Samsung, Nokia and Apple are partners who share P&L as follows: 45%:15%: 40%, respectively. The Statement of Financial Position of Phone Partnership as of December 31, 2018 is given below: ASSETS LIABILITIES & CAPITAL Liabilities. P 532,000 Cash Noncash Assets P 268,000 1,940,000 Loan from Nokia 44,000 Samsung, capital 694,000 Nokia, capital 354,000 Apple, capital 584,000 Total Assets P 2,208,000 Total Liabilities and Capital P 2,208,000 On January 1, 2019, the partners decided to liquidate. For the month of January, some assets were sold at a gain of P56,000. Payments to partner Nokia from initial sale of assets was P181,400. Cash withheld for possible liquidation expenses and unrecognized liabilities amounted to P146,800. How much is the book value of the noncash assets sold in January?

Samsung, Nokia and Apple are partners who share P&L as follows: 45%:15%: 40%, respectively. The Statement of Financial Position of Phone Partnership as of December 31, 2018 is given below: ASSETS LIABILITIES & CAPITAL Liabilities. P 532,000 Cash Noncash Assets P 268,000 1,940,000 Loan from Nokia 44,000 Samsung, capital 694,000 Nokia, capital 354,000 Apple, capital 584,000 Total Assets P 2,208,000 Total Liabilities and Capital P 2,208,000 On January 1, 2019, the partners decided to liquidate. For the month of January, some assets were sold at a gain of P56,000. Payments to partner Nokia from initial sale of assets was P181,400. Cash withheld for possible liquidation expenses and unrecognized liabilities amounted to P146,800. How much is the book value of the noncash assets sold in January?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

On January 1, 2030, AAA, BBB, CCC and DDD formed ABCD Trading Co., a partnership with capital contributions as follows: AAA – P50,000; BBB – P25,000, CCC – P25,000 and DDD – P20,000. The partnership agreement stipulates that each partner shall receive a 5% interest on capital contributed and that AAA and BBB shall receive salaries of P5,000 and P3,000, respectively. The agreement further provides that CCC shall receive a minimum of P2,500 per annum and DDD, a minimum of P6,000 which is inclusive of amounts representing interest and their respective shares in partnership profits. The balance of the profits shall be distributed among AAA, BBB, CCC and DDD in the ratio of 3:3:2:2. 15. What amount must be earned by the partnership in 2030, before any charge for interest and partners’ salaries, in order that AAA may receive an aggregate of P12,500 including interest, salary and share of profits? A. P30,667 B. P32,333 C. P16,667 D. P30,000 16. RRR is trying to decide whether to accept a…
As of December 31, 2015, D, E and F has adjusted capital balances of P100,000, P250,000 and P150,000, respectively, and shares profit equally. At the start of 2016, the partners admitted G for a 10% interest in profit and capital by contributing P100,000. The partnership earned P120,000 net income in 2009. How much is E's share in the partnership profit? Show your solution a. P24,000 b. P36,000 c. P40,000 d.P54,000
On June 30, 20x10 MOC, the sole proprietor of MOC Inc, expands the company and establishes a partnership with CBC and GKR. The partners plan to share profits and losses as follows: MOC, 50%; CBC, 25% and GKR 25%. They also agree that the beginning capital balances of partnership will reflect this same relationship. MOC asked CBC to join the partnership because his many business contacts are expected to be valuable during the expansion. CBC is also contributing P40,000 and a building that has an original cost of P520,000, book value of P420,000, tax assessment of P310,000 and fair value of P370,000. The building is subject to a P242,000 mortgage that the partnership will assume. GKR is contributing P66,000 and marketable securities costing P252,000 but are currently worth P345,000.MOC’s investment in the partnership is his business. He plans to pay off the notes with his personal assets. The other partners have agreed that the partnership will assume the accounts payable. The balance…
