1. How much casg is to be distributed to Veronica and Vanessa? Partners Valerie, Vanessa, Vera and Veronica share profits 50%, 30%, 10% and10%Partners' accounts prior to liquidation follow:Capitals(Cr balances)P1,200,000AdvancesLoans(Cr balances)P150,000(Dr balances)ValerieVanessa300,000900,000VeraP135,000450,000VeronicaP 75,000750,000At the moment, P540,000 is available for distribution to the partners.

Distribution of Cash to Partners: Assuming that all assets are realized immediately upon the firm's…

Answered: Partners Valerie, Vanessa, Vera and…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 2EA: The partnership of Chase and Chloe shares profits and losses in a 70:30 ratio respectively after...

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Partners WAG, MAG, PANG, and GAP, shares profits at the ratio 5:3:1:1. OnJune 30, relevant partners’ accounts follow: Advances Loans Capital Dr. Cr. Cr. WAG 20,000 160,000MAG 40,000 120,000PANG 18,000 60,000GAP 10,000 100,000On this day, cash of P72,000 is declared as available for distribution topartners as profits.How much will partner Gap receive from the 72,000 if he has a hare in it?
Partners WAG, MAG, PANG, and GAP, shares profits at the ratio 5:3:1:1. OnJune 30, relevant partners’ accounts follow: Advances Loans Capital Dr. Cr. Cr. WAG 20,000 160,000MAG 40,000 120,000PANG 18,000 60,000GAP 10,000 100,000 On this day, cash of P72,000 is declared as available for distribution topartners as profits. How much will partner Gap receive from the 72,000 if he has a hare in it?
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?
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. Calculate the amount of cash withheld for anticipated liquidation expenses. 2. How much cash were received by P?
"Partners Valerie; Vanessa, Vera and Veronica share profits 50%, 30%, 10% and]O Partners' accounts prior to liquidation follow: Advances Loans Capitals (Dr balances) (Cr balances) (Cr balances) Valerie P15O,000 P1,200,000 Vanessa 300,000 900,000 Vera P135,000 450,000 Veronica P 75,000 750.000 At the moment, P540,000 is available for distribution to the partners. 3 How much cash is to be distributed to Veronica? P198,750 6. P _ 0 P341,250 d_ P371,250 None of the above."
A partnership has the following capital balances: Henry (50% of gains and losses) . . . . . . . . . . . . $ 135,000Thomas (30%) . . . . . . . . . . . .. . 85,000Catherine (20%) . . . . . . . . . . . . 80,000 Anne is going to invest $125,000 into the business to acquire a 40 percent ownership interest. Goodwill is to be recorded. What will be Anne’s beginning capital balance? Choose the correct. a. $125,000b. $170,000c. $200,000d. $245,000
Partners Arias, Bobadilla and Briones share profits and losses 50:30:20, respectively. The statement of financial position at April 30, 2019 follows: Cash P 40,000 Accounts Payable P100,000 Other Assets 360,000 Arias, Capital 74,000 Bobadilla, Capital 130,000 Briones, Capital 96,000 Total 400,000 Total P400,000 The assets and liabilities are recorded and presented at their respective fair values. Banzon is to be admitted as a new partner with a 20% capital interest and a 20% share of profits and losses in exchange for a cash contribution. No goodwill or bonus is to be…
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Partners Salvador, Garcia, and Mutuc divide profits and losses 5:3:2, respectively, and their statement of financial position on Sept. 30, 2019 follows: RTU Partnership Statement of Financial Position Sept. 30, 2019 Cash P 80,000 Other Assets 720,000 Total Assets P800,000 Accounts Payable P200,000 Salvador, Capital 148,000 Garcia, Capital 260,000 Mutuc, Capital…
Partners Adan and Eba have capital balances of Paradise partnership of P400,000 and P600,000, respectively. They agree to share profits and losses as follows: Adan Eba As salaries P100,000 P120,000 As interest on capital at the beginning of the year 10% 10% Remaining profits or losses 50% 50% Based on the information above, answer the following: If income for the year was P300,000, what will be the distribution of income to Adan? If net loss for the year was P20,000, what will be the distribution to Eba?
Cena, Batista, and Lashley share profits in 5:3:2 ratios. their capital accounts prior to liquidation (which is expected to resultin substantial gain) are as follows: Cena P 18,000 Cr. BalanceBatista P 27,000 Cr. BalanceLashley P 3,000 Dr. Balance The partners wish to distribute cash as it becomes available so that the capital accounts may be brought into the profits and loss ratio as rapidly as possible. Who is the partner to receive the first available cash and up to how much? a. Cena, up to P 54,000b. Batista, up to P45,000c. Batista, up to P 16,200d. Cena, up to P16,200

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