Partners Matero and Malaya each have a P200,000 capital balance and share profits and losses in a 3:2 ratio, respectively. Cash equals P100,000, non-cash assets equal P600,000, and liabilities equal P300,000. 1. If the non-cash assets are sold for P350,000, then Matero’s capital account will 2 If the non-cash assets are sold for P250,000, and each partner is personally insolvent, Malaya eventually will receive cash of

Partners Matero and Malaya each have a P200,000 capital balance and share profits and losses in a 3:2 ratio, respectively. Cash equals P100,000, non-cash assets equal P600,000, and liabilities equal P300,000. 1. If the non-cash assets are sold for P350,000, then Matero’s capital account will 2 If the non-cash assets are sold for P250,000, and each partner is personally insolvent, Malaya eventually will receive cash of

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...

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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.
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Partners Matero and Malaya each have a P200,000 capital balance and share profits and losses in a 3:2 ratio, respectively. Cash equals P100,000, non cash assets equal P600,000, and Liabilities equal P300,000. If non cash assets are sold for P225,000, and both partners are considered as personally solvent, Malaya will receive ? Group of answer choices P90,000 P0 P50,000 P25,000
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