Moose, Booze and Goose are partners with capital balances of P 320,000, P 450,000 and P 520,000 respectively with profit and loss sharing ratio of 2:3:5 respectively. The firm owes Booze P 20,000. Upon liquidation, P 390,000 is available for distribution to the partners. What amount of cash will Moose receive? a. P78,000 b. P136,000 c. P258,000 d. P320,000
AA, BB and CC are partners sharing profits in a 5:3:2 ratio, and with capital balances ofP95,000, P80,000 and P60,000, respectively on December 31, 2015. The partnersdecided to admit DD as a new partner on January 1, 2015. DD will contribute cash ofP80,000 to the partnership and also pay P10,000 for 15% of BB’s share. DD is to have a20% share in profits. After the admission of DD, the total capital will be P330,000 andDD’s capital will be P70,000.After the admission of DD, BB’s capital balance would be: A. 72,600 C. 79,100B. 74,600 D. 81,100
Moose, Booze and Goose are partners with capital balances of P 320,000, P 450,000 and P 520,000 respectively with profit and loss sharing ratio of 2:3:5 respectively. The firm owes Booze P 20,000. Upon liquidation, P 390,000 is available for distribution to the partners. What amount of cash will Moose receive? * P78,000 P136,000 P258,000 P320,000
The balance sheet for Coney, Honey, and Money partnership shows the following information as of December 31, 2015;Cash P 40,000 Liabilities P 100,000Other assets 560,000 Coney, loan 50,000 Coney, capital 250,000 Honey, capital 140,000 Money, capital 60,000 P 600,000 P 600,000 Profit and loss ratio is 3:2:1 for Coney, Honey, and Money, respectively. Other assets were realized as follows:Date Cash Received Book ValueJanuary 2016 P 120,000 P 180,000February 2016 70,000 154,000March 2016 250,000…
The balance sheet for Coney, Honey, and Money partnership shows the following information as of December 31, 2015;Cash P 40,000 Liabilities P 100,000Other assets 560,000 Coney, loan 50,000 Coney, capital 250,000 Honey, capital 140,000 Money, capital 60,000 P 600,000 P 600,000 Profit and loss ratio is 3:2:1 for Coney, Honey, and Money, respectively. Other assets were realized as follows:Date Cash Received Book ValueJanuary 2016 P 120,000 P 180,000February 2016 70,000 154,000March 2016 250,000…
The balance sheet for Coney, Honey, and Money partnership shows the following information as of December 31, 2015;Cash P 40,000 Liabilities P 100,000Other assets 560,000 Coney, loan 50,000 Coney, capital 250,000 Honey, capital 140,000 Money, capital 60,000 P 600,000 P 600,000 Profit and loss ratio is 3:2:1 for Coney, Honey, and Money, respectively. Other assets were realized as follows:Date Cash Received Book ValueJanuary 2016 P 120,000 P 180,000February 2016 70,000 154,000March 2016 250,000…
E1, E2, and E3 are partners sharing profits in the ratio of 4:4:2 respectively. As of December 31, 2018, their capital balances were P190,000 for E1, P160,000 forE2, and P120,000 for E3. On January 2, 2019, the partners admitted E4 as a new partner and according to their agreement, E4 will contribute P160,000 in cash to the partnership and also pay E2 for 15% ofhis share. E4 will be given a 20% share in profits while original partners share will be proportionately the same as before. After the admission of E4, the total capital will be P660,000 and E4's capital be P140,000. What is the capital balance of E3 after the admission of E4?
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
AAA, BBB and CCC are partners sharing profits in the ratio of 5:3:2, respectively. As of December 31, 2021, their capital balances were P87,800 for AAA, P80,000 for BBB and P67,200 for CCC. On January 1, 2022, the partners admitted ODD as a new partner and according to their agreement; DDD will contribute P80,000 in cash to the partnership and also pay P10,000 for 15% of BBB's share. DDD will be given a 20% share in profits, while the original partners' share will be proportionately the same as before. After the admission of DDD, the total capital will be P330,000 and DDD's capital will be P70,000. What is the balance of BBB's capital, after the admission of CCC: