&and C have been partners for years and have been dividing the profits 2:3:3 with the following balances: Cash 120,000 RAR 420,000 R ADA 25,000 R: 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
Q: King, Queen and Prince are partners sharing profit and loss in the ratio of 1:1:2 respectively.…
A: Answer: Calculation of total asset of the firm: Capital of king = P 500,000 Capital of Queen = P…
Q: Keith and Jim are partners. Keith has a capital balance of $49,000 and Jim has a capital balance of…
A: Total capital after new partner bill investment = $49,000 + $38,000 + $33,000 = $120,000
Q: Keith and Jim are partners. Keith has a capital balance of $49,000 and Jim has a capital balance of…
A: Partnership: This is the form of business entity which is formed by an agreement, owned and managed…
Q: 2. Partners Badecir and Magallanes each have a P300,000 capital balance and share profits and losses…
A: Partnership: A type of business forms where two or more partners start the business that includes…
Q: The Distance Plus parnership has the following capital balances at the beginning of the current…
A: A ) Calculation of total capital after Sergio invests: = 65000 + 35000 + 50000 + 70000 = 220000…
Q: AB and C have been partnera for years and have been dividing the profits 2:33 with the following…
A: Partners are two or more people coming together with a similar interest with profit sharing ratio…
Q: . Prem, Kumar and Arti were partners in a firm sharing profits in the ratio of 5:3:2 respectively.…
A: Since you have asked multiple questions, we will solve the first question for you. if you want any…
Q: Dowill & Co. is a partnership firm with partners Mr. A, Mr. B and Mr. C, charing profit and losses…
A:
Q: In a collective company with three partners, it has been decided that the capital of each partner…
A: Partnership: Partnership is a form of business organization in which two or more than two…
Q: Partners Biore and Selisana each have a P450, 000 capital balance and share profits and losses in a…
A: Step 1 Partnership is the mode of ownership of business in which is business is carried by all the…
Q: X, Y and Z were partners sharing profits in the proportion of 3:2:1. Y Retires from the business.…
A: Journal Entries: Particulars Dr. Cr. 1. Revaluation A/c Dr 18300…
Q: AB and C have been partner for years and have been dividing the profits 2:33 with the following…
A: Partnership is an arrangement where two are more persons come together with similar interests by…
Q: A and B are partners in the ratio of 2:3.Thier balance sheet shows machienery at 400000,stock at…
A: Partnership is an agreement between two or more than two persons in which they invest capital, run…
Q: The accounts of Kelly, Loise, and Kyla, who share profits in a 5:3:2 ratio, are as follows on…
A: Liquidation of Partnership Firm: Dissolving a partnership firm entails ceasing to do business under…
Q: The accounts of Kelly, Loise, and Kyla, who share profits in a 5:3:2 ratio, are as follows on…
A: Given Profit-sharing Ratio 5 : 3 : 2 Kyla Received 27500 on her final settlement.
Q: The following information was obtained from the records of Alben Traders, a partnership business…
A: Remaining profit = Net profit + Revenue - Expenses Remaining profit = -24,000
Q: Doy, Rey, May, and Fay are partners with capitals of P 22,000, P 20,600, P 27,400, and P 18,000…
A: The Indian Partnership Act, 1932 defines Partnership in the following terms: “ Partnership is the…
Q: Anika and Baby are partners sharing profits in the ratio of 2:3. Their balance sheet shows machinery…
A: A partnership is a contract between at least two people to run a business and share profits and…
Q: The Whitewater LLP is equally owned by three partners ar shows the following balance sheet at the…
A: Given information is: Retiring partner receives $60,000 Cash none of which is stated for Goodwill.
