12.9A (LO 6) AP On December 31, the capital balances and profit and loss ratios in FJA Company are as follows: Capital Balance $144,000 $ 59,300 $ 48,000 Partner H. Fang P. Jiang R. Antoni Instructions Journalize the withdrawal of Antoni under each of the following independent assumptions: a. Using personal funds, Jiang agrees to purchase Antoni's ownership interest for $58,000 cash. b. Antoni is paid $58,000 from partnership assets. Profit and Loss Ratio 60% 30% 10%

12.9A (LO 6) AP On December 31, the capital balances and profit and loss ratios in FJA Company are as follows: Capital Balance $144,000 $ 59,300 $ 48,000 Partner H. Fang P. Jiang R. Antoni Instructions Journalize the withdrawal of Antoni under each of the following independent assumptions: a. Using personal funds, Jiang agrees to purchase Antoni's ownership interest for $58,000 cash. b. Antoni is paid $58,000 from partnership assets. Profit and Loss Ratio 60% 30% 10%

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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On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership. The following information was made available: Cash Accounts receivable Inventory Equipment Total Accounts payable A, Capital (20%) B, Capital (30%) C, Capital (50%) Total 80,000 240,000 480,000 1,200,000 2,000,000 600,000 200,000 400,000 800,000 2,000,000 The net proceeds from the sale of non-cash assets amounted to P260,000. The personal assets and personal liabilities of the partners are as follows: A с B Personal assets 1,200,000 1,040,000 800,000 Personal liabilities (880,000) (880,000) (1,280,000) How much additional contributions shall be made by the partners in order to settle all of the partnership liabilities?
The capital accounts and profit and loss ratio of A and B are shown below: Capital Profit and Loss ratio P 60,000 40,000 P 100,000 50% 50% 100% A в Give the journal entries under the following cases: 1. C purchases one-half interest of A for P35,000. 2. B sells one-fourth of his interest to C for P12,000. 3. C purchases one-half interest of both A and B for P55,000 (use two methods) 4. C invests P20,000 for a one-sixth interest in the new firm. The agreeed new capital is p120,000. 5. C invests P40,000 for a one-fourth interest in the new firm. 6. C invests P35,000 for a one-fourth interest in the new firm with agreed capitalization of *135,000. 7. Cinvests P35,000 for a one-fourth interest in the firm. The agreed new capital is P140,000. After the admission of C, the capital con- tributions must be made equal to the new profit and loss ratio. 8. Cinvests P40,000 for a one-third interest in the firm with a total new capital of P150,000.
A,B and C were partners sharing profits and losses 2:3:1. The position of the firm as on 1-4-2014 and 31-3-2015 was : 01/04/2014 31/03/2015 01/04/2014 31/03/2015 A's Capital B's Capital C's Capital General Reserve Capital Reserve Bank Overdraft Fixed Assets Debtors Stock Loans and Advances 20,000 18,000 30,000 28,000 40,000 36,000 40,000 37,000 65,000 22,000 10,000 9,000 20,000 30,000 72,000 32,000 12,000 12,000 10,000 1,22,000 5,000 1,52,000 On 1st April, 2014 the partners decided to change their profit and loss sharing ratio to 2:4:1. 1,22,000 1,52,000 Goodwill was valued at $ 42,000. No entries were, however, passed to give effect to this change. Pass Journal entries in the books of the firm as on 31st March, 2015 and prepare Capital Accounts of the Partners.
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of the 10. Art Co. owns 25,000 out of the 100,000 outstanding voting 6,000 tes
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1 16 On January 1, 2024, Clor-Proell Enterprises bought 20% of the outstanding common stock of Chen Construction Company for $600 million cash. Chen's net income for the year ended December 31, 2024, was $300 million. During 2024, Chen declared and paid cash dividends of $60 million. Clor-Proell recorded the investment as follows: points PURCHASE General Journal ($ in millions) Debit Credit Investment in Chen Construction shares Cash 600 600 eBook NET INCOME Investment in Chen Construction shares (20% x $300 million) 60 Investment revenue 60 DIVIDENDS Hint Cash (20% x $60 million) 12 Investment in Chen Construction shares 12 Required: Print References What would be the pretax amounts related to the investment that Clor-Proell would report in its statement of cash flows for the year ended December 31, 2024? Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Cash outflows should be indicated with a minus sign. Operating activities $ 600 Investing activities…
On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership. 80,000 240,000 480,000 1,200,000 2,000,000 Cash Accounts receivable Inventory Equipment Total Accounts payable to B Payable A, Capital (20%) B, Capital (30%) C, Capital (50%) 800,000 Total 2,000,000 Information on the conversion of non-cash assets is as follows: 120,000 80,000 400,000 600,000 • $40,000 was collected on accounts receivable; the balance is uncollectible. $20,000 was received for the entire inventory. . The equipment was sold for $200,000./ $8,000 liquidation expenses were paid. • • #108,000 was paid to outside creditors, after offset of a 12,000 credit, memorandum received on January 2, 20x1. All of the partners are personally solvent. How much did B receive from the settlement of his interest in the partnership?
3. Cash Other assets P 28,000 265,000 P 48,000 95,000 80,000 70,000 P 293,000 Liabilities Alex, capital Jay, capital John, capital Total Total P293.000 partnership and liquidate by selling other assets in installments. P70,000 was realized on the se cash sale of other assets with a book value of P150.000, After settlement with creditors, all cash available was distributed to the partners. How much cash was received by John? P10,500 20,000 21,250 32,500 a Partners Arce, Bello and Cruz share profits and losses in the ration of 3:2:1. At the end of a very nprofitable year, they decided to liquidate the firm. The partner's capital account balances at thi me are as follows: P 24, 000; P 27,000; P 17,500. umulate to P32,000, inçluding a loan of P10.000 from