14 15 16 and decided to liquidate their partnership Prior to the final distribution of cash to the partners. As has a capital Ihas a capital balance of $108,000 Also, cash balance is $150.000. All is NOT able to pay the amount he owes the 11 12 131 10 Al Basel and Ziad are sharing income and loss balance of $30,0001 Basel has a capital balance partnership 14.3.2 ratio respec of $72.000 and 2 Which of the following two journal entries are right to record this liquidation case? OA Basel Capital 12.000 Zad Capital 18,000 30,000 Basel capital 54,000 16.000 Ziad capital Cash 150.000 OB Basel Capital 18,000 Ziad Capital 12.000 All Capital 30.000 Basel capital $4,000 9.000 Ziad capital Cash 150.000 OC Basel Capital 18.000 Ziad Capital 12,000 All Capital 30,000 96.000 Basel capital Ziad capital Cash $4,000 150,000 OD Basel Capital 15,000 Ziad Capital 15,000 All Capital 30.000 Basel capital 57,000 Ziad capital 93,000 Cash All Capital

14 15 16 and decided to liquidate their partnership Prior to the final distribution of cash to the partners. As has a capital Ihas a capital balance of $108,000 Also, cash balance is $150.000. All is NOT able to pay the amount he owes the 11 12 131 10 Al Basel and Ziad are sharing income and loss balance of $30,0001 Basel has a capital balance partnership 14.3.2 ratio respec of $72.000 and 2 Which of the following two journal entries are right to record this liquidation case? OA Basel Capital 12.000 Zad Capital 18,000 30,000 Basel capital 54,000 16.000 Ziad capital Cash 150.000 OB Basel Capital 18,000 Ziad Capital 12.000 All Capital 30.000 Basel capital $4,000 9.000 Ziad capital Cash 150.000 OC Basel Capital 18.000 Ziad Capital 12,000 All Capital 30,000 96.000 Basel capital Ziad capital Cash $4,000 150,000 OD Basel Capital 15,000 Ziad Capital 15,000 All Capital 30.000 Basel capital 57,000 Ziad capital 93,000 Cash All Capital

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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Partners X, Y and Z have capital balances capital balances in a partnership of P140,000, P60,000 and P1,800,000. The operations for the year resulted in a loss of P240,000. What will be the capital balance of Y if the three partners share in the profits of the partnership in the ratio of 2:2:6? (POSITIVE FOR CREDIT BALANCE and NEGATIVE () or "-" FOR DEBIT BALANCE)
11. Chen and Fran are partners sharing profits equally. Their respective capital balances are P2,000,000. And P1,000,000. They agree to admit Paula as a new partner. Prepare a table to revise partners’ equity and record her admission based on the following independent cases: a) Total agreed equity of P5,000,000. If there is no asset revaluation and no bonus, how much will she invest and for what percent of interest? b) She will be given a 50% interest and a bonus of P100,000 from the existing partners. How much is total agreed equity and how much will Paula invest? c) She will be given a 1/3 interest in an agreed total capital of P6,000,000. Assets should be revalued (upward adjustment) for P1,000,000. How much will Paula invest?
5 A, B and C are partners. On January 2, 2020, their capital balances and profit and loss ratio are as follows: ` Capital P&L ratio A P625,000 60% B 1,250,000 25% C 1,500,000 15% C withdrew P250,000 during the year. Net loss on December 31, 2020 totaled P500,000. Hence, the partners decided to liquidate the partnership. It is uncertain how much of the assets will ultimately yield but the favorable realization is expected. It is, therefore, agreed to distribute cash as it becomes available. There are unpaid liabilities of P125,000 and cash of P17,500. 1. The amount of non-cash assets before liquidation is: _______ 2. The amount to be realized by the partnership on the sale of its assets so that A will receive a total of P475,000 in the final settlement of his interest is: __________
Save Answer Quèstion 7 he remaining A, B and C are partners and sharing income and loss in a 3:2:1 ratio respectively. They decided to liquidate the partnership. Before the final distributic cash to the partners, A has a capital balance of $ (30,000), B has a capital balance of $72,000 and C has a capital balance of $48,000. Cash balance is 90,000. A pald the amount he owes the partnership. Required: Prepare journal entries to record the above liquidation process. YOUR ANSWER SHOULD BE IN THE FOLLOWING FORM; DO NOT USE" BETWEEN NUMBERS: Dr. Cash 100000 Cr. Land 100000 For the toolbar, press ALT+F1O (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial 10pt 三v ... O WORDS POWERED BY TINY
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es A partnership has the following capital balances: Artur, Capital Bella, Capital Callo, Capital $ 60,000 30,000 90,000 Profits and losses are split as follows: Artur (20%), Bella (30%), and Callo (50%). Callo wants to leave the partnership and is paid $100,000 from the business based on provisions in the articles of partnership. Required: Assuming the partnership uses the bonus method, compute the balance of Bella's capital account after Callo withdraws. Note: Amounts to be deducted should be indicated with minus sign. Bella's capital balance before withdrawal bonus to Callo Allocation of Callo's bonus Bella's capital balance after Callo's withdrawal
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