Problem 1Hans, Sam and Mia are partners who share profits and losses in the ratio ofand Mia respectively.Position of the partnership as of December 31, 2017 is given as follows:35:25:40toHans,SamThestatementofFinancialAssetsLiabilities and EquityP 120,0001,650,000CashLiabilitiesP1,050,000Noncash AssetsLoan from Hans41,400Hans, CapitalSam, CapitalMia, Capital257,70090,000330,900On January 10, 2018, the partners decided to liquidate.In the first monthof liquidation, Non-cash assets with a book value of P1,000,000 was sold forpaidliquidating expensesP975,000.withheld P10,000 cash.ThepartnershipalsoP20,000andP300,000 of the liabilities remain unpaid.Determine how much will Hans receive in the first cash distribution.52,35048,90012,1002,900А.С.В.D.Determine the ending capital of Mia after the first cash distribution.312,900310,000А.С.264,000В.D.260,000

Hans, Sam and Mia are partners who share profits and losses in the ratio of Sam and Mia respectively. Position of the partnership as of December 31, 2017 is given as follows: 35:25:40 to Hans, The statement of Financial Assets Liabilities and Equity P 120,000 Liabilities 1,650,000 Cash P1,050,000 Noncash Assets 41,400 257,700 Loan from Hans Hans, Capital Sam, Capital Mia, Capital 90,000 330,900 On January 10, 2018, the partners decided to liquidate. of liquidation, Non-cash assets with a book value of P1,000,000 was sold for P975,000. withheld P10,000 cash. In the first month The partnership also paid P20, 000 liquidating expenses and P300,000 of the liabilities remain unpaid. Determine how much will Hans receive in the first cash distribution. 12,100 2,900 А. 52,350 С. 48,900 Determine the ending capital of Mia after the first cash distribution. 312,900 310,000 В. D. 264,000 260,000 А. С. В. D.

Hans, Sam and Mia are partners who share profits and losses in the ratio of Sam and Mia respectively. Position of the partnership as of December 31, 2017 is given as follows: 35:25:40 to Hans, The statement of Financial Assets Liabilities and Equity P 120,000 Liabilities 1,650,000 Cash P1,050,000 Noncash Assets 41,400 257,700 Loan from Hans Hans, Capital Sam, Capital Mia, Capital 90,000 330,900 On January 10, 2018, the partners decided to liquidate. of liquidation, Non-cash assets with a book value of P1,000,000 was sold for P975,000. withheld P10,000 cash. In the first month The partnership also paid P20, 000 liquidating expenses and P300,000 of the liabilities remain unpaid. Determine how much will Hans receive in the first cash distribution. 12,100 2,900 А. 52,350 С. 48,900 Determine the ending capital of Mia after the first cash distribution. 312,900 310,000 В. D. 264,000 260,000 А. С. В. D.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...

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