Partners Mel and Jay each have 200K capital balance and share profit and loss in a ratio of 3:2 respectively. At the time of liquidation, Cash equals 100K, noncash assets 500K and liabilities 300K. If noncash assets are sold at 350K Mels capital account will sample answer: decrease by 50,000
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- Partners 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:Partners Mel and Jay each have 200K capital balance and share profit and loss in a ratio of 3:2 respectively. At the time of liquidation, Cash equals 100K, noncash assets 600K and liabilities 300K. If noncash assets are sold at 650K Jays capital balance would bePartners Thelma Lou and Aunt Bee each have a $50,000 capital balance and share profits and losses in a 2:1 ratio, respectively. The cash balance is $40,000, non-cash assets total $210,000, and liabilities total $150,000. If the non-cash assets are sold for $180,000, what amount will Thelma Lou receive after liquidation? $40,000 O $70,000 O $30,000 O $50,000 Which of the following statements about partnership financial statements is false? O The salary that a partner receives for profit sharing is reported on the partnership income statement. O The financial statements of a partnership are similar to those of a proprietorship. The partnership balance sheet will contain a withdrawal account for each partner. A partnership's balance sheet will contain a capital account for each partner.
- Partners Adan and Eba have capital balances of Paradise partnership of P400,000 and P600,000, respectively. They agree to share profits and losses as follows: Adan Eba As salaries P100,000 P120,000 As interest on capital at the beginning of the year 10% 10% Remaining profits or losses 50% 50% Based on the information above, answer the following: If income for the year was P300,000, what will be the distribution of income to Adan? If net loss for the year was P20,000, what will be the distribution to Eba?Partners Biore and Selisana each have a P450, 000 capital balance andshare profits and losses in a 3:2 ratio, respectively. Cash equals P150, 000,non-cash assets equal P1, 500, 000, and liabilities equal P750, 000.7. If the non-cash assets are sold for P1, 000, 000, the change in Selisana’scapital account will bea. an increase of P500, 000b. a decrease of P250, 000c. a decrease of P200, 000d. an increase of P400, 000 8. If the non-cash assets are sold for P700, 000 and each partner ispersonally insolvent, upon liquidation Selisana will receive a cash distributionofa. P100, 000b. P50, 000c. P130, 000d. P0Partners Matero and Malaya each have a P200,000 capital balance and share profits and losses in a 3:2 ratio, respectively. Cash equals P100,000, non-cash assets equal P600,000, and liabilities equal P300,000. 1.If the non-cash assets are sold for P350,000, then Matero’s capital account will a. decrease by 105,000 b. decrease by 150,000 c. increase by 210,000 d. decrease by 210,000 2. If the non-cash assets are sold for P250,000, and each partner is personally insolvent, Malaya eventually will receive cash of a. 100,000 b. 0 c. 50,000 d. 60,000
- The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: $ 52,000 284,000 $ 59,000 Cash Liabilities Noncash assets Drysdale, loan Drysdale, capital (50%) Koufax, capital (30%) Marichal, capital (20%) 25,000 94,000 84,000 74,000 a-1. Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine the next maximum loss that can be absorbed in Step 2. a-2. Liquidation expenses are estimated to be $12,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well. b. Assume that assets costing $90,000 are sold for $68,000. How is the available cash to be divided? Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine the next maximum loss that can be absorbed in Step 2.…Immediately prior to liquidation, Anna, Ben, and Carl have capital balances of P300,000, P200,000, and P300,000, respectively. There is a cash balance of P80,000; Accounts Payable of P800,000; and Loan Payable to Carl of P50,000. Partners' right over profit or loss is based on capital ratio, that is 37.5%, 25%, 37.5%, respectively. Sale of non-cash assets are for P861,000, while Ben and Carl are insolvent. How much is Ben's share in the gain (loss) on realization of non-cash assets? Encode as a negative number if it's a loss.After operating for 5 years, the books of A and B showed the following balances with equal distribution in profit: Assets (Cash and Non-cash assets) 130,000 A, Capital B, Capital If liquidation takes place at this point and the net assets are realized at P150,000. Profits and losses are shared equally. Compute the amount of cash distributed to partner B in the final settlement of their capital account. 60,000 70,000
- The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: Cash $ 61,000 Liabilities $ 55,000 Noncash assets 329,000 Drysdale, loan 42,500 Drysdale, capital (50%) 107,500 Koufax, capital (30%) 97,500 Marichal, capital (20%) 87,500 a-1. Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine the next maximum loss that can be absorbed in Step 2. a-2. Liquidation expenses are estimated to be $21,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well. b. Assume that assets costing $99,000 are sold for $72,500. How is the available cash to be divided?d. 6. Partners Manalo and Capuno receive an interest allowance of P100,000 and P150,000, respectively, and divide the remaining profits and losses in a 3:1 ratio. If the company sustained a loss of P110,000 during the year, what is the effect on Manalo's capital? a. P82,500 decrease b. P120,000 decrease C. P170,000 decrease d. P105,000 decrease1. The balance sheet of the RJ, SJ and TJ partnership, just before liquidation, is as follows: Assets P120,000 Liabilities 50,000 10,000 RJ, loan RJ, capital SJ, capital TJ, capital Total 22,000 30,000 8,000 P120,000 RJ, SJ and TJ share profits 5:3:2 respectively. Certain assets are sold for P80,000. Creditors are paid in full, partners are paid P20,000, and cash withheld for future expenses P10,000. How much cash is to be distributed to the partners? RJ SJ TJ P13,000 P14,250 a. P7,000 b. P5,750 с. Р5,250 d. P7,550 PO PO P14,750 P12,450 PO PO е. None of the above
