Partners ABC, DEF and GHI share profits and losses in the ratio of 2:3:5, respectively. At the end of a very unprofitable year, they decided to liquidate the firm. The partner's capital account balances at this time are as follows: ABC - P22,000; DEF -P24,900 and GHI - P15,000. The liabilities accumulate to P30,000, including a loan of P5,000 from ABC. The cash balance is P6,000. All the partners are personally solvent. The partners plan to sell the assets in installment. If ABC received a total of P50,000 as a result of the liquidation, what was the total amount realized from the sale of the non-cash assets?
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- The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a $7,000 salary and Sue receives a $6,500 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $10,000 B. $5,000 C. ($12,000) In addition, show the resulting entries to each partners capital account.The partnership of Chase and Chloe shares profits and losses in a 70:30 ratio respectively after Chloe receives a $10,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $ 30,000 B. $ 6,000 C. ($10,000)Partners RJ, RS and RX share profit and losses in the ratio 5:3:2. At the end of a very unprofitable year, they decided to liquidate the firm. The partner's capital account balances at this time are as follows: RJ P66,000 RS 74,700 RX 45,000 The liabilities accumulate to P90,000, including a loan of P30,000 from RJ. Th cash balance is P18,000. All the partners are personally solvent. The partners plan to sell the assets in installment. If RS received P10,8000 from the first distribution of cash, how much did RX receive at that time?
- Ebanks, Brown, and Thomas are partners. They carry on a business jointly as EBT surveyors and shareprofits and losses in the ratio 25:45: 30. The trading account profit as at 31 December 2021 was $6,500,000 after charging a nominal tax of$750,000. Notes: 1. The partners receive interest on their capital accounts at 9.5 % on the balance of their partnercapital at the end of the budget year. The interest on the capital account was not included in theincome statement. 2. Include in the income statement is $80,000 salary per month for each partner. 3. The partnership paid motor vehicle expenses for vehicles owned by the partners as follows: - Ebanks -$ 50,000 - Brown - $80,000 - Thomas - $130,000 The partners did not use the vehicles for the partnership business. 4. Profit on disposal was $180,000.5. Depreciation on plant and machinery for the year was $900,000.6. In recognition of the new IFRS 9 standard, a provision for bad debt of $75,000 was made. Thisrepresents a % of the business…Ebanks, Brown, and Thomas are partners. They carry on a business jointly as EBT surveyors and shareprofits and losses in the ratio 25:45: 30. The trading account profit as at 31 December 2021 was $6,500,000 after charging a nominal tax of$750,000. Notes: 1. The partners receive interest on their capital accounts at 9.5 % on the balance of their partnercapital at the end of the budget year. The interest on the capital account was not included in theincome statement. 2. Include in the income statement is $80,000 salary per month for each partner. 3. The partnership paid motor vehicle expenses for vehicles owned by the partners as follows: - Ebanks -$ 50,000 - Brown - $80,000 - Thomas - $130,000 The partners did not use the vehicles for the partnership business. 4. Profit on disposal was $180,000.5. Depreciation on plant and machinery for the year was $900,000.6. In recognition of the new IFRS 9 standard, a provision for bad debt of $75,000 was made. Thisrepresents a % of the business…Ebanks, Brown, and Thomas are partners. They carry on a business jointly as EBT surveyors and shareprofits and losses in the ratio 25:45: 30. The trading account profit as at 31 December 2021 was $6,500,000 after charging a nominal tax of$750,000. Notes: 1. The partners receive interest on their capital accounts at 9.5 % on the balance of their partnercapital at the end of the budget year. The interest on the capital account was not included in theincome statement. 2. Include in the income statement is $80,000 salary per month for each partner. 3. The partnership paid motor vehicle expenses for vehicles owned by the partners as follows: - Ebanks -$ 50,000 - Brown - $80,000 - Thomas - $130,000 The partners did not use the vehicles for the partnership business. 4. Profit on disposal was $180,000.5. Depreciation on plant and machinery for the year was $900,000.6. In recognition of the new IFRS 9 standard, a provision for bad debt of $75,000 was made. Thisrepresents a % of the business…
