In May 1998, Imelda, a partner of an accounting firm decided to withdraw when the partners’ capital balances were: Mikee, P600,000; Raul, P600,000; Imelda, P400,000. It was agreed that Imelda is to take the partnership’s fully depreciated computer with a second hand value of P24,000 that cost the partnership P36,000.   If profits and losses are shared equally, what would be the capital balances of the remaining partners after the retirement of Imelda?        Mikee             Raul­__  a. P600,000         P600,000 b. 592,000           592,000 c. 608,000            608,000 d. 612,000            612,000   please help me understand my activity and I hope you include the computations so that I can understand

R.Patel, D. Amo, and S. Adams have operated their partnership for several years, sharing income and loss equally. The partners decide to liquidate. Immediately prior to the final distribution of cash, the account balances are: Cash, $21,000; R. Patel, Capital, $12,000; D Arno, Capital, $23,000; S. Adams, Capital, $(14,000). Assume that Adams cannot pay any capital deficiency owed to the partnership. In the final distribution of cash, Patel and Arno will each receive: ITEMS Item #1 Item #2 R. Patel D. Amo

The partnership of Gordon, Handel, and Mitchell is considering possible liquidation because partner Mitchell is personally insolvent. The partners have the following capital account balances: $120,000, $140,000, and $80,000, respectively, and share profits and losses 35%, 45%, and 20%, respectively. The partnership has $400,000 in noncash assets that can be sold for $300,000. The partnership has $20,000 cash on hand, and $80,000 in liabilities. What is the minimum that partner Mitchell’s creditors would receive if they have filed a claim for $100,000?   A. 0 B. 20,000 C. 60,000 D. 80,000 E. 100,000

Hershey, Inigo, Jessa and Kyle are partners who share profits and losses in the ratio of 3:2:1:4. As of the current date, the partners become insolvent so they decide to liquidate their business. The capital balance of each partner amount to P30,000, P35,000, P20,000 and P50,000 to Hershey, Inigo, Jessa and Kyle respectively. At this time, total liabilities of the partnership amount to P180,000. From the data above, answer the following independent questions: 14. If the partnership received P185,000 from the sale of all non-cash assets of the partnership, determine the amount of cash that Hershey is to receive assuming there is no cash balance before realization and all partners are insolvent at the time of liquidation. A. P9,000 C. PO B. P2,000 D. P1,500 15. If Kyle receives P12,000 as settlement of his interest, how much were the non-cash assets sold assuming there is no cash balance before realization? A. P220,000 B. P95,000 C. P315,000 D. P180,000