The partnership of Louie and Mickey has non-cash assets of P 100,000. If loss on realization was recorded at P 20,000

Q: or (P1,000)

A: Current ratio = 2:3 Candy share = 25% Total firms share =100 Remainig share after admission = 100 -…

Q: Pou and Pooh are partners having original capital balances of 50,000 and 75,000. They share profit…

A: Admission of a new partner is a situation when, with the consent of all the partners, one or more…

Q: Cyril and James formed a partnership on January 1, 20x1 by contributing P1,600,000 and P2,400,000,…

A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want…

Q: On January 2, 20xx, Abraham, Alexander and Anthony formed a partnership by combining their separate…

A: A relationship is formed when two or more people work together as co-owners of a company. This…

Q: A and B are partners with capital balances of P200,000 and P300,000, respectively. They share…

A: Free Interest means the net cash available with the partners after settling all the liabilities and…

Q: Blossom, Bubbles and Buttercup formed a partnership to which Blossom contributed a parcel of land…

A: Total capital credit of the partnership = fair value of Land + Cash contributed  by Bubbles  + Cash…

Q: May and Jun are partners who have capital balances of P1,000,000 and P800,000 and share profits…

A: The sharing of risk and reward between the partners in the great equal ratio this is stated at…

Q: A and B formed a partnership. A contributed cash of P50,000 and equipment with a cost of P40,000,…

A: The amount credited to A, Capital account will be fair value of assets contributed by A minus…

Q: Olga contributed $10,000 in exchange for a 50% capital interest in OP Partnership. Piotr also…

A: Given, Loss of First year = $15,000. Of which, 25% for Piotr and 75% to Olga. Assets worth $5000…

Q: D, E, and F are partners with a profit and loss ratio of 5:4:1, respectively. The partnership is to…

A: Given Information: Profit and loss ratio = 5:4:1 Cash = P80,000 Other assets = P720,000

Q: and B formed a partnership on January 1, 2022. A contributed cash of P480,000 and B contributed land…

A: Solution: When any asset is contributed by any partner in partnership, then it is recorded at fair…

Q: Emily, Daniel and Victoria have capital balances of P120,000, P200,000 and P72,000, respectively and…

A: Loss to Daniel = Daniel capital balances - amount received = P200,000  -  P104,000  = P96,000

Q: The book value of the non-cash assets of the Nojoom partnership is OR 60,000. In liquidations, the…

A: Partnership: It is a legal form of business formed by a group of people who conducts and manages the…

Q: Hannah Johnson contributed equipment, inventory, and $52,700 cash to a partnership. The equipment…

A: given that, Johnson contributed equipment, inventory, and $52,700 cash to a partnership equipment…

Q: bilities and Capital Cash P24,000                                   Liabilities P70,000 Noncash…

A: This question deals with the concept of liquidation of partnership. liquidation may happen with the…

Q: The A, B and C partnership has total assets of P260,000. Capital balances for partners A, B, and…

A: Cash distribution refers to distribution of cash among the parties of the remaining or available…

Q: Laly contributed land, inventory and P350,000 cash to a partnership, The land has a book value of…

A: GIVEN   Laly contributed land, inventory and P350,000 cash to a partnership, The land has a book…

Q: Carlo and Dino have capital balances of P 60,000 and P 40,000, respectively before liquidation. They…

A: Partnership Account - A partnership is a mutual agreement enter into two or more entities for the…

Q: Dolly, Folly and Golly have capital balances of P800,000; P1,000,000; and P360,000,respectively and…

A: The Partnership business is created by two or more than two persons and registered under Partnership…

Q: What is the amount of gain/ (loss) on realization?

A: Partnership:- When two or more persons join together to form a business and share profit or loss in…

Q: leaving a balance of P1,100,000 in cash. What is the amount of loss or gain in realization? How much…

A: Partnership:- When two or more persons join together to form a business and share profit or loss in…

Q: Alma and Becca have just formed a partnership.  Alma contributed cash of P176,400 and office…

A: Partnership characteristics includes: Existence of an agreement Existence of business Sharing of…

Q: nd Billy have capital balances of P 50,000 and P 80,000, respectively before liquidation. The…

A: At the time of winding-up of the partnership firm sales proceeds of assets should be distributed…

Q: Dolly, Folly and Golly have capital balances of P800,000; P1,000,000; and P360,000, respectively and…

