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The
been converted into cash and all partnership liabilities were paid. The partnership balance
sheet on August 1, 2014 (with partner residual
follows:
Cash
$100,000
Maya, capital (30%) $ 8,000
Nova, capital (20%)
(120,000)
Oscar, capital (50%) 212,000
Total assets
$100,000
Total equity
$ 100,000
The value of partners' personal assets and liabilities on August 1, 2014 were as follows:
Maya
Nova
Oscar
Personal assets
$148,000 $240,000 $112,000
Personal liabilities
144,000
160,000
120,000
Required:
Prepare the final statement of partnership liquidation.
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- Chani contributes equipment to a partnership that she purchased 2 years ago for $10,000. The current book value is $7,500 and the market value is $9,000. At what value should the partnership record the equipment? A. $10,000 B. $9,000 C. $7,500 D. none of the aboveAA, BB and CC decided to liquidate the partnership on July 31, 2022. Their capital balances and profit ratio on this date follow: Capital Balances Profit Ratio AA P56,000 45% BB 72,000 25% CC 32,000 30% The net income from January 1to July 31, 2022 is P12,000. Also, on this date, cash and liabilities are P42,000 and P58,000 respectively. CC received P41,600 in full settlement of his interest in the firm. How much did AA receive?#410 On September 30, 2021, Lopez admits Mendez for an interest in his business. On this date, Lopez's capital account showed a balance of P158,400. The following were agreed upon before the formation of the partnership: Prepaid expenses of P17,500 and accrued expenses of P5,000 are to be recognized 5% of the outstanding accounts receivable of Lopez amounting to P100,000 is to be recognized as uncollectibles. Mendez is to be credited with a one-third interest in the partnership and is to investment cash for that interest. How much cash should be invested by Mendez?
- B1,B2,B3 are partners with average capital balances during 2021 of P945,000 P477 300 and P324,700, respectively. The partners received 10% interest on their average capital balances salaries of P244 650 to B1 and P165 250 to B3: any residual profit or loss is divided equally In 2021, the partnership had a net loss of P251,248 before the interest and salaries to partners What is the change in the capital balances of B1? Place a parenthesis if your answer is a decrease*E12-13B S. Heerey, E. Jenks, and N. Garland have capital balances of $60,000, $50,000, and $45,000, respectively. Their income ratios are 4 : 3 : 3. Garland withdraws from the partnership under each of the following independent conditions. 1. Heerey and Jenks agree to purchase Garland’s equity by paying $25,000 each from their personal assets. Each purchaser receives 50% of Garland’s equity. 2. Jenks agrees to purchase all of Garland’s equity by paying $33,000 cash from her personal assets. 3. Heerey agrees to purchase all of Garland’s equity by paying $38,000 cash from her personal assets. Instructions Journalize Garland’s withdrawal under each of the assumptions above.DD, EP. and FF decided to dissolve the partnership on July 31, 2021. Their capital balances and profit ratio on this date follow: DD, 33,600 (45%); EE, 43,200 (25%.); FF, 19,200 (30%), The net income from January 1 to luly 31, 2021 was P7,200. Also, on this date cash and liabilities were 25,200 and 34,800 respectively. FF received 24,960 In full settlement of his interest. 12. Which of the following statements is true? a. 115,200 was realized from sale of NCA b. DD recieved 42,240 in full settlement of his interest. c. 124,800 was the total distribution to outsiders and the partners. d. EE's share in the loss on realization was 3,000.
- A, B and C decided to dissolve their partnership on May 31, 2020. On this date their capital balances and profit sharing percent were as follows: A P150,000 40% B 180,000 30% C 60,000 30% The net income form January 1 to May 31, 2020 was P132,000. Also on May 31, 2020, the partnership cash and liabilities, respectively were P120,000 and P270,000. For A to receive P165,600 in full settlement of his interest in then partnership, how much must be realized from the sale of the partnership's non cash assets?#516 On December 31, 2020, ABC Partnership’s Statement of Financial Positions shows that A, B, and C have capital balances of P500,000, P300,000, and P200,000 with a profit and loss ratio of 1:3:6. On January 1, 2021, C retired from the partnership and received P350,000. At the time of C’s retirement, the assets of the partnership are undervalued and revaluation is necessary. What is the capital balance of B after the retirement of C? 375,000 537,500 525,000 562,500 What is the capital balance of A after the retirement of C? 537,500 525,000 562,500 375,0001. As of December 31, 2022, the books of AME Partnership showed capital balances of A, P40,000; M, P25,000; E P50,000. The partner’s profit and loss ratio was 3:2:1, respectively. The partners decided to liquidate and they sold all non-cash assets for P37,000. After settlement of all liabilities amounting to P12,000, they still have cash of P28,000 left for distribution. Assuming that any capital debit balance is uncollectible, the share of A in distribution of the P28,000 cash would be: A. P18,000 B. P0 C. P19,000 D. P17,800 2. Cloe, Doe and Lida are partners with capital balances on December 31, 2021 of P300,000, P300,000 and P200,000 respectively. Profits are shared equally. Lida wishes to withdraw and it is agreed that she is to take certain furniture and fixtures with second hand value of P50,000 which are carried on the books at P65,000. Brand new, the furniture and fixtures may cost, P80,000. How much is the value of the note that Lida will get from the…
- Judy, Jenelle, and Vanessa shared profit and losses based on 5:3:2. Vanessa was allowed to withdrew from the partnership on 31 December 2020 with P600,000 cash as full settlement. The condensed balance sheet of the partnership as of that date was as follows:AssetsDue from Vanessa P 250,000Goodwill 2,000,000Other Assets 4,750,000Total Assets P 7,000,000Liabilities and CapitalLiabilities P 2,000,000Due to Jenelle 750,000Judy, Capital 1,750,000 Jenelle, Capital 1,500,000Vanessa, Capital 1,000,000Total Liabilities and Capital P 7,000,000Using the partial adjustment of goodwill method, the new capital balances of the remaining partners after Vanessa’s withdrawal are:a. Judy, P1,842,750 and Jenelle, P1,556,250b. Judy, P1,375,000 and Jenelle, P1,275,000c. Judy, P2,000,000 and Jenelle, P1,650,000d. Judy, P1,750,000 and Jenelle, P1,500,0005. In January 1, 2009, partners AAA, BBB and CCC, who share profits and losses in the ratio of 5:3:2, respectively, decided to liquidate their partnership. On this date, the partnership’s condensed balance sheet was as follows: Cash P 50,000 Other assets 250,000 P 300,000 Liabilities P 60,000 AAA, capital 80,000 CCC, capital 90,000 BBB, capital 70,000 Total P 300,000 On June 15, 2009, the first cash sale of other assets with a carrying amount of P150,000 realized P120,000. Safe…On December 31, x2 the total partnership capital (assets less liabilities) for the Bird, Cage, and Dean partnership is P744,000.Selected information related to the preclosing capital balances is as follows: How much is the partnership net income during the year?a. P84,000b. P144,000c. P204,000d. P44,000