- Ebanks, Brown, and Thomas are partners. They carry on a business jointly as EBT surveyors and shareprofits and losses in the ratio 25:45: 30. The trading account profit as at 31 December 2021 was $6,500,000 after charging a nominal tax of$750,000. Notes: 1. The partners receive interest on their capital accounts at 9.5 % on the balance of their partnercapital at the end of the budget year. The interest on the capital account was not included in theincome statement. 2. Include in the income statement is $80,000 salary per month for each partner. 3. The partnership paid motor vehicle expenses for vehicles owned by the partners as follows: - Ebanks -$ 50,000 - Brown - $80,000 - Thomas - $130,000 The partners did not use the vehicles for the partnership business. 4. Profit on disposal was $180,000.5. Depreciation on plant and machinery for the year was $900,000.6. In recognition of the new IFRS 9 standard, a provision for bad debt of $75,000 was made. Thisrepresents a % of the business…Ebanks, Brown, and Thomas are partners. They carry on a business jointly as EBT surveyors and shareprofits and losses in the ratio 25:45: 30. The trading account profit as at 31 December 2021 was $6,500,000 after charging a nominal tax of$750,000. Notes: 1. The partners receive interest on their capital accounts at 9.5 % on the balance of their partnercapital at the end of the budget year. The interest on the capital account was not included in theincome statement. 2. Include in the income statement is $80,000 salary per month for each partner. 3. The partnership paid motor vehicle expenses for vehicles owned by the partners as follows: - Ebanks -$ 50,000 - Brown - $80,000 - Thomas - $130,000 The partners did not use the vehicles for the partnership business. 4. Profit on disposal was $180,000.5. Depreciation on plant and machinery for the year was $900,000.6. In recognition of the new IFRS 9 standard, a provision for bad debt of $75,000 was made. Thisrepresents a % of the business…AAA, BBB, CCC, and DDD are partners sharing profits in the ratio of 3/21, 4/21, 6/21, and 8/21. Their capital balances on December 31, 2030 are as follows:AAA P 500BBB 12,500CCC 12,500DDD 4,500The partners decide to liquidate their firm and they accordingly convert the noncash assets into P11,600 cash. After paying liabilities of P1,500, they have P11,100 to divide. How much was the distribution to partner CCC?a. P0 b. P3,560 c. P4,160 d.P7,100
- AQUA and PLANT with capital balances of P100,000 and P82,000,respectively. They share profits and losses in the ratio of 3:2, respectively. The partners decided to liquidate the partnership. The firm’s liabilities amount to P150,000, including P16,000 owing to DDS and P14,000 to DU. After realization of assets, the cash on hand amounted to P155,000. How much was the loss on realization?Part AEbanks, Brown, and Thomas are partners. They carry on a business jointly as EBT surveyors and shareprofits and losses in the ratio 25:45: 30.The trading account profit as at 31 December 2021 was $6,500,000 after charging a nominal tax of$750,000.Notes:1. The partners receive interest on their capital accounts at 9.5 % on the balance of their partnercapital at the end of the budget year. The interest on the capital account was not included in theincome statement.2. Include in the income statement is $80,000 salary per month for each partner.3. The partnership paid motor vehicle expenses for vehicles owned by the partners as follows:- Ebanks -$ 50,000- Brown - $80,000- Thomas - $130,000 The partners did not use the vehicles for the partnership business.4. Profit on disposal was $180,000.5. Depreciation on plant and machinery for the year was $900,000.6. In recognition of the new IFRS 9 standard, a provision for bad debt of $75,000 was made. Thisrepresents a % of the business year…Show the compleete solution. A balance sheet for the JPM Partnership, who shares profits in the ratio of 50:25:25 for partners shows the following balances just before liquidation: Cash P113,000 Other Assets 562,275 Liabilities 188,825 J Capital 207,900 P Capital 146,650 M, Capital 132,300 ON the first month of liquidation, certain assets with a book value of 500,000 were sold for 375,000. Liquidation expenses of P9450 are paid and additional liquidation expenses are anticipated. Liabilities are paid amounting to P51,500 and sufficient cash is retained to ensure the payment to creditors before making payment to partners. On the first payment to partners J receives 99537.50. 1. What is the balance of cash account after the first payment? 2. Calculate the amount of cash withheld for anticipated liquidation expenses. 3. How much cash were received by P?