A: At the time of liquidation of partnership firm, the partners are paid as per the ending capital…

Q: The balance of Partner B's Capital account after the sale is

A: A partnership business is the form of business, where two or more parties enter into an agreement to…

Q: The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share…

A: Working: Miller capital = 75,000*10 /6 = $125,000 Tyson capital = 75,000 * 10 /2 = $375,000 Watson…

Q: Orange and Lemon share profits and losses equally. They decided to liquidate their partnership when…

A: Liquidation means selling all the assets in the time of distress in order to pay the liabilities and…

Q: alpha and beta are partners who share income in the ratio 1:2 and have capital balances of $40,000…

A: Financial Management: Financial management comprises of two words i.e. Finance and management.…

Q: Orange and Lemon share profits and losses equally. They decided to liquidate their partnership when…

A: given that, Net assets = P260000 Capital of Orange = P170000 Capital of Lemon = P90000…

Q: The Al, Joyce and Rich partnership's condensed financial position prior to liquidation of the…

A: The partnership comes into existence when two or more persons come together to do the business and…

Q: Anna and Ben formed a partnership. Anna contributed cash of P786,000 and office equipment costing…

A: Partnership: Partnership is a form of business organization in which two or more two individuals…

Q: Max, Alfred and Waters shared profits and losses 20%, 40%, and 40% respectively and their…

A: In the books land should be recorded in the fair value so option C is correct.

Q: partners who have capital balances of P1,000,000 and P800,000 and share profits 60:40 respectively.…

A: The  relationship and deed to share profit and losses ad well as risk with investment and the…

Q: William and Ardi's capital balances are $12.000 and $8,000, respectively. The partnership firm owes…

A: Total Capital=W's Capital+A's Capital=$12,000+$8,000=$20,000

Q: Harry and Sally formed the evergreen partnership by contributing the following assets in exchange…

A: A partnership can be defined as a type of business where two or more persons commence a business by…

Q: What is the loss on realization of noncash assets? * Alpha, Beta, and Gamma are partners who have…

A: The question is related to Partnership Accounting. We will proceeds the question by calculting loss.

Q: The following balance sheet accounts were taken from the partnership of J&J Co. on March 31, 2020…

A: The partnership is a contract between two or more persons that come together to earn profit. All the…

Q: Partners DDS and YELLOW who have been dividing profits and losses in the ratio of 6:4, respectively,…

A: Loss on realisation will be = Capital Balances before liquiadation (Less) Amount Received after…

Q: Steve contributed land, inventory, and 140,000 cash to a partnership. The land has a book value of…

A: Partnership is an association or agreement between two or more than two persons, who invest their…

Q: Enchong and Francis have capital balances of P 80,000 and P 100,000, respectively before…

A: The question is related to Partnership Accounting and is of dissolution. In case of dissolution of…

Q: He and She formed a partnership and to share in the profit or loss equally. She contributed building…

A: Amount to be credited to She’s Capital Account will be equal to the amount of Net Assets contributed…

Q: Joel, JC, and LJ are partners with capital balances of P50,000, P80,000, and P120,000, and share…

A: In a partnership firm, profits and losses are allocated based on a predetermined ratio. The…

Q: As of July 31, the books of BSA Partnership showed capital balances of $40,000 for Ben, P25,000 for…

A: In liquidation of the partnership, if during appropriation of profit or loss to partner’s capital…

Q: The Al, Joyce and Rich partnership’s condensed financial position prior to liquidation of the…

A: This question deals with the concept of liquidation of partnership. liquidation may happen with the…

Q: Antonio and Barbara are partners who share income in the ratio of 1:2 and have capital balances of…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: A local partnership has assets of cash of P5,000 and a building worth P80,000.  All liabilities have…

A: Solution: Loss on liquidation = Book value of building - Sale value = $80,000 - $50,000 = $30,000…

Q: Kat, Mat and Pat are partners with capital balances of P 430,000, P 520,000 and P 470,000…

A: The calculation of amount of cash that will be received by each partner is shown hereunder : The…

Q: Andrew, Bobby and Calyx are partners whose contributions are as follows: Andrew -- P 600,000; Bobby…

A: The partnership loss is to be divided among partners in their profit sharing ratio.

Q: Danks, Vernersen, and Walsh are liquidating their partnership. Before selling the assets and paying…

A: Partnership is an association or agreement between two or more than two persons, in which they…