AQUA and PLANT with capital balances of P100,000 and P82,000,respectively. They share profits and losses in the ratio of 3:2, respectively. The partners decided to liquidate the partnership. The firm’s liabilities amount to P150,000, including P16,000 owing to DDS and P14,000 to DU. After realization of assets, the cash on hand amounted to P155,000. How much was the loss on realization?

The partnership of Kylie, Bamboo and Tank is being liquidated. The summarized balance sheet below depicts their financial position before liquidation: Cash Loans to Tank Other non-cash assets P 30,000 70,000 600,000 The other non-cash assets were sold at P400,000. 1. The excess cash distributed to Kylie is P40,000 A. True B. False Accounts payables P Kylie, loan Kylie, capital (40%) Bambo, capital (20%) Tank, capital (40%) 2. The excess cash distributed to Tank is P110,000 A. True B. False 3. The ending balance of non-cash assets after liquidation is P200,000 A. True B. False 280,000 30,000 90,000 150,000 150,000

ABC Corporation currently has $20,000 in cash, $30,000 in noncash assets, and liabilities of $35,000. The partners, Adrian, Batch, and Crenshaw, had capital balances of $5,000, $8,000, and $2,000, respectively. The partners share a profit and loss ratio of 1:1:3.  The noncash assets were sold for $20,000. Any capital deficiencies are resolved by a cash contribution by the deficient partner. Complete the liquidation chart below.

ABC Corporation currently has $7,000 in cash, $15,000 in noncash assets, and liabilities of $8,000. The partners, Adrian, Batch, and Crenshaw, had capital balances of $8,000, $2,000, and $4,000, respectively.  The partners share a profit and loss ratio of 3:2:1.  The noncash assets were sold for $3,000. Any capital deficiencies are absorbed by the remaining partners. Complete the liquidation chart below. Statement of Partnership Liquidation   Cash Noncash Assets Liabilities Capital         Adrian Batch Crenshaw Balances before realization             Sale of assets and division of loss or gain             Balances after realization             Payment of liabilities             Balances after payment of liabilities             Receipt of deficiency             Balances             Cash distributed to partners…