Accounts Payable Other Liabilities Capital Additional information: 180,000 250,000 200,000 350,000 620,000 800,000 1. Accounts Receivable of P20,000 and P40,000 are uncollectible in AQUIL's and BADIR's respective books. 2. Inventories of P6,000 and P7,000 are worthless in AQUIL's and BADIR's respective books. 3. Intangible assets are to be worthless in each books. Question 3 What will be the capital balance of partner BADIR after the adjustments?(...
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- On January 1, 2020, Mr. Ann and Ms. Buoy agreed to form a partnership. The partnership contributions are as follows Mr. Ann Ms. Buoy Cash 50,000.00 120,000.00 Accounts receivable 360,000.00 1,080,000.00 Inventories 216,000.00 360,000.00 Land 1,080,000.00 Building 900,000.00 Equipment 90,000.00 90,000.00 Accounts Payable (336,000.00) (450,000.00) Capital P1,460,000.00 2,100,000.00 The partners agreed the following *The recovereable amount of the partners respective accounts receivable are P300,000 for Mr. Ann and P760,000 for Ms. Buoy *The inventory contributed by Ms. Buoy includes obselete items with recorded cost of P20,000.00 *The land has an attached mortgage of P180,000, which the partnership will assume *The equipment contributed by Ms. Buoy has a fair value of P130,000. *Mr. Ann has unrecorded accounts payable of P100,000. The partnership assumes the obligation How much is the initial capital of Ms. BuoyOn January 02, 2019, the business assets and liabilities of Gail Anne & Precious were as follows: Gail AnnePrecious CashP28,000P62,000 Receivables 200,000 600,000 Inventories 120,000 200,000 PPE 650,000 535,000 Other Assets 2,000 3,000 Accounts Payable 180,000 250,000 Notes Payable 200,000 350,000 Gail Anne and Precious agreed to form a partnership by contributing their net assets subject to the following adjustments: ➢ Receivables of P20,000 in Gail Anne’s books and P40,000 in Precious’ books are uncollectible ➢ Inventories of P6,000 and P7,000 in the respective books of Gail Anne and Precious are worthless ➢ Other assets in both books are to be written off ➢ Accrued interest on notes payable equal to 10% is to be established. The note payable of Gail Anne was dated August 01, 2018 while that of Precious, was dated April 01, 2018. The balances of selected accounts after the formation are: Assets…On March 1, 2018, X and Y formed a partnership. The partners contributed the following:X YCash P500,000 P400,000Accounts Receivable 300,000 200,000Allowance for doubtful accounts 50,000 20,000Inventory 150,000 100,000Equipment 500,000 200,000 Accumulated depreciation 100,000 25,000Accounts Payable 50,000 400,000Note Payable 200,000 The partners agree on the following:a. P10,000 of the accounts receivable of X is to be written-off.b. An allowance for doubtful accounts of 15% is to be established on the remaining receivables of Xand Y.c. The inventory of Y is to be valued at P140,000.d. The equipment of X is under depreciated by P20,000 and the equipment of Y has a fair value ofP190,000.e. The note of X is dated December 1, 2017 and is subject to a 12% interest . Interest had not yetbeen accrued.f. The partners agree on a 2:1 profit and loss ratio.g. The partners agree to bring their capital balance proportionate to their profit and loss ratio.If Y's Capital is to be used as basis, how…
- The following items are being invested by A and B to form AB Partnership Agreed Cash Inventory Land Building Equipment Total Mortgage on building assumed by the partnership Investment by A 120,000.00 120,000.00 240,000.00 480,000.00 480.000.00 Values Investment by B 120,000.00 240,000.00 480,000.00 840,000.00 240,000.00 600.000.00 REQUIRED: A. Prepare entries to record the formation of partnership assuming that A and B agree that each partner is to receive a capital credit equal to the agreed values of the net assets each partner invested. B. Prepare entities to record the formation of the partnership assuming that A and B agreed that each partner is to receive an equal capital investment.On the December 31, 2020, the Statement of Financial Position of LOVE Partnership shows the following data with profit or loss sharing of 5:3:2.CashP10,000,000Noncash Asset40,000,000Total LiabilitiesP20,000,000Ona10,000,000Vina15,000,000Ena5,000,000On January 01, 2021, Lina is admitted to the new partnership named LOVE by investing P20,000,000 for 50% capital interest in the new partnership. What is the new capital balance of Ena after Lina’s admission in LOVE Partnership?blanaces of accounts for M&M partnership are cash 34000 account payable (25000) loan to Matter (9000) Matter capital 8000 Mansour capital (8000) avaliable cash should distributed as follows after payment 25000 to account payables: OA. 1000 to Mansour and 8000 to Matter OB. 1000 to Matter and 8000 to Mansour O c. $4500 each to Matter and Mansour OD. 9000$ for loan of Matter
- 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…T, B and V, a partnership formed on January 1, 2021 had the following initial investments:T P 100,000B 150,000V 225,000The partnership agreement stated that profits and losses are to be shared equally by the partners afterconsideration is made for the following:• Salaries allowed to partners: P60,000 for T; P48,000 for B and P36,000 for V.• Average partner’s capital balances during the year shall be allowed 10%.Additional information:• On June 30, 2021, T invested an additional P60,000.• V withdrew P70,000 from the partnership on September 30, 2021.• Share on the remaining profit was P3,000 for each partner. 7. The partnership net profit for 2021 before salaries, interest and partner’s share on the remainder was__________8. The total partnership capital on December 31, 2021 was ____________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
- blanaces of accounts for M&M partnership are cash 34000 account payable (27000) loan to Matter (7000) Matter capital 8000 Mansour capital (8000) avaliable cash should distributed as follows after payment 25000 to account payables: ○ A. 7000 to Mansour O B. 7000$ for loan of Matter O c. $3500 each to Matter and Mansour OD. 1000 to Matter and 7000 to MansourOn December 31, 2020, the accounting records of the Friends Partnership included the following information: Raflyn, drawing (debit balance) P 120,000 Jane, drawing (debit balance) Pablo, loan Raflyn, capital Jane, capital Pablo, capital 45,000 150,000 615,000 502,500 540,000 Total assets amounted to P2,392,500, including P262,500 cash, and liabilities totaled P750,000. The partnership was liquidated on December 31, 2020, and Jane received P416,250 cash pursuant to the liquidation. Raflyn, Jane, and Pablo share net income and losses in a 5:3:2 ratio, respectively. Compute for the total loss on realization.X. Y. and Z formed a partnership on Inauary 1, 2021, and contributed P150.000; P200,000 P300.000, respectively. Their articles of co-partnership provide that the operating income be shared among partners as follows as salary, P24.000 for XP18.000 for Y. and P12,000 for Z interest of 12% on the average capital during 2021 of the three partners and the remainder in the ratio of 424 respectively. The operating income for the year-end December 31, 2021 amounted to P200,000 X contributed additional capital of P30.000 on July 1, and made a drawing of P10.000 on October 1. Y contributed additional capital of P20.000 on August 1 and made a drawing of P10.000 on October 1: and Z made a drawing of P30.000 on November 1, 2021. How much is the capital balance at the end of partner Y?