ADVANCED ACCOUNTING >CUSTOM<
14th Edition
ISBN: 9781265537012
Author: Hoyle
Publisher: MCG CUSTOM
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Chapter 14, Problem 15P
To determine
Identify the amount of
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Item Nos. 6 and 7 are based on the following information:
The following are the capital balances and profit and loss ratios of the
partners Mona, Nona, and Ona:
Capital
Profit & Loss Ratio
Mona-
P 20,000
20%
Nona
10,000
30%
Ona-
5,000
50%
Total--
P 35,000
100%
After realization of the assets and payment of liabilities, the cash
available for distribution was P 18,000. Any capital deficiency is uncollectible.
6. What was the loss on realization?
a. P 15,000.
C.
P 17,000.
b. P 16,000.
d. P 18,000.
7. How should the cash be distributed?
b.
a. Mona, P 3,600; Nona, P 5,400; and Ona, P 4,000.
Mona, P 6,000; Nona, P 6,000; and Ona, P 6,000.
c. Mona, P 15,200; Nona, P 2,800; and Ona, P O.
d. Mona, P 18,000; Nona, P 0; and Ona, PO.
Following are the capital account balances and profit and loss percentages indicated parenthetically) for the Alden, Boyd, and Carmel
partnership
Alden (40%)
Boyd (40%)
Carmel (20%)
$ 230,000
180,000
160,000
Required:
Del Mar trivests $260,000 in cash for a 30 percent ownership Interest. The money goes to the business. No goodwill or other
revaluation is to be recorded. After the transaction, compute Boyd's capital balance.
Bonus to onginal partners
Boyd's ownership share
Boyd's share of bonus
Boyd's capital before bonus
Boyd's capital after bonus
5
$
0
1. Jag, Lee and Bench are partners having the following capital balances of P 11,200, P13,000 and P5,800 respectively. Profits and losses are shared 4:2:1. if Jag receives a total of P3,200 in cash, how much will Bench received at this point?
a. P800
b. P3,000
c. P3,800
d. P5,600
Chapter 14 Solutions
ADVANCED ACCOUNTING >CUSTOM<
Ch. 14 - Prob. 1QCh. 14 - Prob. 2QCh. 14 - Prob. 3QCh. 14 - Prob. 4QCh. 14 - Prob. 5QCh. 14 - Prob. 6QCh. 14 - Prob. 7QCh. 14 - Prob. 8QCh. 14 - Prob. 9QCh. 14 - Prob. 10Q
Ch. 14 - Prob. 11QCh. 14 - Prob. 12QCh. 14 - What is a partnership dissolution? Does...Ch. 14 - Prob. 14QCh. 14 - Prob. 15QCh. 14 - Prob. 16QCh. 14 - Prob. 17QCh. 14 - When a partner withdraws from a partnership, why...Ch. 14 - Prob. 1PCh. 14 - Prob. 2PCh. 14 - Prob. 3PCh. 14 - Prob. 4PCh. 14 - Prob. 5PCh. 14 - Prob. 6PCh. 14 - Prob. 7PCh. 14 - Prob. 8PCh. 14 - Prob. 9PCh. 14 - Prob. 10PCh. 14 - Prob. 11PCh. 14 - Prob. 12PCh. 14 - Prob. 13PCh. 14 - Prob. 14PCh. 14 - Prob. 15PCh. 14 - Prob. 16PCh. 14 - Prob. 17PCh. 14 - Prob. 18PCh. 14 - Prob. 19P
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