X, Y & Z are partners sharing profits in the ratio of 4:3:3. Assets with book value of P1,000,000 were realized for P400,000. Before liquidation, the capital of Z was P150,000. How much will be Z’s capital balance after the distribution of loss?
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- X, Y & Z are partners sharing profits in the ratio of 4:3:3. Assets with book value of P1,000,000 were realized for P400,000. Before liquidation, the capital of Z was P150,000. How much will be Z’s capital balance after the distribution of loss?
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- X, Y and Z are partners having the following capital balances of P 11,200, P13,000 and P5,800 respectively Profits and losses are shared 4:21 How much is the loss absorption capacity of Y?W and X are partners who have agreed to admit Y, who will invest P15,000 for a 20 percent interest. The previous capital balances were P15,000 and P30,000 for W and X, respectively. W and X had shared profits and losses equally. What amount will be recorded in Y's Capital account? a. P6,000 credit b. P12,000 credit c. P15,000 credit d. P9,000 creditABC had capital balances of P40,000, P25,000 and P5,000 respectively with profit sharing ratio of 3:2:1 respectively. The partners decided to dissolve and liquidate. They sold all the non-cash assets for P37,000 cash. After settlement of all liabilities amounting to P12,000, they still have P28,000 cash left for distribution. What was the loss on the realization o the non-cash assets?
- AQUA and PLANT with capital balances of P100,000 and P82,000,respectively. They share profits and losses in the ratio of 3:2, respectively. The partners decided to liquidate the partnership. The firm’s liabilities amount to P150,000, including P16,000 owing to DDS and P14,000 to DU. After realization of assets, the cash on hand amounted to P155,000. How much was the loss on realization?A, B and C, partners to a firm, have capital balances of P51,000, P26,000, and P12,000, respectively, and shareprofits in the ratio of 4:2:1. If the partnership will be liquidated, who among the partners shall be paid first?a. Ab. Bc. Cd. Cannot be determinedPartners Biore and Selishana each have P450,000 capital balance and share profits and losses in a 3:2 ratio. Cash equals P150,000, non-cash assets equal P1,500,000 and liabilities equal P750,000. If non-cash assets are sold for P1,000,000, the change in Selishana's capital account will be:
- 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.P7,100The statement of financial position for the partnership of AA, BB and CC who share profits in the ratio of 2:1:1, shows the following balances just before the liquidation: Cash P12,000 Other assets 59,500 Liabilities 49,000 AA, capital 22,000 BB, capital 15,500 CC, capital (15,000) On the first instalment of the liquidation, a gain of P8,525 was realized from the sale of certain assets. Liquidation expenses of P1,000 was paid, and additional liquidation expenses are anticipated. Liabilities paid amounted to P34,000. Remaining book value of other assets is P1,550. On the first payment to partners, AA receives P6,250. How much is the amount of cash withheld for anticipated liquidation expenses and unpaid liabilities?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
- A and B formed a partnership and agreed to divide initial capital equally even if A contributed P100,000 and B contributed P84,000 in identifiable assets. Under the bonus approach to adjust the capital accounts, what amount should be debited to B's unidentifiable assets?Explain with solution Partners Biore and Selisana each have a P450,000 capital balance and share profits and losses in a 3-2 ratio, respectively. Cash equals P150,000, non-cash assets equal P1,500,000, and liabilities equal P750,000. If the non-cash assets are sold for P700,000 and both partners agree to make up for any capital deficits with personal cash contributions, upon liquidation Selisana will receive a cash distribution of a. P100,000. b. P50,000. CP130,000. d. P0A, and B are partners sharing profits in the ratio of 2:3. Their balance sheet shows machineryat ₹2,00,000; stock ₹80,000, and debtors at ₹1,60,000. C is admitted and the new profitsharing ratio is 6:9:5. Machinery is revalued at ₹1,40,000 and a provision is made fordoubtful debts @5%. A’s share in loss on revaluation amount to ₹20,000. Revalued value ofstock will be:(a) ₹62,000 (b) ₹1,00,000 (c) ₹60,000 (d) ₹98,000