17. A and B decided to liquidate their partnership. The partnership's records show the following information: Cash Liabilities 15,000 10,000 Non-cash assets 80,000 Loan payable to A LEGA Page I 6 Loan payable to B A, capital (80%) B, capital (20%) Total liabilities and equity 17,000 20,000 18,000 80,000 Total assets 80,000 All the non-cash assets are sold for P50,000. If B received P29,000 in the cash distribution to the partners, how much did A receive? а. 30,000 b. 22,600 c. 9,400 d. 6,000

17. A and B decided to liquidate their partnership. The partnership's records show the following information: Cash Liabilities 15,000 10,000 Non-cash assets 80,000 Loan payable to A LEGA Page I 6 Loan payable to B A, capital (80%) B, capital (20%) Total liabilities and equity 17,000 20,000 18,000 80,000 Total assets 80,000 All the non-cash assets are sold for P50,000. If B received P29,000 in the cash distribution to the partners, how much did A receive? а. 30,000 b. 22,600 c. 9,400 d. 6,000

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations

Section: Chapter Questions

Problem 47P

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Juan contributes marketable securities to a partnership. The book value of the securities is $7,000 and they have a current market value of $10,000. What amount should the partnership record in Juans Capital account due to this contribution? A. $10,000 B. $7,000 C. $3,000 D. none of the above
The following accounts pertain to Ali and Basil partnership: cash 10000, non-cash assets 90000, liabilities 30000, Ali capital 50000 and Basil capital 20000. The income ration 3:2. The partnership was liquidated and non-cash assets were sold for 110000. The balance of cash after sales on non-cash assets will be - O a. 120000 O b. 140000 O c. 130000 Od 150000
The following accounts pertain to Ali and Basil partnership: cash 10000, non-cash assets 90000, liabilities 30000, Ali capital 50000 and Basil capital 20000. The income ration 3:2. The partnership was liquidated and non-cash assets were sold for 110000. The gain on realization will be charged to Ali capital is----- O a. 20000 O b. 25000 O c. 15000 O d. 12000
The second cash payment to any partner/s under the program of priorities shall be made thus?
If the total cash available for distribution to the partners as settlement of their claims in the partnership was P278,000, for how much were the non-cash assets sold?
2) After the realization of non-cash assets, the following account balances appeared in the genera ledger of the partnership of See, Chap, and Pooh. Cash P 10,000 Liabilities 30,000 Pooh,Loan 5,000 See,Capital 15,000 Chap,Capital 10,000 Pooh,Capital 10,000 Profits are shared 2:4:4 for See, Chapand Pooh, respectively. Pooh is insolvent. Q3. How much additional investment did Chap make? a. 10,000 b. 14,000 c. 15,000 d. 20,000
2) After the realization of non-cash assets, the following account balances appeared in the genera ledger of the partnership of See, Chap, and Pooh. Cash P 10,000 Liabilities 30,000 Pooh,Loan 5,000 See,Capital 15,000 Chap,Capital 10,000 Pooh,Capital 10,000 Profits are shared 2:4:4 for See, Chapand Pooh, respectively. Pooh is insolvent. Q2. How much did See receive in the liquidation? a. 0 b. 3,000 c. 5,000 d. 15,000
2) After the realization of non-cash assets, the following account balances appeared in the genera ledger of the partnership of See, Chap, and Pooh. Cash P 10,000 Liabilities 30,000 Pooh,Loan 5,000 See,Capital 15,000 Chap,Capital 10,000 Pooh,Capital 10,000 Profits are shared 2:4:4 for See, Chapand Pooh, respectively. Pooh is insolvent. 1. How much was the loss on realization? a. 50,000 b. 60,000 c. 70,000 d. 80,000
3. Use the following information for the next two cases: A and B decided to liquidate their partnership. The partnership's records show the following information: Cash Non-cash assets 80,000 Total assets s0,000 Liabilities 15,000 Loan payable to Partner A 10,000 Loan payable to Partner B 17,000 A, capital (80%) B, capital (20%) Total liabilities and equity 20,000 18,000 80,000 Case #1: Lump-sum liquidation All the non-cash assets are sold for P50,000. Requirement: Determine the amounts distributable to A and B in the liquidation. Case #2: Installment liquidation The non-cash assets are sold in installments. Settlement of partners' claims sha installments as cash becomes available. In the first be ade in sale, three-fourths (3/4) of the non-cash assets are sold for P45,000. Requirement: Determine the amounts distributable to A and B after the first installment sale.
The loss on realization must be?
Partners A, B and C decided to liquidate their partnership. A summary of the partnership's statement of financial position is shown below: 50,000 1,200,000 1,250,000 Cash Noncash assets Total Accounts payable Payable to A A, Capital (50%) B, Capital (30%) C, Capital (20%) 100,000 50,000 540,000 360,000 200,000 1,250,000 Total If a cash priority program is prepared, which partner is paid first and how much is the total payment to that partner before all partners will share on the available cash based on their profit and loss ratios? а. А, Р20,000 b. В, Р96,000 с. В, Р90,000 d. B, P60,000
2. The following condensed balance sheet is presented for the partnership of Joseph and Emman, who share profits and losses in the ratio of 60:40, respectively: Other Assets Emman, loan Total P500,000 20,000 P520,000 Accounts Payable Joseph, Capital Emman, Capital Total P120,000 220,000 180,000 P520,000 The partners decided to liquidate the partnership. If the assets are sold for P345,000, what amount of the available cash should be distributed to Emman? Show your solution.