Item No. 22 is based on the following information: sand and IS 03 95 2011 mat After operating for eight years, the books of the partnership of Jack and Jill showed the following balances: Net Assets P 260,000 P 170,000 Jack Capital 90,000 Jill Capital P 260,000 Total Capital- 22. If liquidation takes place at this point and the assets were sold at carrying amounts, the cash settlement between the partners would be: a. Jack will receive P 130,000 and Jill will receive P 130,000. b. Jack will receive P 170,000 and Jill will receive P 90,000.50 c. Jack will receive P 180,000 and Jill will receive P 80,000. Jack will receive P 195,000 and Jill will receive P 65,000. d.
Item No. 22 is based on the following information: sand and IS 03 95 2011 mat After operating for eight years, the books of the partnership of Jack and Jill showed the following balances: Net Assets P 260,000 P 170,000 Jack Capital 90,000 Jill Capital P 260,000 Total Capital- 22. If liquidation takes place at this point and the assets were sold at carrying amounts, the cash settlement between the partners would be: a. Jack will receive P 130,000 and Jill will receive P 130,000. b. Jack will receive P 170,000 and Jill will receive P 90,000.50 c. Jack will receive P 180,000 and Jill will receive P 80,000. Jack will receive P 195,000 and Jill will receive P 65,000. d.
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter12: Accounting For Partnerships And Limited Liability Companies
Section: Chapter Questions
Problem 9E
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Transcribed Image Text:Item No. 22 is based on the following information: sand on IS 03 Q5 2011 mat
After operating for eight years, the books of the partnership of Jack and
Jill showed the following balances:
P 260,000
Net Assets
Jack Capital-
P 170,000
90,000
Jill Capital
Total Capital --
P 260,000
22. If liquidation takes place at this point and the assets were sold at carrying
amounts, the cash settlement between the partners would be:
a. Jack will receive P 130,000 and Jill will receive P 130,000.
b. Jack will receive P 170,000 and Jill will receive P 90,000.
c. Jack will receive P 180,000 and Jill will receive P 80,000.
d. Jack will receive P 195,000 and Jill will receive P 65,000.
Item No.23 is based on the following information:
Mar, Tee, Nee, and Kho, sharing profits in the ratio of 3/21, 4/21, 6/21,
and 8/21, respectively, decided to liquidate. Their capital balances on June 30,
200D were as follows: Mar, P 10,000, Tee, P 250,000, Nee, P 250,000, and Kho,
P 90,000. The noncash assets were converted into P 232,000 cash. After paying
the liabilities amounting to P 30,000, the balance of cash was P 222,000.
23. The carrying amount of the noncash assets sold amounted to:
C.
P 610,000.
P 252,000.
a.
b. P 454,000.
d.
P 630,000.
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