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?

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?

Partners A and B formed a partnership on January 1, 2020 where Partner A invested P500,000 while Partner B invested P300,000. Profit and loss as agreed upon by partners is to be shared in the ratio of the original capital. The drawing accounts of Partners A and B have debit balances of P24,000 and P12,000 respectively. Net income for the period ending December 31, 2020 amounted to P180,200. What is capital balance of Partner B for the year ending December 31, 2020?

After a long dispute, AA, BB, and CC decided to liquidate their partnership. Their capital balances as of January 2, 2022 are as follows: AA, capital (25%) P750,000 BB, capital (40%) 900,000 CC, capital (35%) 560,000 The partnership’s total assets on this date include P250,000 cash and a receivable from AA amounting to P50,000 and noncash assets of a certain amount. Total liabilities to outside creditors, immediately before liquidation, are P640,000 and the partnership still owes CC an amount of P20,000. Liquidation expenses of P25,000 were paid during the liquidation proceedings. At the end of liquidation, BB received P575,000. How much is the carrying amount of the non-cash assets, other than the receivable from AA, immediately before liquidation?

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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 condensed statement of financial position of Ricablanca, Tac-an and Dimalanta partnership as of March 31, 2019 follows:                Assets                               Cash                                    P  28,000                               Non-cash Assets                 265,000                                              Total                     P293,000                               Liabilities                            P  48,000                               Ricablanca, Capital              95,000                               Tac-an, Capital                      80,000                               Dimalanta, Capital               70,000                                              Total                     P293,000 Profit and loss ratio is 50:25:25, respectively. The partners voted to dissolve the partnership and liquidate by selling assets in installments. P70,000 was realized on the first cash sale of other non-cash assets which has a book value of P150,000.…

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?

The accounts of the partnership of A, B and C at the end of its fiscal year 011 October 31, 2021 are as follows: Cash  78,750 Other Non-Cash Assets    682,500              Liabilities     P262,500 Loan to B    26,250                                       Loan from C     52,500                                                                 A, Capital (30%)    236,250                                                                  B, Capital (50%)     157,500                                                                 C, capital (20%)     78,750 8. If P90,000 is available for distribution to partners after all non-partner liabilities are paid, how much should A receive? 9. If in the first distribution, B received 6,250, how much should C have received at this point? 10. If in the first distribution, A received 172,500, how much should B have received? 11. If in the first distribution, C received 37,500, how much is the total cash distributed? 12. If in the first distribution, A…

On January 1, 2018, A, B and C formed ABC Partnership with original capital contribution of P600,000, P1,000,000 and P400,000. A is appointed as managing partner. Read the data below. What is A's share in partnership profit for 2018?