a. 234,167b. 236,347c. 324,382d. 341,367 The statement of financial position of the partnership of A and B as of December 31, 20x1 isshown below:Cash33,354Accounts receivable802,426Inventory380,137Land603,000Building428,267Equipment85,134Other assets5,600Total assets2,337,918Accounts payableNotes payableА, саpitalВ, сapital422,590545,000641,976728,352Total liabilities and equity2,337,918A and B share in profits and losses equally.On January 1, 20x2, C informed A and B of his intention to invest in the partnership for a 20%interest. The partners agreed on the following adjustments prior to C's admission:o Accounts receivable of #55,000 should be written-off.o Inventories of P12,200 are obsolete and have no resale value.o The 'Other assets' should be written off.If no bonus is allowed, how much is C's required investment?

Admission of Partner referred to the admission of a new partner or partners into a partnership firm…

Answered: The statement of financial position of…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter23: Accounting For Partnerships

Section23.3: Dissolving A Partnership

Problem 1OYO

See similar textbooks

Similar questions

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.
A and B decided to form a partnership on January I, 2021. Their Statements ofFinancial Position on this date were: A B Cash 62,625 164,063 Accounts Receivable 1,487,500 896,875 Merchandise Inventory 875,000 885,938 Equipment 656,250 1,268,750 Total 3,084,375 3,215,625 A B Accounts payable 459,375 1,159,375 A, Capital 2,625,000 B, Capital 2,056,250 Total 3,084,375 3,215,625 They agreed the following adjustments shall be made:- Equipment of A is under depreciated by P87,500 and that B is over depreciated byP131,250.- Allowance for doubtful accounts is to be set up amounting to P297,500 for A andP196,875 for B.- Inventories of P21, 875 and P15,312 are worthless in the books of A and Brespectively.- The partnership agreement provides for a profit and loss ratio of 70% to A and 30%to B Upon the formation of the partnership, how much is the capital of A and B,respectively?
A and B decided to form a partnership on January I, 2021. Their Statements ofFinancial Position on this date were: A B Cash 62,625 164,063 Accounts Receivable 1,487,500 896,875 Merchandise Inventory 875,000 885,938 Equipment 656,250 1,268,750 Total 3,084,375 3,215,625 A B Accounts payable 459,375 1,159,375 A, Capital 2,625,000 B, Capital 2,056,250 Total 3,084,375 3,215,625 They agreed the following adjustments shall be made:- Equipment of A is under depreciated by P87,500 and that B is over depreciated byP131,250.- Allowance for doubtful accounts is to be set up amounting to P297,500 for A andP196,875 for B.- Inventories of P21, 875 and P15,312 are worthless in the books of A and Brespectively.- The partnership agreement provides for a profit and loss ratio of 70% to A and 30%to B Compute for the total assets of the partnership
A and B decided to form a partnership on January I, 2021. Their Statements ofFinancial Position on this date were: A B Cash 62,625 164,063 Accounts Receivable 1,487,500 896,875 Merchandise Inventory 875,000 885,938 Equipment 656,250 1,268,750 Total 3,084,375 3,215,625 A B Accounts payable 459,375 1,159,375 A, Capital 2,625,000 B, Capital 2,056,250 Total 3,084,375 3,215,625 They agreed the following adjustments shall be made:- Equipment of A is under depreciated by P87,500 and that B is over depreciated byP131,250.- Allowance for doubtful accounts is to be set up amounting to P297,500 for A andP196,875 for B.- Inventories of P21, 875 and P15,312 are worthless in the books of A and Brespectively.- The partnership agreement provides for a profit and loss ratio of 70% to A and 30%to B Assuming that B is to invest a certain amount of cash such that his capital balance will be 10% higher than A’s. How much should B invest?
A and B decided to form a partnership on January I, 2021. Their Statements ofFinancial Position on this date were: A B Cash 62,625 164,063 Accounts Receivable 1,487,500 896,875 Merchandise Inventory 875,000 885,938 Equipment 656,250 1,268,750 Total 3,084,375 3,215,625 A B Accounts payable 459,375 1,159,375 A, Capital 2,625,000 B, Capital 2,056,250 Total 3,084,375 3,215,625 They agreed the following adjustments shall be made:- Equipment of A is under depreciated by P87,500 and that B is over depreciated byP131,250.- Allowance for doubtful accounts is to be set up amounting to P297,500 for A andP196,875 for B.- Inventories of P21, 875 and P15,312 are worthless in the books of A and Brespectively.- The partnership agreement provides for a profit and loss ratio of 70% to A and 30%to B Assuming that the capital balances are to be equaled to their P&L Ratio, how much is the capital of A and B, respectively?
The partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. Profits and losses are shared 50%; 30%; and 20%, respectively. Guess, Drawing (debit balance)P (32,000)Levis, Drawing (debit balance)(12,000)Jag, Loan40,000Guess, Capital164,000Jag, Capital134,000Levis, Capital144,000 Total assets amounted to P 638,000, including cash of P 70,000, and P 200,000 worth of liabilities. On January 2019, the partnership was liquidated, and Jag received P 111,000 cash as final settlement.Required:1.The total loss from the liquidation of the partnership2.Prepare the statement of liquidation.3.Journal entries to record the liquidation.
LAM, KO and TO share profits and losses as follows: LAM 20%, KO 30%, and TO 50%. The partnership’s Statement of Financial Position as of December 31, 2020 is presented below: Cash –P410,400; Noncash Assets – P2,028,600; Liabilities – P690,750; Loan from KO – P67,500; LAM, Capital– P270,000; KO, Capital – P398,250; TO, Capital – P1,012,500. The partners decided to liquidate onJanuary 2, 2021. All partners are personally solvent except for LAM. If TO received P236,250 for herinterest, how much were the noncash assets sold for? a. P476,100b. P516,600c. P1,512,00d. P1,552,500
The accounts of the partnership of A, B and C at the end of its fiscal year 011 October 31, 2021 are as follows: Cash 78,750 Other Non-Cash Assets 682,500 Liabilities P262,500 Loan to B 26,250 Loan from C 52,500 A, Capital (30%) 236,250 B, Capital (50%) 157,500 C, capital (20%) 78,750 8. If P90,000 is available for distribution to partners after all non-partner liabilities are paid, how much should A receive? 9. If in the first distribution, B received 6,250, how much should C have received at this point? 10. If in the first distribution, A received 172,500, how much should B have received? 11. If in the first distribution, C received 37,500, how much is the total cash distributed? 12. If in the first distribution, A…
7. Following is the statement of financial position of ABC Partnership before realization of assets on July 1, 2020: Cash 10,000 Liabilities 28,000 Accounts receivable 50,000 A, Capital 45,000 Inventory 30,000 B, Capital 27,000 Equipment 60,000 C, Capital 50,000 Total 150,000 Total 150,000 The partners share income 30:30:40, respectively. On July 2, the partnership liquidated, 50% of the receivables are collected and that inventory is fully written-off. Equipment is sold for 55,000. Determine payment to partner B.
The accounts of the partnership of R, S and T at the end of its fiscal year on November 30, 2021 are as follows:Cash 103,750 Loan from S 20,000 Other Non cash assets 707,500 R, Capital (30%) 266,250Loan to R 15,000 S, Capital (50%) 136,250Liabilities 262,500 T, Capital (20%) 141,250S received P50,000 in settlement of his equity. 13. Which of the following statements is incorrect? a. Total amount distributed to partners is P336,250. b. Total amount paid to creditors is P262,500. c. Total amount realized from the non-cash assets is P598,750. d. R received an amount equal to P187,500
Following is the statement of financial position of ABC Partnership before realization of assets on July 1, 2020: CASH 10,000 LIABILITIES 28,000 ACCOUNTS RECEIVABLE 50,000 A, CAPITAL 45,000 INVENTORY 30,000 B, CAPITAL 27,000 EQUIPMENT 60,000 C, CAPITAL 50,000 TOTAL 150,000 TOTAL 150,000 The partners share income 30:30:40, respectively. On Jyuly 2, the partnership liquidated. 50% of the receivables are collected and that inventory is sold for 15,000. Equipment is sold for 40,000. How much is to be distributed to B?
Following is the statement of financial position of ABC Partnership before realization of assets on July 1, 2020: Cash 10,000 Liabilities. 28,000 Accounts receivable 50,000 A, Capital 45,000 Inventory 30,000 B, Capital 27,000 Equipment 60,000 C, Capital 50,000 Total 150,000 Total 150,000 The partners share income 30:30:40, respectively. On July 2, the partnership liquidated, 50% of the receivables are collected and that inventory is fully written-off. Equipment is sold for 55.000. Determine payment to partners

Recommended textbooks for you

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

Century 21 Accounting General Journal

Accounting

ISBN:

9781337680059

Author:

Gilbertson

Publisher:

Cengage

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

Century 21 Accounting General Journal

Accounting

ISBN:

9781337680059

Author:

Gilbertson

Publisher:

Cengage

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS