Cash Accounts receivable Inventory Equipment Total Accounts payable Payable to B 80,000 240,000 480,000 1,200,000 2,000,000 120,000 80,000 400,000 600,000 A, Capital (20%) B, Capital (30%) C, Capital (50%) Total On January 1, 20x1, the partners of United Ent. decided to liquidate their partnership. nformation on the conversion of non-cash assets is as follows: 40,000 was collected on accounts receivable; the balance is uncollectible. P20,000 was received for the entire inventory.The quipment was sold for P200,000.P8,000 liquidation expenses were paid. P108,000 was paid to outside creditors, after offset of P12,000 credit,memorandum received on January 2, 20x1.All of the partners are personally solvent. How much did B receive rom the settlement of his interest in the partnership? 800,000 2,000,000

Cash Accounts receivable Inventory Equipment Total Accounts payable Payable to B 80,000 240,000 480,000 1,200,000 2,000,000 120,000 80,000 400,000 600,000 A, Capital (20%) B, Capital (30%) C, Capital (50%) Total On January 1, 20x1, the partners of United Ent. decided to liquidate their partnership. nformation on the conversion of non-cash assets is as follows: 40,000 was collected on accounts receivable; the balance is uncollectible. P20,000 was received for the entire inventory.The quipment was sold for P200,000.P8,000 liquidation expenses were paid. P108,000 was paid to outside creditors, after offset of P12,000 credit,memorandum received on January 2, 20x1.All of the partners are personally solvent. How much did B receive rom the settlement of his interest in the partnership? 800,000 2,000,000

Name: CashAccounts receivableInventoryEquipmentTotalAccounts payablePayable
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Description: CashAccounts receivableInventoryEquipmentTotalAccounts payablePayable to BA, Capital (20%)B, Capital (30%)C, Capital (50%)Total80,000240,000480,0001,200,0002,000,000120,00080,000400,000600,000800,0002,000,000On January 1, 20x1, the partners of Unite

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 Accounts payable A, Capital (20%) B, Capital (30%) C, Capital (50%) Total 80,000 240,000 480,000 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: A с B Personal assets 1,200,000 1,040,000 800,000 Personal liabilities (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?
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 September 15, 2021, LCM Partnership entered into liquidation. The partners' profit and loss ratios and capital balances on this date were as follows: L 25% 2,500,000.00 C 35% 5,400,000.00 M 40% 3,700,000.00 Total 11,600,000.00 The partnership has liabilities amounting to P 4,400,000, including a loan from C in the amount of P600,000. Cash on hand before starting the liquidation process is P 800,000. Non-cash assets amounting to P 7,400,000 were sold at book value and the remainder of the non-cash assets were sold at a loss of P 4,200,000. How much cash will be distributed to the partners?
On December 31, 20x20, the Statement of Financial Position of UFC Partnership shows the following data with profit or loss sharing of 2:3:5. Cash P15,000,000 Liabilities to others P20,000,000 Other Noncash asset 40,000,000 U, Capital 15,000,000 F, Capital 12,500,000 C, Capital 7,500,000 On January 1, 20x21, the partners decided to wind up the partnership affairs. During the winding up, liquidation expenses amounted to P2,000,000 were paid. Non-cash assets with book value of P30,000,000 were sold during January. 40% of total liabilities were also paid during January. P3,000,000 cash was withheld during January for future liquidation expenses. On January 31, 20x21, partner U received P10,000,000. What is the amount received by partner F on January 31, 20x21?
1. Compute for the income from investment of Entity X 2. Compute for the balance of Investment account of the joint venture, for the end of the year
On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership. 80,000 240,000 480,000 1,200,000 2,000,000 Cash Accounts receivable Inventory Equipment Total Accounts payable to B Payable A, Capital (20%) B, Capital (30%) C, Capital (50%) 800,000 Total 2,000,000 Information on the conversion of non-cash assets is as follows: 120,000 80,000 400,000 600,000 • $40,000 was collected on accounts receivable; the balance is uncollectible. $20,000 was received for the entire inventory. . The equipment was sold for $200,000./ $8,000 liquidation expenses were paid. • • #108,000 was paid to outside creditors, after offset of a 12,000 credit, memorandum received on January 2, 20x1. All of the partners are personally solvent. How much did B receive from the settlement of his interest in the partnership?
16. On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership on installment basis. Distributions to partners shall be made as cash becomes available. The following information was made available: Dr. 40,000 120,000 Cr. . Cash Accounts receivable Receivable from c 20,000 240,000 600,000 Inventory Equipment Accounts payable Payable to B A, Capital (20%) A, Drawing B, Capital (30%) C, Capital (50%) C, Drawings Totals 60,000 40,000 200,000 40,000 300,000 400,000 60,000 1,060,000 1,060,000 During January, non-cash assets with carrying amount of P260,000 was sold for P120,000. Disposal costs amounted to P40,000. All of the partners are personally insolvent. How much did B receive on the cash distribution to the partners? a. 60,000 b. 74,000 c. 76,000 d. 0