What is the capital balance of B after the retirement of C?

Q: For Marie to receive P 60,000 in final settlement of her equity, how much should the non-cash assets…

A: At the time of liquidation of the partnership business, the three main accounts require to be…

Q: The capital accounts of the Soriano and Montelibano partnership on Sept. 30,2020 were: Soriano,…

A: A partnership firm has two or more owners who shares the profit and loss in an agreed ratio. The…

Q: On December 21, 2020, the unadjusted Statement of Financial Position of UFC Partnership shows the 5.…

A: We need to calculate the capital after retirement of continuing partner.

Q: On December 31, 2020, the Statement of Financial Position of DTS Co. has the following balances:…

A: Retirement of a partner leads to reconstitution of a partnership firm as the original agreement…

Q: A, B and C decided to dissolve their partnership on May 31, 2020. On this date their capital…

A: Given information is: Net Income = P132,000 Cash = P120,000 Liabilities = P270,000

Q: Ellie, together with their respective profit and loss ratios, were as follows: 6. On June 30, 2020,…

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

Q: The balance sheet for the partnership of Nina, Pinta, and Santa Maria at January 1, 2014 follows.…

A: Profit on revaluation of assets = Fair value - assets at cost = P540000 - 480000 = P60,000

Q: Bel, Cel and Del, partners of the BCD Partnership, shared profits and losses in the ratio of 5:3:2,…

A: Partnership business means where two or more person comes together to  do the business and share the…

Q: As of December 31, 2020, the books of ABC partnership showed capital balances of A 60,000; B 30,000…

A: Formula: A share = Balance available for distribution x Sharing ratio.

Q: E, M and N are partners of EMN Partnership. They decided to liquidate on March 31, 2020. On this…

A: Working note:  Computation of total realization loss to EMN partnership:

Q: er 30, 2022, AA decides to retire from the partnership. Net income of the partnership from January 1…

A: ln case of partnership there is agreement between two or more partner to share profit and losses in…

Q: The condensed balance sheet of the 3M Partnership as of June 30, 2020 with the corresponding profit…

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

Q: The partners of ABC Partnership decided to liquidate the partnership on January 1, 2021. The…

A: Realization: In closing the affairs of a partnership firm, or other entity, the process of realizing…

Q: On June 30, 2020, the statement of financial position for the partnership of A, B, and C together…

A: Partnership means where two or more person comes together to do some common business activity and…

Q: The following are the capital account balances and profit and loss ratios of the partners in AB…

A: In the given case, C has purchased half of A's Capital from A.

Q: On December 31, 2020, the Statement of Financial Position of ABC Partnership is presented below:…

A: Retirement of the partner is the process where a partner ceases to be a part of the partnership. The…

Q: On December 31, 2020, ABC Partnership’s Statement of Financial Positions shows that A, B, and C have…

A: Solution 1: Amount paid to C on retirement = P350,000 C's share in increase in revaluation of assets…

Q: On July 1, 2019, Jun, Mar and Roy decided to liquidate their partnership. Prior to liquidation, the…

A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…

Q: The condensed balance sheet of the 3M Partnership as of June 30, 2020 with the corresponding profit…

A: Partnership is form of business in which partners agrees to share profits and losses and carry a…

Q: The laon and capital account balances of Santiago, Gorospe, Esparaguera and Rozales were as follows…

A: Liquidation of the partnership means cessation or end of partnership business. First all non cash…

Q: On December 31, 2020, the accounting records of Alma, Brenda, and Dely partnership included the…

A: The question is related to Partnership and is of liquidation of partnership. The Alma, Brenda and…

Q: The GBE partnership became insolvent on January 1, 2021, and the partnership is being liquidated as…

A: SOLUTION- PARTNERSHIP MEANS WHERE TWO OR MORE PERSON COME TOGETHER TO DO SOME COMMON BUSINESS…

Q: rtners as of June 1, 2021

A: If nothing is given in the agreement then the distribution of profit and loss in accordance with the…

Q: On January 1, 2021, the partners C, D and E who share profits and losses in the ratio of 5:3:2,…

