Answered: Assuming Cash Available for…

Assuming Cash Available for distribution amounted to P200,000 the partners Aloha, Brooke and Cole will received the following:

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 14MC: Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at...

See similar textbooks

Related questions

Q: The CL Partnership has two partners, Cleo andLeo. Each partner’s basis in his or her partnership…

A: Partnership It refers to an agreement between two or more people to oversee the business operations…

Q: Antonio and Barbara are partners who share income in the ratio of 1:2 and have capital balances of…

A: Partnership: The form of business entity which is formed by an agreement, owned and managed mutually…

Q: Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their…

A: The partnership is an agreement between two or more partners where partners are agreed to work…

Q: David Oliver and Umar Ansari, with capital balances of $47,000 and $63,000, respectively, decide to…

A: Cash to be distributed among partners is the amount of cash after paying off the liabilities of the…

Q: Ritz , Von, and Lara are partners with capital balances of P20,000, P30,000, and P50,000…

A: Solution: Share of loss for Ritz = P30,000 * 1/6 = P5,000

Q: ee are partners, sharing earnings in the ratio of 3:4:6: accounts on December 31, 2019 are as…

A: Given as, Bench- P 1,000 Mark- P 25,000 Spencer- P 25,000 Lee- P 9,000

Q: On January 1, 20x1, A and B who share profits and losses ona 60:40 ratio, decided to liquidate their…

A: Total cash available for distribution = Amount paid to A in the settlement of the partner's capital…

Q: 1. How much was the loss on realization? 2. How much should Cara and David receive in final…

A: 1. ) Liabilities of firm owing to partners = 14000 + 16000 = 30000 Firm's liabilities excluding…

Q: The ABC Partnership is to be liquidated and you have been hired to prepare a Schedule of Cash…

A: LIQUIDATION OF A PARTNERSHIP BUSINESS IS ACTUALLY CLOSURE OF THE BUSINESS.BEFORE CLOSING THE…

Q: ancis, Gary, and Joel are partners who share profits and losses in the ratio of 2:3:5. The partners…

A: Liquidation means where the business of firm is closed down , assets are sold out and liabilities…

Q: Farah, Marwah, and Waseem are partners in a firm. They have capital balances of $80,000, $60,000,…

A: 1. Bonus Method - the payment to Marwah in excess of his capital balance will be shouldered by the…

Q: David Oliver and Umar Ansari, with capital balances of $28,000 and $35,000, respectively, decide to…

A: Introduction: Partnership: Its an agreement between two or more partners for forming a business and…

Q: If Pierce is to receive a final settlement of P 180,000, how much should be the proceeds from sale…

A: If Pierce is to receive a final settlement of P 180,000, proceeds from the sale of the non-cash…

Q: Ramer and Knox began a partnership by Investing $62,000 and $93,000, respectively. During its first…

A: Step 1:Allocation of income between partners in the ratio of their initial investments:Fraction to…

Q: Lebron and Wade, partners who share profits and losses equally decided to liquidate their…

A: Partnership means where two or more person comes together to do some common business activity and…

Q: Item Nos. 26 to 28 are based on the following information: Kia, Lia, and Mia are partners sharing…

A: In the context of the given question, we are required to compute the answer to those questions.…

Q: David Oliver and Umar Ansari, with capital balances of $28,000 and $35,000, respectively,decide to…

A: Partnership: It is that form of organization which is owned and managed by two or more persons who…

Q: The following statement of financial position account balances for the partnership of Pierce.…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: VINCENT and VAN are partners with capital account balances of P120,000 and P180,000, respectively…

A: The partnership comes into existence when two or more persons agree to do the business and further…

Q: Antonio and Barbara are partners who share income in the ratio of 1:2 and have capital balances of…

A: The question is multiple choice question. Required Choose the Correct Option.

Q: Ahmed contributes cash of $12, 000 and Fatima contributes Office equipment that cost $10,000but…

A: A journal entry is produced to document the contributions made by partners when they pool their…

Q: Faith, Hope, and Love are partners sharing profits and losses in the ratio 221 and have capital…

A: Partnership is the arrangement between two or more persons to manage and operate the business.

Q: Julie, Liza and Emma are partners who share profits and losses in the ratio of 2:3:5. The partners…

A: The partnership comes into existence when two or more persons agree to do the business and further…

Q: On August 20, 2030, T, U and V form a partnership investing cash of P105,000; P94,500 and P29,400,…

Question

Aloha, Brooke and Cole are partners who share profits in the ratio 35.35.30 Capital balance of the partners are P200,000, P250,000 and P225,000 respectively. The partnership decided to dissolve the partnership and liquidate their assets. Assuming Cash Available for distribution amounted to P200,000 the partners Aloha, Brooke and Cole will received the following:

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Important Note

VIEW

Solution

VIEW

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

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.
The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a $7,000 salary and Sue receives a $6,500 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $10,000 B. $5,000 C. ($12,000) In addition, show the resulting entries to each partners capital account.
Arun and Margot want to admit Tammy as a third partner for their partnership. Their capital balances prior to Tammys admission are $50,000 each. Prepare a schedule showing how the bonus should be divided among the three, assuming the profit or loss agreement will be 1:3 once Tammy has been admitted and her contribution is: A. $20,000 B. $80,000 C. $50,000. In addition, show the resulting journal entries to each of the three partners capital accounts.
The partnership of Michelle, Amal, and Maureen has done well. The three partners have shared profits and losses in a 1:3 ratio, with capital balances of $60,000 each. Maureen wants to retire and withdraw. Prepare a schedule showing how the cost should be divided if Amal and Michelle decide to pay Maureen $70,000 for retirement of her capital account and the new agreement will share profits and losses 50:50.
The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have capital balances of $45,000 each. Prepare a schedule showing how the bonus should be divided if Ashanti joins the partnership with a $60,000 investment. The partners new agreement will share profit and loss in a 1:3 ratio.
Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at 50%. Chris contributes $60,000 to the partnership for a 1/3 share. What amount should the partnership record as an individual bonus to each of the old partners? A. $10,000 B. $7,000 C. $0 D. $5,000
Juan contributes marketable securities to a partnership. The book value of the securities is $7,000 and they have a current market value of $10,000. What amount should the partnership record in Juans Capital account due to this contribution? A. $10,000 B. $7,000 C. $3,000 D. none of the above