Please answer question correctly Current Attempt in ProgressAfter liquidating noncash assets and paying creditors, account balances in the Pharoah Co. are Cash $17,000; A, Capital (Cr.) $8,000;B, Capital (Cr.) $5,300; and C, Capital (Cr.) $3,700. The partners share income equally.Journalize the final distribution of cash to the partners. (Credit account titles are automatically indented when amount is entered. Do notindent manually.)Account Titles and ExplanationDebitCredit

Liquidation of partnership means end of the partnership or cessation of partnership business. Under…

Answered: Current Attempt in Progress After…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter23: Accounting For Partnerships

Section23.3: Dissolving A Partnership

Problem 1WT

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After liquidating noncash assets and paying creditors, account balance in the Pharoah Co. are cash $17,000; A, Capital (Cr.) $8,000; B, Capital (Cr.) $5,300; and C, Capital (Cr.) $3,700. The partners share income equally. Journalize the final distribution of cash to the partners.
The balance sheet for the Delphine, Xavier, and Olivier partnership follows: Delphine, Xavier, and Olivier share profits and losses in the ratio of 4:4:2, respectively. The partners have agreed to terminate the business and estimate that $12,000 in liquidation expenses will be incurred. What is the amount of cash that safely can be paid to partners prior to liquidation of noncash assets? How should the safe amount of cash determined in (a) be distributed to the partners?
The following are ledger balances of Red White and Blue partnership Cash 60,000 Non Cash Assets 500,000 Accounts Payable (280,000) Red, Capital (150,000) White, Capital (70,000) Blue, Capital (60,000) The partners profit and loss is 40,35 and 25% respectively. The partners agreed to liquidate in installment. If the 1st non cash asset with book value of P300,000 was sold for 250,000 what amount of cash should be distributed to the partners?
After all noncash assets have been converted to cash in the liquidation of MM Partnership, the ledger contains the following account balances: Debit balances: Cash: P 34, 000; Mae, Capital: P 8, 000; Credit balances: A/P: P 25, 000; Mae, Loan: P 9, 000; Mila, Capital: P 8, 000. After paying the A/P of P25, 000, available cash should be distributed to
The condensed financial position of Abdon, Berto and Cardo as of March 31, 20x1 showed the following: Cash P 28,000 Other assets 265,000 Liabilities 48,000 Abdon, Capital 95,000 Berto, Capital 80,000 Cardo, Capital 70,000 The income and loss ratio is 2:1:1 respectively. The partners decided to dissolve their partnership and liquidate by selling other assets in installment. All the partners are personally solvent. The first cash sale of assets with book value of P 150,000 was for P 70,000. After settlement with creditors, P35, 000 cash was distributed to the partners. How much cash was received by Cardo? P 12,500 P 21,250 P 20,000 P 17,500
Partners Hapon, Chino and Koring decided to liquidate. Cash available, after Realizing of assets amounting to P250,000 and payment of liabilities of P85,000, amounted to P 194,550 while Capital balances of the partners amounted to P80,000, P118,300 and (P3,750) to Hapon, Chino and Koring respectively. Assuming all partners are insolvent with profit and loss ratio of 40%, 35% 25% respectively, the Hapon's share in the available cash balance would be?Chino's share in the available cash balance would be?Koring's share in the available cash balance would be?how much was the Cash balance before liquidation?
The partnership which is being liquidated by installment method has a final cash balance of P100,000 after selling all the non-cash assets. The Profit and Loss ratio is 5:3:2. Partners' capital accounts are as follow: A, Capital - P70,000; B, Capital - P40,000; C, Capital - (P10,000). C is already insolvent. What is the distribution of cash to all the partners? a.) A - P33,333 B - P33,333 C - P33,333 b.) A - P50,000; B - P30,000; C - P20,000 c.) A - P50,000; B - P50,000; C - None d.) A - P63,750 B - P36,250 C - None SHOW COMPLETE SOLUTION
The balance sheet of Marilyn and Monroe was as follows immediately prior to the partnership being liquidated: cash, $20,000; other assets, $160,000; liabilities, $40,000; Marilyn capital, $60,000; Monroe capital, $80,000. The other assets were sold for $139,000. Marilyn and Monroe share profits and losses in a 2:1 ratio. As a final cash distribution from the liquidation, Marilyn will receive cash totaling: Group of answer choices a) $49,500 b) $60,000 c) $46,000 d) $51,000
Hanson, James, and Smith, a partnership, is in the process of liquidating. The partners have the following capital account balances; $48,000, $48,000, and ($18,000) respectively. The partners share all profits and losses 16%, 48%, and 36%, respectively. Smith has indicated that the ($18,000) deficit will be covered with a forthcoming contribution. The remaining partners have requested an immediate distribution of $40,000 in cash that is available. How should this cash be distributed? A. Hanson $10,000; James $30,000. B. Hanson $34,000; James $6,000. C. Hanson $22,308; James $17,692. D. Hanson $28,594; James $11,406. E. Hanson $25,000; James $15,000.
Lebron and Wade, partners who share profits and losses equally decided to liquidate their partnership by installment. The statement of financial position showed Cash – P 35,000; P Liabilities – P 20,000; Lebron, Capital – P71,000; and Wade, Capital – P 54,000. Liquidation expenses amounted to P 10,000. How much cash can be distributed safely toeach partner at this point?
The Mac-Don-Ald Partnership is being liquidated. All liabilities have been paid and the remaining assets are being realized gradually. The equity of the partners is as follows: MAC: Capital $ 33,000, Loans Payable $7,000, P&L Ratio - 2; DON: Capital $42,000, P&L Ratio - 3; ALD: Capital $95,000, Loans Receivable $15,000, P&L Ratio - 5. Question : The second cash payment to any partner/s under program of priorities shall be made thus:
Show the solution in good accounting form On March 1, 2018, X and Y formed a partnership. The partners contributed the following: X Y Cash P500,000 P400,000 Accounts Receivable 300,000 200,000 Allowance for doubtful accounts50,000 20,000 Inventory 150,000 100,000 Equipment 500,000 200,000 Accumulated depreciation 100,000 25,000 Accounts Payable 50,000 400,000 Note Payable 200,00 The partners agree on the following: a. P10,000 of the accounts receivable of X is to be written-off. b. An allowance for doubtful accounts of 15% is to be established on the remaining receivatbies of X and Y. C. The inventory of Y is to be valued at P140,000. D. The equipment of X is under depreciated by P20,000 and the equipment ofY has a fair value of P190,000. E.…

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