King, Queen and Prince are partners sharing profit and loss in the ratio of 1:1:2respectively. Their capital balances are P500, 000, P300, 000 and P200, 000respectively. Liabilities amounted to P200, 000. There is also a loan payable to Prince,P20, 000.If the cash balance amounted to P300,000. how much is the non-cash assets of thepartnership?а. Р950,000b. P1,250.000c. P1,200,000d. P900,000If the non-cash assets were sold at a gain of P150,000. How much is the cashproceeds?a. P1,100.000b. Р800,000c. P1,400,000d. P1,050,000

Partnership means where two or more person comes together to do some common business activity and…

Answered: King, Queen and Prince are partners…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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King, Queen and Prince are partners sharing profit and loss in the ratio of 1:1:2 respectively. Their capital balances are P500,000, P300,000 and P200,000 respectively. Liabilities amounted to P200,000. There is also a loan payable to Prince, P20,000. _______ If the non-cash assets were sold at a gain of P150,000. How much is the cash proceeds? a.P1,100,000 c. P1,400,000 b.P800,000 d. P1,050,000
King, Queen and Prince are partners sharing profits and loss in the ratio of 1:1:2 respectively. Their capital balances are 500,000 for King, 300,000 for Queen, and 200,000 for Prince. Liabilities amounted to 200,000. There is also a loan payable to Prince, 50,000. The cash balance amounted to 300,000 and it increased to 1,400,000 as a result of the sale of the non-cash assets. How much cash will Prince receive? A.) 200,000. B). 250,000 C). 275,000 D.) 325,000
King, Queen and Prince are partners sharing profits and loss in the ratio of 1:1:2 respectively. Their capital balances are 500,000 for King, 300,000 for Queen, and 200,000 for Prince. Liabilities amounted to 200,000. There is also a loan payable to Prince, 50,000. The cash balance amounted to 300,000 and it increased to 1,400,000 as a result of the sale of the non-cash assets. How much is the non-cash assets of the partnership? 950,000 b. 1,250,000 c. 1,200,000 d. 900,000 How much is the cash proceeds? 1,100,000 b. 800,000 c. 1,400,000 d. 1,050,000 How much is the available cash for distribution to the partners? 1,400,000 b. 1,200,000 c. 1,150,000 d. 250,000 How much cash will Prince receive? 200,000 b. 250,000 c. 275,000 d. 325,000
King, Queen and Prince are partners sharing profit and loss in the ratio of 2:1:1 respectively. Their capital balances are P400.000 for King, P200,000 for Queen and P100.000 for Prince. Claims of suppliers amounted to P500,000 including the loan extended by Prince, P0,000. The cash balance amounted to P300,000 and increased to P1,050,000 as a result of the sale of the non-cash assets.12. How much was the non-cash assets of the partnership?a. P950,000c. P1,200,000e. answer not givenb. P1.250.000d. P900,000
Kaede, Itona, and Ritsu are partners with capital balances of P80,000, P200,000, and P120,000, respectively. Profits and losses are shared in a 3:2:1 ratio. Itona decided to withdraw and the partnership revalued its assets. The value of inventory was decreased by P20,000 and the value of land was increased by P50,000. Kaede and Ritsu then agreed to pay Itona P230,000 for his withdrawal from the partnership. Prepare the journal entry to record Itona’s withdrawal under the Bonus method, assuming the revaluation increase or decrease was agreed by all partners to be recognized. Asset revaluation method.
Partners Baldecir and Magallanes each have a P300,000 capital balance and share profits and losses in a 3:1 ratio. Cash equals P100,000, non-cash assets equal P1,000,000 and liabilities equal P500,000. IF the non-cash assets are sold for P400,000 and both partners agreed to make up for any capital deficits with persona cash contributions, Magallanes eventually will receive cash of *
The notes payable amount for Trent and Dana’s company totaled $55,000, and the accounts payable totaled $59,000. The total sale of noncash assets realized a gain of $7,400. If the partnership pays in full, how much will their creditors be paid? 1.$120,600 2.$106,600 3.$66,400 4.$114,000
Jag, Lee and Bench are partners having the following capital balances of P 11,200, P13,000 and P5,800 respectively. Profits and losses are shared 4:2:1. if Jag receives a total of P3,200 in cash, how much will Bench received at this point?
Roberto Orcajada and Ryan Morales are partners who share profits and losses equally. The credit balances of their Capital accounts before liquidation are P700,000 and P900,000, respectively. ... They sold all the noncash assets and paid all the partnership's liabilities, leaving a balance of P1,100,000 in cash. How much cash should be distributed to Roberto?
A and B share profits and losses equally but they have decided to liquidate their partnership when their net assets amounted to P260,000, and capital balances of P170,000 and P90,000, respectively. If the noncash assets were sold for amount equal to its book value, what amount of cash should A and B receive?
Andi, Berri and Cori are partners sharing profit and loss in the ratio 3:5.2. Capital balances before the admission of Dani were P80,000, P100,000 and P120,000 respectively. Assuming Dani is to invest P300,000 in the new partners' capitalization of P600,000, but would be credited for P290,000, after the admission, Andi would have a capital balance of
GNAR, GWEN and JINX are lawyers who agreed to form a partnership and to share profits in the ratio of 5:3:2. They also agreed that JINX is to bellowed a salary of P14,000, and GWEN is to be guaranteed of P10,500 as his share of the profits. During the first year of operation, income from fees are P90,000, while expenses total P48,000. What amount of net income should be credited to GWEN's capital account?

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