Q: The partners of Dan and Ken are engaged in trading. Dan’s original capital was P40,000 and Ken ‘s…
A: Formula: Interest on capital = capital amount x interest rate
Q: A, B, and C have been partners for years and have been dividing the profits 2:3:3 with the following…
A: The organization can run as a sole proprietorship where a single person will be responsible for the…
Q: The following is the trail Balance of X and Y Co. as on March 31, 2021. The partners sharing profits…
A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…
Q: Moose, Booze and Goose are partners with capital balances of P 320,000, P 450,000 and P 520,000…
A: Cash available after amount paid to BOOZE = Total amount available for distribution - amount paid to…
Q: o Leni and Isko are partners of Lenko Partnership which is currently liquidating. The firm's…
A: When two or more entities come together and form a business, it is known as partnership firm. The…
Q: Partners Biore and Selishana each have P450,000 capital balance and share profits and losses in a…
A: Liquidation of partnership means cessation or end of partnership business. Under it, first non cash…
Q: CABLES Trading, a partnership formed by Carlo and Jamie, have the following data in its books: 1…
A: In this Question To calculate Jame Share in Net Income Firstly we need to calculate Interest on…
Q: Keith and Jim are partners. Keith has a capital balance of $49,000 and Jim has a capital balance of…
A: The total capital after new partner bill investment is calculated below, Total capital=49,000 +…
Q: The partners of Blossom Company have decided to liquidate their business. Noncash assets were sold…
A: Partnership: This is the form of business entity that is formed by an agreement, owned and managed…
Q: Dinesh, Ramesh and Suresh are partners in a firm sharing profits and losses in the ratio of 3:3:2.…
A: Partnership- Partnership refers to the form of organization that is incorporated with the mutual…
Q: The capital accounts and the profit sharing ratio of Pancho and Villa are shown below: Capital…
A: Partnership refers to a business agreement whereby multiple persons share the risks and rewards for…
Q: Ahmed and Wahid are partners sharing profits and losses in the ratio of 3:1. Their Balance sheet as…
A: Revaluation of the account is mandatory when there is an admission of a new partner in the business.…
Q: The accounts of Kelly, Loise, and Kyla, who share profits in a 5:3:2 ratio, are as follows on…
A: Partnership means where two or more person comes together to do some common business activity and…
Q: 1. Mary, Helga and Luz are partners who share profits and losses in the ratio of 4:2:2,…
A: Since there are multiple questions, we will solve first for you. To get the remaining questions…
Q: A and B are partners sharing profit and losses in the ratio 2:3 their balance sheet showed machinery…
A: Partnership is an agreement between two or more than two persons in which they invest capital, run…
Q: The following Information was obtained from the records of Alben Traders, a partnership business…
A: Here in this case, we are required to calculate net profit amount. We know that, partners share are…
Q: On Apr. 8, 2020, Tolentino who has her own retail business and Tan, decided to form a partnership…
A: In a partnership, two or more parties agree to operate and manage a business and share the profits…
Q: Alfa Company is liquidating. It has the following account balances: Cash $5,000, Non-cash assets…
A: Partnership means where two or more person comes together to do some common business activity and…
Q: The balance sheet for Coney, Honey, and Money partnership shows the following information as of…
A: Asset is an item which can be converted into near future and have then ownership by the individual…
Q: 1. Partners Badecir and Magallanes each have a P300,000 capital balance and share profits and losses…
A: Partnership: It is often defined as a form of trade where two or more people starts a business to…
Q: The balance sheet for Coney, Honey, and Money partnership shows the following information as of…
A: Partnership means where two or more person comes together to do some common business activity and…
Q: Partners Matero and Malaya each have a P200,000 capital balance and share profits and losses in a…
A: Whenever a partnership is liquidated, first non cash assets are sold out, their gain or loss will be…
Q: The following are balances of a partnership between Shoe and Lace as at 2021 December 31: DR CR…
A: Partnership Account - Partnership Account includes two or more individual form together for the…
Q: The following data were taken from the books of A&B Co, a partnership of Alpha and Beta for 20x1:…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: A and B are partners sharing profit in the ratio 2:3. Their balance sheet showsmachinery at…
A: The partnership comes into existence when two or more persons agree to do the business together and…
Q: The Rogers Coporation has a gross profit of $776,000 and $332,000 in depreciation expense. The Evans…
A: Cash flows after tax can be calculated through either of the following formulas:
Q: A, and B are partners sharing profits in the ratio of 2:3. Their balance sheet shows machinery at…
A: A partnership is a form of asset that is owned and controlled by two or more partners who agree to…
Q: A and B established a company, if profit after first year was USD 900,000 find below: How much A and…
A: Lets understand the basics. When two person starts a business together then they are having a profit…
Q: The balance sheet for Coney, Honey, and Money partnership shows the following information as of…
A: Partnership means where two or more person comes together to do some common business activity and…
Hi please help me with this it is about dissolution with liquidation - Theoretical Loss Approach.
Step by step
Solved in 4 steps with 1 images
- 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?
- A, B and C are partners in a firm, the net profit for the year was RO 128000. They shared the profit as: A: RO 64000, B: RO 48000 and C: RO 16000. What is their profit sharing ratio? a. 2 : 2 : 4 b. 4 : 3 : 1 c. 1 : 3 : 4 d. 4 : 2 : 2Jpea, Jic, and Jfenix formed a partnership and named it ESBIEYEY. At the end of the year, the partnership earned a profit of P 1,000,000. The capital balances are P250,000, P280,000, and P270,000 for Jpea, Jic, and Jfenix, respectively. The partners agreed to distribute the profit as follows: Interest to ending capital of 10% will be given Jpea and Jic will be given a salary amounting to P 150,000 each Jfenix will be given a bonus of 10% of net income after interest, salary and bonus Remaining profit is to be distributed equally How much is the bonus given to Jfenix? A. P 67,000 B. P 62,000 C. P 56,364 D. P 60,909 How much is Jpea’s share in net income? A. P 365,879 B. P 360,879 C. P 362,879 D. P 364,879 How much is Jic’s share in net income? A. P 360,879 B. P 362,879 C. P 364,879 D. P 365,879The condensed balance sheet and profit – sharing ratio of the partnership of Wenda, Wendy, and Wilma are presented below: Cash P 22,500.00 Liabilities P52,500.00 Due from Wanda 7,500.00 Due to Wilma 10,000.00 Other assets 205,000.00 Wanda, cap’l (4) 75,000.00 Wendy, cap’l (3) 50,000.00 Wilma, cap’l (3) 47,500.00 Total assets P235,000.00 Total equities P235,000.00 21. The partners agreed to liquidate and they sold all the Other assets for P150,000.00. How much of the available cash should go to Wanda? a. P45,500.00 b. P75,000.00 c. P42,500.00 d. P53,000.00 22. Refer to No. 21 above, how much will be received by Wendy in the partnership liquidation a. P41,000.00 b. P74,000.00 c. P33,500.00 d. P66,600.00
- Profit sharing to the Andara firm which got a loss of IDR 15,820,800, - which is a mustborne by Sani, Rina and Tika as allies involved. Profit formation and sharingin accordance with the agreement are as follows;1. Tika's share is 20% of profit / loss2. Sani and Rina get interest for the initial capital of IDR 2,500,0003. Sani gets a salary of IDR 100,000 / month and Rina IDR 150,000 / month4. The remainder is divided equally among Sani and Rina.Calculate the total partnership capital based on the profit sharing at the Andara firm!Bedin, Ceyla and Deris have been in a partnership for a number of years, sharing profits in the ratio of 5:3:2, respectively. The statement of financial position of the business as at 31 December 2013 is as follows: Statement of Financial Position As at 31 December 2013 RM RM ASSETS Non-Current Assets Premises 80,000 Equipment 50,000 Vehicles 30,000 160,000 Current Assets Inventories 40,000 Debtors 50,000 Bank 112,000 202,000 TOTAL ASSETS 362,000 LIABILITIES & OWNERS EQUITY Non-Current Liabilities Loan from Bedin 8,000 Loan from Finance Company 20,000 28,000 Current Liabilities Creditors 42,000 Bank Overdraft 32,000 74,000 Owners Equity Capital Accounts Bedin 160,000 Ceyla 60,000 Deris 20,000 240,000 Current Accounts…John and Peter are in partnership sharing profits and losses in the ratio 3/5: 2/5, respectively.The following is their trial balance as of 31 December 2007.Dr Cr$ $Buildings (cost $105,000) 80,000Fixtures at cost 4,100Provision for depreciation: Fixtures 2,100Debtors 30,700Creditors 13,295Cash at bank 3,065Stock at 01 January 2008 31,370Sales 181,555.50Purchases 105,000Carriage outwards 1,705Discounts allowed 310Loan interest: M. Money 1,950Office expenses 2,380Salaries and wages 28,904.50Bad debts 816Provision for doubtful debts 700Loan from M. Money 32,500Capitals: Shoes 50,000Socks 37,500Current accounts: Shoes 2,050Socks 600Drawings: Shoes 15900Book 14,100320,300.5 320,300.5i. Stock, 31 December 2008, $35,105ii. Expenses to be accrued: Office Expenses $107.50; Wages $360iii. Depreciate fixtures 15 percent on reducing balance basis, buildings $2,500iv. Reduce provision for doubtful debts to $625v. Partnership salary: $15,000 to Shoes. Not yet enteredvi. Interest on drawings:…
- 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…