A, B and C decided to dissolve the partnership on November 30, 2021. Their capital balances and profit ratio on this date follows: A, P50,000 (40%); B, P60,000 (30%); C, P20,000 (30%). The net income from January 1 to November 30, 2021 is P44,000. Also on this date, cash and liabilities are P40,000 and P90,000, respectively. For A to receive P55,200 in full settlement of his interest in the firm, how much must be realized from the sale of the firms non cash assets?

On January 1, 2021, the partners C, D and E who share profits and losses in the ratio of 5:3:2, respectively, decided to liquidate their partnership. On this date the partnership condensed statement of financial position was as follows: Cash P 50,000, Other Assets 250,000, Liabilities P 60,000, C, capital 80,000, D. capital 90,000, E, capital 70,000. On January 15, 2021, the first cash sale of other assets with a carrying amount of P150,000 realized P120,000. Safe installment payments to the partners were made the same date. How much cash should be distributed to each partner?

On January 1, 2021, the partnership of TM, JK and AB, who share profits and losses in the ratio of 5:3:2, respectively, decided to liquidate their partnership. On this date, the partnership accounts were as follows: Cash       375,000                             TM, Capital     408,000  Other Assets   1,125,000                  JK, Capital            474,000 Liabilities 282,000                       AB, Capital       336,000 On January 15, 2021, the first cash sale of other assets with a carrying amount of P540,000 realized P444,000. Safe installment payments to the partners were made the same date. 1.        If cash of P 165,000 is to be withheld for contingencies,  how much cash should be distributed to AB? 2.        Assuming the first cash sale of other assets with a carrying amount of 690,000 realized 495,000 and cash of 240,000 is to be withheld, how much cash should be distributed to JK?

The partnership agreement of Kray, Lamb, and Mann provides for the division of net income as follows: 1. Lamb who manages the partnership, is to receive a salary of P550,000 per year. 2. Each partner is to be allowed interest at 10% on beginning capital. 3. Remaining profits are to be divided equally. During 2020, Kray invested additional P200,000 in the partnership. Lamb withdrew P250,000, and Mann withdrew P200,000. No other investments or withdrawals were made during 2020. On January 1, 2020 the capital. balances of Kray, P3,250,00, Lamb P3,750,000, and Mann P3,500,000. Total capital at year end was PP12,600,000. Required: Prepare a statement of partners' capital for the year ended December 31, 2020.

AA, BB and CC decided to liquidate the partnership on July 31, 2022. Their capital balances and profit ratio on this date follow:   Capital Balances Profit Ratio AA P56,000 45% BB 72,000 25% CC 32,000 30% The net income from January 1to July 31, 2022 is P12,000. Also, on this date, cash and liabilities are P42,000 and P58,000 respectively. CC received P41,600 in full settlement of his interest in the firm. How much did AA receive?

What is the correct answer to the question?

DD, EP. and FF decided to dissolve the partnership on July 31, 2021. Their capital balances and profit ratio on this date follow: DD, 33,600 (45%);   EE, 43,200 (25%.);   FF, 19,200 (30%), The net income from January 1 to luly 31, 2021 was P7,200. Also, on this date cash and liabilities were 25,200 and 34,800 respectively. FF received 24,960 In full settlement of his interest. 12. Which of the following statements is true? a. 115,200 was realized from sale of NCA b. DD recieved 42,240 in full settlement of his interest. c. 124,800 was the total distribution to outsiders and the partners. d. EE's share in the loss on realization was 3,000.

On June 30, 2020, the statement of financial position for the partnership of A, B, and C together with their respective profits and loss ratios, were as follows: Assets, at cost - P200,000 A, Loan - 10,000 A, Capital (20%) - 35,000 B, Capital (30%) - 75,000 C, Capital (50%) - 80,000 A decided to retire from the partnership. by mutual agreement, the assets to be adjusted to their fair value of P220,000 at June 30, 2020. It was agreed that the partnership would pay A P60,000 cash for A's partnership interest, including A 's loan which is to be repaid in full. No goodwill/ asset revaluation is to be recorded. After A's retirement, what is the balance of B's capital account?

As of December 31, 2021, the books of TWO partnership showed capital balances of: Tim - P 40,000, Wina - P 25,000, and Oca - P 5,000. The partners' profit and loss ratio was 3:2:1, respectively. The partners decided to liquidate and they sold all non-cash assets for P 37,000. After settlement of all liabilities amounting to P 12,000, they still have cash of P 28,000 left for distribution. Assuming that any capital debit balance is uncollectible, the share of Tim in the distribution of P 28,000 cash would be:

the partnership of R and N was formed on march 31, 2021. on this date, R invested p50,000 cash and office equipment valued at p30,000. N invested p70,000 cash, merchandise valued at p100,000, and furniture valued at p100,000 subject to a notes payable of p50,000 which the partnership did not assume. the partnership provides that R and N shares profits and losses 25:75 respectively. the agreement further provides that the partners should initially have an equal interest in the partnership capital. the total capital of the partnership after the formation is: