Glenn, a partner in a law firm, decided to withdraw from the partnership.  Glenn’s share in the partnership profits and losses was 20%.  Upon withdrawal from the partnership he was paid cash in final settlement for his interest.  The total of the partners’ capital accounts before the recognition of the revaluation prior to Glenn’s withdrawal was P315,000.  After his withdrawal the remaining partners’ capital accounts, excluding their share of revaluation, totaled P240,000, but including their share of revaluation, totaled P384,000.    What is the total amount of cash paid to Glenn? Group of answer choices 87,000 111,000 96,000 99,000

Q: On January 1, 20x1, A and B decided to liquidate their partnership. As of this date, their capital…

A: Capital + Liabilities = Cash + Non cash asset  P 4,00,000 + P 8,00,000 + 1,20,000 = P 80,000 + Non…

Q: Narvaez invested P 400, 000 for a one- fourth interest in a partnership in which the other partners…

A: The partnership comes into existence when two or more partners agrees to do the business and share…

Q: The partner’s capital (profit and loss ratio in parentheses) of Bob, Dex, Larry, and Rey on February…

A: The partnership comes into existence when two or more persons agree to do the business and further…

Q: Romanoff and Barton are partners with capital balances of P60,000 and P70,000. Romanoff has a 30%…

A: SOLUTION- FORMULA- INTEREST ON CAPITAL =TOTAL CAPITAL * INTEREST RATE.

Q: Varun and Arun are partners in a firm sharing profits and losses equally. On the date of dissolution…

A: Step 1 The termination of all the contractual ties between the partners refers to the dissolution of…

Q: When Danny withdrew from John, Daniel, Harry, and Danny, LLP, he was paid $80,000, although his…

A: Here one of the partner Danny has withdrawn  from the partnership consists of  4 partners  After…

Q: Glenn, a partner in a law firm, decided to withdraw from the partnership.  Glenn’s share in the…

A: Share of Glenn before revaluation = Total of the partners’ capital accounts - Remaining partner's…

Q: Olga contributed $10,000 in exchange for a 50% capital interest in OP Partnership. Piotr also…

A: Given, Loss of First year = $15,000. Of which, 25% for Piotr and 75% to Olga. Assets worth $5000…

Q: Z decided to withdraw from the partnership, his share in the partnership is 20%. Upon withdrawal, he…

A: Computation of total revaluation gain: Total partnership capital before withdrawal P252,000…

Q: One of the members in the alliance resigned, namely Nicki. Nicki's ownership in profit and loss is…

A: Goodwill is recorded by an organization when it acquires assets and liabilities by paying price that…

Q: Rome and Bert are partners with capital balances of P60,000 and P70,000. Rome has a 30% interest in…

A: Star & Robert are new partners                         Star contributed…

Q: BEAST, a partner in AXIES Accounting firm, decided to retire from the partnership. BEAST has a 30%…

A: Solution: Share of  Beast in increase in value of equipment = P6,000 % share in profit of Beast =…

Q: In May 1998, Imelda, a partner of an accounting firm decided to withdraw when the partners’ capital…

A: Partnership is an agreement between two or more persons in which they invest capital, run business…

Q: At year-end, the Circle City partnership has the following capital balances: Manning, Capital . . .…

A: Clark capital = $ 80000 While leaving the partnership paid 90000 from business Clark got Bonus =…

Q: When Danny withdrew from John, Daniel, Harry, and Danny LLP, he was paid P80,000, although his…

A:

Q: On June 30, 1998, the balance sheet for the partnership of Coll, Maduro, and Prieto, together with…

A: Introduction: Partnership: Its an agreement between two or more partners for forming a business and…

Q: As of December 31, 2012, the books of Vicky, Garci and Cabe Partnership showed capital balances of…

A: Total Capital = 40,000+25,000+5,000 = 70,000 Liabilities = 12,000   Sold Non Cash Assets for 37,000…

Q: Which of the following partnership transactions are merely transfers of equity?

A: Definition and answer is given below,

Q: After closing the books of the partnership of Mutya and Associates, Lakambini announced his…

A:

Q: GNAR, GWEN and JINX are lawyers who agreed to form a partnership and to share profits in the ratio…

A: In case of division of profits in partnership firm, if certain share of Net Income is guaranteed to…

Q: One of the members in the fellowship resigned, Nicki. Nicki's ownership in profit and loss is 25%.…

A: Goodwill in context to accounting is defined as that intangible asset that arises when a business…

Q: Daza, Diaz, and Ditas are partners with capital balances of P80,000, P120,000 and P160,000,…

A: The bonus method of partnership represents the method that is used to provide the new partner…

Q: A. Smith, a partner in an accounting firm, decided to withdraw from the partnership, Smith's share…

A: Lets understand the basics. When partner withdraw from the partnership then he must be paid his…

Q: Sandhill Accountants is a partnership with three partners. On February 28, 2021, the three partners,…

A: Working Note: 1. Payment to H.deol = $79,800 Balance debited to existing partners = ($79,800 -…

Q: Cabang, a partner in the Cabang and Menace Partnership has a 30% share in the partnership profit and…

A: Net income is the amount earned by the firm after deducting all the outlays. It deducts all the…

Q: The Revaluation Prior To Kevin’s Withdrawal Was P315,000. After His Withdrawal The Remaining…

A: Computation of Kevin share in capital :- total capital before share in revaluation and withdraw =…

Q: The following balances as at October 31, 2016 for the Partnership of Kathy , Lilia and Minda were as…

A: As per Bartleby policy, only 3 interlinked questions are answered, therefore only till (c) the…

Q: Bruce Chapman was admitted to the Adams & Bye LLP on May 31, 2020, by an investment of $40,000 cash…

A: The correct option is Option “b” b. $6,000 each to the capital accounts of Adams and Bye

Q: On June 30, Chub invested cash in an amount equal to the current market value of Max's partnership…

A:

Q: Jungkook, a partner in BTS Accounting firm, decided to retire from the partnership. Jungkook has a…

A: Jungkook share of profit for increase in equipment value = P6,000 Total increase in equipment value…

Q: CJ decided to withdraw from his partnership with TF and LX. Before balance was P406,000, while TF's…

A: Partnership means the form of business where two or more person joins together to run the business…

Q: The partners Melchor Bombero, Felipe Niza, and Doris Pateño who shared profit and losses in the…

A: Non cash assets are sold at 150,000 (490000-340000)

Q: On January 2, 20x1, A and B decided to liquidate their partnership. As of this date, their capital…

A: Total Assets = Total Liabilities + Total Capital                       = P120,000 + P400,000 +…

Q: In the RST partnership, Ron's capital is P80,00O, Stella's is P75,000, and Tiffany's is P50,000.…

A: Journal entry              Accounts…

Q: On January 1, 2022, partners Kho, Lagman and Magno decided to liquidate their partnership. Prior to…

A: Partnership liquidation is the official ending of a partnership agreement. It is a process of…

Q: The partnership of Gordon, Handel, and Mitchell is considering possible liquidation because partner…

A: Liquidation is the end of the partnership. Partners will get the capital including the profit or…

Q: A local partnership was considering the possibility of liquidation since one of the partners (Ding)…

A: Partnership characteristics incudes: Existence of an agreement Existence of business Sharing of…

Q: The partnership of Anderson, Berry, Hammond, and Winwood is being liquidated. It currently holds…

A: Partnership: This is the form of business entity which is formed by an agreement, owned and managed…

Q: Ramos, Seechua and Tria are partners in a textile distribution business, sharing profits and losses…

A: Realization account is prepared at the time of liquidation of the business and considering all the…

Q: Mactal, Macadang and Pangan are partners with capital balances of P350,000, P250,000 and P350,000…

A: Liquidation refers to the winding up of business entity by realizing all the assets and pay off the…

Q: Glenn, a partner in a law firm, decided to withdraw from the partnership. Glenn’s share in the…

A: Partnership A partnership is an arrangement made formally between two or more parties for better…

Q: How much is the capital balance of May after the withdrawal of Julie?

A: The withdrawal from the partnership means when the partner leaves the partnership. The capital…

Q: Jo, Joy, and Joyce have capital balances of P40,000; P25,000 and P5,000 respectively on December 31,…

A: Joy share is 11,000. Working is as follows: Particular Jo Joy Joyce Total Capital…

Q: 2. Pourier organized a limited partnership and is the only general partner. Hillier invested $20,000…

A: General partners, or partners, are personally liable for the debts and obligations of the…

Q: On January 1, 2022, Angel Martinez and Lourdes Medina formed the M&M Partnership. Upon formation,…

A:

Q: Armani, Bulgari and Chloe decided to liquidate their partnership on August 31, 2020. They have been…

A: Liquidation of Partnership Firm: In the case of a partnership firm, dissolving it implies ceasing to…

Q: Anna, Ben, and Carl are partners sharing profits and losses in a 2:2:1 ratio. Carl decided to…

A: Partnership refers to a group of individuals (either persons or corporations) who comes together…