Alma, Brenda and Dely share profits and losses in a 5:3:2 ratio, respectively.
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On December 31, 2020, the accounting records of Alma, Brenda, and Dely partnership included the following balances: Alma, drawing 60,000; Dely, drawing P22,500; Brenda loan P75,000; Alma, capital 307,500; Brenda, capital P251,250 and Dely, capital P270,000. The total assets of the partnership amounted to P1,196,250, including P131,250 cash, and partnership liabilities totaled P375,000. The partnership was liquidated Dec. 31 and Dely received P208,125 cash pursuant to the liquidation. Alma, Brenda and Dely share
The loss on realization is:
Group of answer choices
61,875
868,125
309,374
196,875
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- The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $40,000 B. $25,000 C. ($5,000) In addition, show the resulting entries to each partners capital account. Tatums capital account balance is $50,000 and Brooks is $60,000.On December 31, 2020, the accounting records of Alma, Brenda, and Dely partnership included the following balances: Alma, drawing 60,000; Dely, drawing P22,500; Brenda loan P75,000; Alma, capital 307,500; Brenda, capital P251,250 and Dely, capital P270,000. The total assets of the partnership amounted to P1,196,250, including P131,250 cash, and partnership liabilities totaled P375,000. The partnership was liquidated Dec. 31 and Dely received P208,125 cash pursuant to the liquidation. Alma, Brenda and Dely share profits and losses in a 5:3:2 ratio, respectively. The cash balance after payment of liabilities is: Group of answer choices 999,375 774,375 886,875 624,375The 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 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.On December 31, 2020, the accounting records a A, B, and D partnership included the following debit balances: A, drawing 60,000; D, drawing 22,500; and credit balances: B, loan 75,000; A capital 307,500; B, capital 251,250 and D, capital 270,000. The total assets of the partnership amounted to 1,196,250, including 131,250 cash. The partnership was liquidated on December 31 and D received 208,125 pursuant to the liquidation. A, B and D share profits and losses in a 5:3:2 ratio, respectively. The cash balance after payment of liabilities to outsiders amount to: a.774,375 b.886,875 c.624,375 d.999,375On December 31, 2020, the accounting records a A, B, and D partnership included the following debit balances: A, drawing 60,000; D, drawing 22,500; and credit balances: B, loan 75,000; A capital 307,500; B, capital 251,250 and D, capital 270,000. The total assets of the partnership amounted to 1,196,250, including 131,250 cash. The partnership was liquidated on December 31 and D received 208,125 pursuant to the liquidation. A, B and D share profits and losses in a 5:3:2 ratio, respectively.The loss on realization amounts to: a.61,875 b.868,125 c.309,374 d.196,875
- On December 31, 2020, the Statement of Financial Position of EYBISI Partnership with profit or loss ratio of 6:1:3 of partners Anna, Belle, and Cassie respectively, revealed the following data: Cash - 1,000,000 Other Liabilities - 2,000,000 Receivable from Anna - 500,000 Payable to Belle - 1,000,000 Other non-cash assets - 2,000,000 Payable to Cassie - 100,000 Anna, Capital 700,000 Belle, Capital (650,000) Cassie, Capital 350,000 On January 1, 2021, the partners decided to liquidate the partnership. All partners are legally declared to be personally insolvent. The other non-cash assets were sold for $1,500,000. Liquidation expenses amounting to $100,000 were incurred. a. What amount of cash was received by Belle at the end of partnership…Given the following information about AKing & Lee form a partnership. The partnership agreement provides for (1) salary allowances of $8,400 to King and $6,000 to Lee , (2) interest on capital of 10%, and (3) the remaining income will be allocated equally . Capital balances on January 1 were King $28,000 , and Lee $24,000 . In 2018 , partnership net income is $22,000 . Required: Allocate net income between King and LeeB partnership A B Capital 200,000 150,000 Interest on capital is 10% Net income 50,000 Required: Allocate net income between A and B assuming that any remaining income will be allocated equally.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?
- The partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. Profits and losses are shared 50%; 30%; and 20%, respectively. Guess, Drawing (debit balance) P (32,000) Levis, Drawing (debit balance) (12,000) Jag, Loan 40,000 Guess, Capital 164,000 Jag, Capital 134,000 Levis, Capital 144,000 Total assets amounted to P 638,000, including cash of P 70,000, and P 200,000 worth of liabilities. On January 2019, the partnership was liquidated, and Jag received P 111,000 cash as final settlement. Require 1. The total loss from the liquidation of the partnership 2. Prepare the statement of liquidation. 3. Journal entries to record the liquidation.The laon and capital account balances of Santiago, Gorospe, Esparaguera and Rozales were as follows on September 25, 2021, the date that the partnership began liquidation: Debit Credit Loan Receivable – Esparaguera P10,000 Loan Payable – Santiago P20,000 Santiago, Capital 50,000 Gorospe., Capital 25,000 Esparaguera, Capital 70,000 Ronzales, Capital 50,000 Partnership liabilities totaled P80,000 on September 25, 2021. The partners shared profits and losses and realization gains and losses as follows: Santiago, 20%; Gorospe, 25%, Esparaguera, 30% and Ronzales, 25%. (1)Prepare a cash priority program.Net income for AB partnership for 2021 was $125,000. A and B have agreed to distribute partnership net income according to the following plan as shown in the image. Additional Information for 2021 follows: A began the year with a capital balance of $75,000 B began the year with a capital balance of $100,000 On March 1, A invested an additional $25,000 into the partnership On October 1, B invested an additional $20,000 into the partnership Throughout 2021, each partner withdrew $200 per week in anticipation of partnership net income. The partners agreed that these withdrawals are not to be included in the computation of average capital balances for purposes of income distributions. A. Allocate the income to partners A and B B. Compute for the ending capital balances of the partners.