bided to liquidato On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership. The of ABC following information was made available: 80,000 Cash 240,000 480,000 Accounts receivable Inventory Equipment Total Accounts payable A, Capital (20%) B, Capital (30%) C, Capital (50%) Total SITY☆/ Personal assets Personal liabilities 1,200,000 2,000,000 600,000 200,000 400,000 800,000 2,000,000 The net proceeds from the sale of non-cash assets amounted to P260,000. The personal assets and personal liabilities of the partners are as follows: ДА A с B 1,200,000 1,040,000 800,000 (880,000) (880,000) (1,280,000) How much additional contributions shall be made by the partners in order to settle all of the partnership liabilities?

bided to liquidato On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership. The of ABC following information was made available: 80,000 Cash 240,000 480,000 Accounts receivable Inventory Equipment Total Accounts payable A, Capital (20%) B, Capital (30%) C, Capital (50%) Total SITY☆/ Personal assets Personal liabilities 1,200,000 2,000,000 600,000 200,000 400,000 800,000 2,000,000 The net proceeds from the sale of non-cash assets amounted to P260,000. The personal assets and personal liabilities of the partners are as follows: ДА A с B 1,200,000 1,040,000 800,000 (880,000) (880,000) (1,280,000) How much additional contributions shall be made by the partners in order to settle all of the partnership liabilities?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter19: Accounting For Partnerships

Section: Chapter Questions

Problem 5CE

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The partnership of H, M and R is liquidating and the ledger shows the following:Dr. Cash- P80,000Dr. Inventories- P100,000Cr. Accounts payable- P60,000Cr. H, Capital (50%)- P45,000Cr. M, Capital (25%)- P40,000Cr. R, Capital (25%)- P35,000If all cash available is distributed immediately: a. M should get P15,000 and R should get P5,000 b. M should get P12,500, and R should get P7,500 c. each partner should get P6,667 each d. each partner should get P26,667 each
On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership. The following information was made available: Cash Accounts receivable Inventory Equipment Total 80,000 Accounts payable 120,000 240,000 Payable to B 480,000 A, Capital (20%) 1,200,000 B, Capital (30%) 2,000,000 C, Capital (50%) 80,000 400,000 600,000 800,000 Information on the conversion of non-cash assets is as follows: • P200,000 was collected on accounts receivable; the balance is uncollectible. P280,000 was received for the entire inventory. The equipment was sold for P1,000,000. P8,000 liquidation expenses were paid. How much did C receive from the settlement of his interest in the partnership?
On January 1, 20x1, the partners in ABC Co. decided to admit other investors and convert the partnership into a corporation. Relevant information follows: Carrying amounts Fair values Cash 80,000 80,000 Receivables 240,000 160,000 320,000 Inventory Equipment Payables A, Capital (20%) B, Capital (30%) C, Capital (50%) 280,000 2,160,000 2,680,000 200,000 200,000 600,000 N/A 800,000 N/A 1,200,000 N/A The corporation has an authorized capitalization of P8,000,000 divided into 200,000 ordinary shares with par value of P40 per share. Assume that the adjusted capital balances of the partners are used in determining the number of shares to be issued to each partner. What is the aggregate par value of the total shares issued to the partners?
The partnership of H, M and R is liquidating and the ledger shows the following:Dr. Cash- P80,000Dr. Inventories- P100,000Cr. Accounts payable- P60,000Cr. H, Capital (50%)- P45,000Cr. M, Capital (25%)- P40,000Cr. R, Capital (25%)- P35,000If all cash available is distributed immediately: Choices: • M should get P12,500, and R should get P7,500 • each partner should get P26,667 each • each partner should get P6,667 each • M should get P15,000 and R should get P5,000
35. The statement of financial position for the partnership of BBB, CCC and DDD who share profits in the ratio of 2:1:1, shows the following balances just before the liquidation: Cash P12,000Other assets 59,500Liabilities 49,000BBB, capital 22,000CCC, capital 15,500DDD, capital (15,000) On the first installment of the liquidation, a gain of P8,525 was realized from the sale of certain assets. Liquidation expenses of P1,000 was paid, and additional liquidation expenses are anticipated. Liabilities paid amounted to P34,400. Remaining book value of other assets is P1,550. On the first payment to partners, CCC receives P6,250. The amount of cash withheld for anticipated liquidation expenses and unpaid liabilities is: a. 11,475b. 14,600c. 26,075d. 29,200
5. On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership. The following information was made available: Cash Accounts Receivable Inventory Furniture & fixtures, net Total Accounts Payable A, Capital (70%) B, Capital (30%) Total 30,000 380,000 260,000 120,000 790,000 165,000 350,000 175,000 790,000 C offered to buy for $760,000 the partnership assets including liabilities but excluding cash and after certain assets are to be restated to their fair values as follows: Accounts receivable, P350,000 Inventory, P250,000 Furniture, P135,000 How much will A and B receive as the final settlement of their partnership interests?
The following information was obtained from the records of Alben Traders, a partnership business with Albert and Bennie as partners, after the net profit of /R546 000 was appropriated between the partners: Partners' salaries R480 000; Interest on drawings R6 000; Total share of the remaining loss R48 000. Which of the following reflects the value of the interest on capital? O A. R108 000 OB. R24 000 O C. R120 000 O D. R972 000
The following information was obtained from the records of Alben Traders, a partnership business with Albert and Bennie as partners, after the net profit of R546 000 was appropriated between the partners: Partners' salaries R480 000; Interest on drawings R6 000; Total share of the remaining loss R48 000. Which of the following reflects the value of the interest on capital? • A. R24 000 O B. R108 000 O C. R972 000 O D. R120 000
On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership. The following information was made available: Cash 20,000 Accounts receivable 60,000 Inventory 120,000 Equipment 300,000 Total 500,000 Accounts payable 30,000 Payable to B 20,000 A, Capital (20%) 100,000 B, Capital (30%) 150,000 C, Capital (50%) 200,000 Total 500,000 Case #1: Information on the conversion of non-cash assets is as follows: a. P50,000 was collected on accounts receivable; the balance is uncollectible. b. P70,000 was received for the entire inventory. c. The equipment was sold for P250,000 d. P2,000 liquidation expenses were paid. a. The net cash…
The ABC Partnership is to be liquidated. The ledger shows the following: Cash $ 70,000 Noncash Assets 220,000 Liabilities 90,000 A, Capital 85,000 B, Capital 90,000 C, Capital 25,000 A,B, and C's income ratios are 5:3:2, respectively. The non-cash assets are sold for $170,000. Instructions Prepare a schedule of liquidation using the following chart: Cash NC assets Liabilities A, Cap B, Cap C, Cap Beg Balance Sale of assets Balance Pay liabilities Balance Distribute cash End Balance Prepare the 4…
The balance sheet of Maroon and White was as follows immediately prior to the partnership's being liquidated: cash, P20,000; other assets, P160,000; liabilities, P40,000; Maroon capital, P60,000; White capital, P80,000. The other assets were sold for P139,000. Maroon and White share profits and losses in a 2:1 ratio. As a final cash distribution from the liquidation, how much cash will Maroon receive? Prepare a statement of liquidation.
On January 1. 20x20, ACJ Partnership entered into liquidation. The partners' capital balances on this date were as follows: A (25%) P2.500,000: C (35%) P5.400.000; J (40%) P3,700,000. The partnership has liabilities amounting to P4.400.000, including a loan from C P600.000. Cash on hand before the start of liquidation is P800,000. If C received P2.255.000. How much was the loss from the realization ol the noncash assets?