A: Given   Liability = 60000 Cash = 50000 Other assets = 250000   1st installment = 120000

Q: The partners of ABC Partnership decided to liquidate the partnership on January 1, 2021. The…

A: Total proceeds from the realization = [(Total interest of A + Loan Receivable) / A, Capital %] +…

Q: The following balances as of the end of 2022 for the partnership of X, Y, and Z, together with their…

A: Capital account of partner refers to the distinct account which states equity within the partnership…

Q: On December 31, 2020, the unadjusted Statement of Financial Position of ABC Partnership shows the…

A: In a partnership, two or more parties agree to operate and manage a business and share the profits…

Q: Alma, Brenda and Dely share profits and losses in a 5:3:2 ratio, respectively.

A: Dely share profits and losses

Q: The balance sheet as of September 30, 2030, for the partnership of DDD, EEE and FFF shows the…

A: Following is the answer to the given question

Q: On December 31, 2020, the accounting records of the Friends Partnership included the following…

A: Liquidation means where the company decide to close out the operations , sell all the assets and…

Q: On December 31, 2019, the balance sheet for the XYZ Partnership follows: The percentages shown are…

A: At the time of liquidation first the outside liabilities are settled and then if any cash remain it…

Q: On December 31, 2020, the Statement of Financial Position of ABC Partnership is presented below:…

A: Partnership is the association of partners where two or more partners joins hand to share profit and…

Q: Gale, McLean, and Lux are partners of Burgers and Brew Company with capital balances as follows:…

A: The first step in accounting is a journal entry, which is used to record a business transaction in…

Q: On June 30, 2030, the statement of financial position for the partnership of XYZ, together with…

A: Following is the answer to the given question.

Q: After a long dispute, AA, BB, and CC decided to liquidate their partnership. Their capital balances…

A: The correct answer for the above question is given in the following steps for your reference

Q: UU,VV and WW were partners with capital balances on January 2, 2021 of P700,000, P840,000 and…

A: In case of retirement of any partner , some times  amount paid to outgoing partners is higher than…

Q: condensed balance sheet of the 3M Partnership as of June 30, 2020 with the corresponding profit and…

A:

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

A: Liquidation means where the business of firm is closed down , assets are sold out and liabilities…

Q: A, B and C decided to dissolve the partnership on November 30, 2021. Their capital balances and…

A: Balance Sheet Liabilities Amount Asset Amount Capital (50000+60000+20000) P130,000 Cash P40,000…

Q: a long dispute, AA, BB, and CC decided to liquidate their partnership. Their capital balances as of…

A: The last preferred options in case of partnership phase liquidation which is considered to be most…

Q: On December 31, 2030, ABC Partnership’s Statement of Financial Positions shows that A, B and C have…

A: Calculation of excess over capital attributable to C- Particulars Amount Capital contributed by…

Q: How much is the proceeds from the sale of non-cash assets in January 2022?

A: The determination of proceeds from the sale of non-cash assets is shown hereunder : Liabilities to…

Q: The GBE partnership became insolvent on January 1, 2021, and the partnership is being liquidated as…

A: SOLUTION- PARTNERSHIP  MEANS WHERE TWO OR MORE PERSON COMES TOGETHER TO DO SOME COMMON BUSINESS…

Q: What is the final cash distribution to each partner after liquidation.

A: When liquidated, a partnership's assets are realised, liabilities are paid off and the remaining…

Q: On June 30, the balance sheet for the partnership of Williams, Brown and Lowe together with their…

A: Partnership is the contract that is signed between two or more parties, who are interested in…

Q: On December 31, 2022, ABC Partnership’s Statement of Financial Positions shows that A, B and C have…

A: A partnership is a form of business where two or more partners carry a business and share the profit…

Q: Armani, Bulgari and Chloe decided to liquidate their partnership on August 31, 2020. They have been…

A: Liquidation of Partnership Firm: In the case of a partnership firm, dissolving it implies ceasing to…

Q: The following balances as of the end of 2009 for the partnership of ping, pong, and pang, together…

A: Capital account of partner refers to the distinct account which states equity within the partnership…