28. As of December 31, 2020, the books of Abad, Sison and Dario Partnership showed capital balancesof Abad - P80,000; Sison - P50,000 and Dario - P10,000. The partners' profit and loss ratio was 3:2:1,respectively. The partners decided to dissolve and liquidate. They sold all the non-cash assets forP74,000 cash. After settlement of all liabilities amounting to P34,000, they still have P56,000 cash leftfor distribution. How much is the loss on realization? 27. On December 31, 2020, the partnership of Abe, Bravo, Charlie and Delfin decided to liquidate withthe following account balances.CashNCALiab.BravoCharlie AbeBravoCharlieDelfinLoanLoan(10%)(20%)(45%)(25%)20,000180,000100,000 10,0005,00015,00025,00015,00030,000Assuming that Bravo and Charlie are limited partners and Abe, Bravo, Charlie and Delfin are solventup to P10,000; P15,000; P10,000 and P5,000 respectively; determine the cash settlement given to Abeif the NCAS were sold for P100,000 (round to nearest peso).

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Accounting

n realization?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter11: Property Dispositions

Section: Chapter Questions

Problem 53P

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The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $40,000 B. $25,000 C. ($5,000) In addition, show the resulting entries to each partners capital account. Tatums capital account balance is $50,000 and Brooks is $60,000.
27. On December 31, 2020, the partnership of Abe, Bravo, Charlie and Delfin decided to liquidate with the following account balances. Cash-20,000; Noncash asset- 180,000; Liabilities-100,000; Bravo loan-10,000; Charlie Loan- 5,000; Abe(10%)-15,000; Bravo (20%)- 25,000; Charlie (45%)- 15,000; Delfin(25%)- 30,000 . Assuming that Bravo and Charlie are limited partners and Abe, Bravo, Charlie and Delfin are solvent up to P10,000; P15,000; P10,000 and P5,000 respectively; determine the cash settlement given to Abe if the Non cash assets were sold for P100,000 (round to nearest peso).
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