May, and Fay are partners with capitals of P 22,000, P 20,600, P 27,400, and P 18,000 respectively. Doy has a loan balance of P 4,000. Profits and losses are shared 40%; 30%; 20%; 10% by Doy, Rey, May, and Fay respectively. Assuming assets were sold and liabilities paid and the balance of cash showed P 24,000. Prepare a schedule showing how the P 24,000 will be distributed to the partners.King, Queen and Prince are partners sharing profit and loss in the ratio of 1:1:2 respectively. Their capital balances are P500,000, P300,000 and P200,000 respectively. Liabilities amounted to P200,000. There is also a loan payable to Prince, P20,000. _______ If the non-cash assets were sold at a gain of P150,000. How much is the cash proceeds? a.P1,100,000 c. P1,400,000 b.P800,000 d. P1,050,000The capital balances of Donny and Belle remained at P500,000 and P250,000 throughout the entire year. Donny made regular drawings of P150,000 and Tiny P100,000. These are normal drawings made by the partners. Net income for the year was P400,000. They agree to divide profit equally. a. How much will be the capital balance of Donny at year end? b. How much will be the drawings' capital balance of Belle at year end?
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- The balance sheet for Coney, Honey, and Money partnership shows the following information as of December 31, 2015;Cash P 40,000 Liabilities P 100,000Other assets 560,000 Coney, loan 50,000 Coney, capital 250,000 Honey, capital 140,000 Money, capital 60,000 P 600,000 P 600,000Profit and loss ratio is 3:2:1 for Coney, Honey, and Money, respectively. Other assets were realized as follows:Date Cash Received Book ValueJanuary 2016 P 120,000 P 180,000February 2016 70,000 154,000March 2016 250,000…The balance sheet for Coney, Honey, and Money partnership shows the following information as of December 31, 2015; Cash ₱40,000 Liabilities ₱100,000 Other assets 560,000 Coney, Loan 50,000 Coney, Capital 250,000 Honey, Capital 140,000 Money, Capital 60,000 ₱600,000 ₱600,000 Profit and loss ratio is 3:2:1 for Coney, Honey, and Money, respectively. Other assets were realized as follows: DATE CASH RECEIVED BOOK VALUE January 2016 ₱120,000 ₱180,000 February 2016 70,000 154,000 March 2016 250,000 226,000 Cash is distributed as assets are realized. The total loss to Coney is: P60,000 b. P40,000 c. P20,000 d. NoneThe balance sheet for Coney, Honey, and Money partnership shows the following information as of December 31, 2015;Cash P 40,000 Liabilities P 100,000Other assets 560,000 Coney, loan 50,000 Coney, capital 250,000 Honey, capital 140,000 Money, capital 60,000 P 600,000 P 600,000 Profit and loss ratio is 3:2:1 for Coney, Honey, and Money, respectively. Other assets were realized as follows:Date Cash Received Book ValueJanuary 2016 P 120,000 P 180,000February 2016 70,000 154,000March 2016 250,000…