1. During June, non-cash assets were sold at 120% of carrying value resulting to a gain on realization. How much is the share of Levi on the gain on realization of non-cash assets?choicesP29,880P24,900P 49,800P 19,9202. How much should Simeon and Levi receive upon final distribution of cash? (Simeon; Levi) P 131,880; P 118,920P 155,880; P 118,920P 118,920; P 131,880P 118,920; P 155,880 3. Simeon and Levi decided to liquidate their partnership business on June 1, 2017, under lump-sumliquidation. The partners had been sharing profits and losses on a 60:40 ratio. The statement of financialposition prepared on the day of liquidation began was as follows:Liabilities and CapitalAccounts payableSimeon, loanAssetsP 42,000P 18,000P 249,000CashNon-cash assets24,000Simeon, capitalLevi, capitalLevi, drawingTotal102,000108,0009,000P267,000TotalP267,000

Name: 1. During June, non-cash assets were sold at 120% of carrying value re
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Description: 1. During June, non-cash assets were sold at 120% of carrying value resulting to a gain on realization. How much is the share of Levi on the gain on realization of non-cash assets?choicesP29,880P24,900P 49,800P 19,9202. How much should Simeon and Lev

Under liquidation of partnership business, all non cash assets of the partnership are sold out, any…

Answered: 1. During June, non-cash assets were…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. During June, non-cash assets were sold at 120% of carrying value resulting to a gain on realization. How much is the share of Levi on the gain on realization of non-cash assets?

choices

P29,880

P24,900

P 49,800

P 19,920

2. How much should Simeon and Levi receive upon final distribution of cash? (Simeon; Levi)

P 131,880; P 118,920

P 155,880; P 118,920

P 118,920; P 131,880

P 118,920; P 155,880

Simeon and Levi decided to liquidate their partnership business on June 1, 2017, under lump-sum
liquidation. The partners had been sharing profits and losses on a 60:40 ratio. The statement of financial
position prepared on the day of liquidation began was as follows:
Liabilities and Capital
Accounts payable
Simeon, loan
Assets
P 42,000
P 18,000
P 249,000
Cash
Non-cash assets
24,000
Simeon, capital
Levi, capital
Levi, drawing
Total
102,000
108,000
9,000
P267,000
Total
P267,000

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