Item Nos. 26 to 28 are based on the following information: Kia, Lia, and Mia are partners sharing profits and losses equally. The partnership is liquidated. After all assets are converted into cash and all liabilities are paid, P 520,000 cash remains available for distribution to the partners. Kia and Lia have capital balances of P 400,000 and P 300,000, respectively. Mia has a debit balance of P 180,000 in her capital account. 26. If Mia is personally solvent, how much cash will be distributed to Kia? P 340,000. a. P 260,000. C. b. P 310,000. d. P 400,000. 27. If Mia is personally insolvent, how much cash will be distributed to Kia? a. P 260,000. c. P 340,000. b. P 310,000. d. P 400,000. 28. If the capital of Kia prior to realization is P425,000, what is the loss on realization? a. P 25,000. Pplw-C. c. P 75,000. d. P 100,000. b. P 50,000. Item Nos. 29 and 30 are based on the following information: Noly, Ollie, and Poly are partners with capital balances of P 350,000, P 250,000, and P 350,000 who share profits 30%, 20%, and 50%, respectively. The partners agreed to dissolve the business. All of the noncash assets were sold and all the cash available was used to pay liabilities of P 450,000 except one for P 50,000. Poly is personally insolvent but the other two partners are able to meet any indebtedness to the firm. 29. On the remaining claim against the partnership, Noly is to absorb: a. P 15,000. C. P 30,000. b. P 25,000. d. P 40,000. 30. If the cash balance before realization is P 200,000, how much are the noncash assets? a. P 1,000,000. c. P 1,200,000. b. P 1,050,000. d. P 1,250,000.
Item Nos. 26 to 28 are based on the following information: Kia, Lia, and Mia are partners sharing profits and losses equally. The partnership is liquidated. After all assets are converted into cash and all liabilities are paid, P 520,000 cash remains available for distribution to the partners. Kia and Lia have capital balances of P 400,000 and P 300,000, respectively. Mia has a debit balance of P 180,000 in her capital account. 26. If Mia is personally solvent, how much cash will be distributed to Kia? P 340,000. a. P 260,000. C. b. P 310,000. d. P 400,000. 27. If Mia is personally insolvent, how much cash will be distributed to Kia? a. P 260,000. c. P 340,000. b. P 310,000. d. P 400,000. 28. If the capital of Kia prior to realization is P425,000, what is the loss on realization? a. P 25,000. Pplw-C. c. P 75,000. d. P 100,000. b. P 50,000. Item Nos. 29 and 30 are based on the following information: Noly, Ollie, and Poly are partners with capital balances of P 350,000, P 250,000, and P 350,000 who share profits 30%, 20%, and 50%, respectively. The partners agreed to dissolve the business. All of the noncash assets were sold and all the cash available was used to pay liabilities of P 450,000 except one for P 50,000. Poly is personally insolvent but the other two partners are able to meet any indebtedness to the firm. 29. On the remaining claim against the partnership, Noly is to absorb: a. P 15,000. C. P 30,000. b. P 25,000. d. P 40,000. 30. If the cash balance before realization is P 200,000, how much are the noncash assets? a. P 1,000,000. c. P 1,200,000. b. P 1,050,000. d. P 1,250,000.
Chapter21: Partnerships
Section: Chapter Questions
Problem 36P
Related questions
Question
Transcribed Image Text:Item Nos. 26 to 28 are based on the following information:
Kia, Lia, and Mia are partners sharing profits and losses equally. The
partnership is liquidated. After all assets are converted into cash and all
liabilities are paid, P 520,000 cash remains available for distribution to the
partners. Kia and Lia have capital balances of P 400,000 and P 300,000,
respectively. Mia has a debit balance of P 180,000 in her capital account.
26. If Mia is personally solvent, how much cash will be distributed to Kia?
P 340,000.
a. P 260,000.
C.
b. P 310,000.
d.
P 400,000.
27. If Mia is personally insolvent, how much cash will be distributed to Kia?
a. P 260,000.
c. P 340,000.
b. P 310,000.
d.
P 400,000.
28. If the capital of Kia prior to realization is P425,000, what is the loss on
realization?
a. P 25,000.
Pplw-C.
c. P 75,000.
d. P 100,000.
b. P 50,000.
Item Nos. 29 and 30 are based on the following information:
Noly, Ollie, and Poly are partners with capital balances of P 350,000,
P 250,000, and P 350,000 who share profits 30%, 20%, and 50%, respectively.
The partners agreed to dissolve the business. All of the noncash assets were
sold and all the cash available was used to pay liabilities of P 450,000 except one
for P 50,000. Poly is personally insolvent but the other two partners are able to
meet any indebtedness to the firm.
29. On the remaining claim against the partnership, Noly is to absorb:
a. P 15,000.
C. P 30,000.
b. P 25,000.
d. P 40,000.
30. If the cash balance before realization is P 200,000, how much are the
noncash assets?
a.
P 1,000,000.
c.
P 1,200,000.
b. P 1,050,000.
d.
P 1,250,000.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question
Why did the solvency status of Mia did not affect the cash distributed to Kia? Why no.26 & no.27 still has the same answer even though it has a different solvency status?
Solution
by Bartleby ExpertKnowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT