Item Nos. 15 and 16 are based on the following information: On January 2, 200C, Glad, Happy, and Joy decided to liquidate their partnership. Their capital account balances together with their profit and loss sharing ratio are: P/L Ratio Capital P 100,000 Glad 50% Happy- 85,000 30% Joy 45,000 20% On this date, noncash assets are on hand and liabilities of P 62,500 are unpaid. All partners are personally solvent. 15. If Joy received a total of P 7,500 cash, Happy would have received: a. P 28,750. C. P 15,750. b. P 25,750. d. P 11,250. 16. The cash to be realized on the sale of noncash assets so that Glad would receive a total of P 75,000 is: C. P 242,500. a. P 267,500. d. P 180,000. b. P 255,000.
Item Nos. 15 and 16 are based on the following information: On January 2, 200C, Glad, Happy, and Joy decided to liquidate their partnership. Their capital account balances together with their profit and loss sharing ratio are: P/L Ratio Capital P 100,000 Glad 50% Happy- 85,000 30% Joy 45,000 20% On this date, noncash assets are on hand and liabilities of P 62,500 are unpaid. All partners are personally solvent. 15. If Joy received a total of P 7,500 cash, Happy would have received: a. P 28,750. C. P 15,750. b. P 25,750. d. P 11,250. 16. The cash to be realized on the sale of noncash assets so that Glad would receive a total of P 75,000 is: C. P 242,500. a. P 267,500. d. P 180,000. b. P 255,000.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter18: Comparative Forms Of Doing Business
Section: Chapter Questions
Problem 1BD
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Transcribed Image Text:Item Nos. 15 and 16 are based on the following information:
On January 2, 200C, Glad, Happy, and Joy decided to liquidate their
partnership. Their capital account balances together with their profit and loss
sharing ratio are:
P/L Ratio
Capital
P 100,000
Glad
50%
Happy
85,000
30%
Joy
45,000
20%
On this date, noncash assets are on hand and liabilities of P 62,500 are
unpaid. All partners are personally solvent.
15. If Joy received a total of P 7,500 cash, Happy would have received:
a. P 28,750.
C.
P 15,750.
b. P 25,750.
d.
P 11,250.
16. The cash to be realized on the sale of noncash assets so that Glad would
receive a total of P 75,000 is:
a. P 267,500.
C.
P 242,500.
d. P 180,000.
b. P 255,000.
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