"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."

"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."

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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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)
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.
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The financial position of the partnership Marie, Shey, Allan and Roi, just prior to liquidation shows: Marie, Loan 25,000 Marie, Capital 137,500 Shey, capital 128,750 Allan, capital 171,250 Roi, Capital 112,500 The partners share profits and losses on a 4:3:2:1 ratio, respectively. Certain assets are sold for P150,000 and is distributed to partners. How much cash should Allan receive? a) 150,000 b) 82,083 c) 0 d) 67,917
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The following are the liabilities and equity section of BEE Partnership at the time of liquidation: Liabilities P300,000, Loan- Ella, P20,000, Bea, Capital (30% P/L ratio), P60,000, Ella, Capital (40% P/L ratio), P40,000, Emma, Capital (30% P/L ratio), P80,000. Cash at the time of liquidation amounting P90,000. The following takes place at that time: The partners agreed that Bea will receive inventory and Emma will receive equipment before cash distribution. At that time, inventory has a book value of P4,000 but only realizable to P3,000, and equipment having a book value of P33,000 but revalued to P28,000. All other noncash assets were realized amounting P210,000 cash, but P10,000 of the cash proceeds were expensed for the liquidation process. Only Ella is solvent at that time. Required: Prepare the Statement of Liquidation - Lump Sum Liquidation. For this case, prepare the schedule of cash distribution.
The financial position of the partnership Marie, Shey, Allan and Roi, just prior to liquidation shows: Marie, Loan 25,000 Marie, Capital 137,500 Shey, capital 128,750 Allan, capital 171,250 Roi, Capital 112,500 The partners share profits and losses on a 4:3:2:1 ratio, respectively. Certain assets are sold for P150,000 and is distributed to partners. How much cash should Allan receive? Group of answer choices 67,917 0 82,083 150,000
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