CashCULLUMBER, JENNINGS, AND BLAIR PARTNERSHIPBalance SheetDecember 31, 2020TotalAssetsNoncash assets$ 47400283300$330700Liabilities and Owners' Equity.LiabilitiesCullumber,CapitalJennings, CapitalBlair, CapitalTotal$1506006040089100Cullumber, $42560; Jennings, $62340; Blair, $14000.Cullumber, $31840; Jennings, $56740; Blair, $0.Cullumber, $33340; Jennings, $55240; Blair, $0.Cullumber, $36960; Jennings, $53940; Blair, $0.30600$330700The partner with a capital deficiency is unable to pay the amount owed to the partnership. If the partnership is liquidated by selling thenoncash assets for $194100 and creditors are paid in full, what is the amount of cash that can be safely distributed to each partner?

d, Cullumber, $36960; Jennings, $53940; Blair, $0.Explanation:1. Calculate the capital…

Answered: Cash CULLUMBER, JENNINGS, AND BLAIR…

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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QUESTION 1 Mweemba and Phiri are in partnership sharing profits and losses in the ratio 7:3 respectively. The following information has been taken from the partnership records for the year ended 31 May 2020. Partners' capital account Mweemba k200,000 Phiri k140,000 Partners' current accounts, balances as at 1 June 2019: Mweemba K15, 000 Cr Phiri K13, 000 Cr During the year ended 31 May 2020 the partners made the following withdrawals from the partnership bank account. Mweemba Phiri k10, 000 on 31 August 2019 K10, 000 on 30 November 2019 K10, 000 on 28 February 2020 K10, 000 on 31 May 2020 k7, 000 on 31 August 2019 K7,000 on 30 November 2019 K7,000 on 28 February 2020 K7,000 on 31 May 2020 Interest is to be charged on withdrawals at the rate of 12% per annum. Interest is allowed on capital accounts and credit balances on current accounts at the rate of 12% per annum. Phiri is to be allowed a salary of k15, 000 per annum. The Net profit of the partnership for the year ended 31 May 2020…
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Question 2 Brown, Blue, and Black are in partnership sharing profit and losses in the ratio 2:1:2. The balance sheet for the partnership as of April 15, 2019, was as follows: $ Non-current assets Land Buildings Equipment Current assets Inventory Accounts receivable Cash Total assets Capital account Brown Blue Black Non-current liabilities Mortgage on building Current liabilities Accounts payable Total liabilities 360,000 1,260,000 234,000 108,000 45,000 36,000 315,000 108,000 450,000 1,080,000 90,000 $ 1,854,000 Required: Prepare the following ledger accounts for the dissolution of the partnership: a) Realization account b) Bank account c) Partner's capital account 189,000 2,043,000 873,000 1,080,000 90,000 2,043,000 The partners agreed to dissolve the partnership on April 15, 2019 on the following conditions: Sold the inventory for $72,000, collected $48,000 on accounts receivable and wrote off the remaining accounts, sold equipment for $192,000 and building and land for $1,200,000,…
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Ideu, the d. P3,200 b. Р3,920 C. P4,500 d. P17,800 42. liquidate. All assets of the partnership just prior to liquidation follows: were liquidated. The condemsed statement of financial position Assets Cash Other assets liabilities and capital P140, 000 10, 000 45, 000 105, 000 200, 000 P500,000 P100, 000 liabilities Matias, loan Matias, capital Pagayanon, capital Pescasiosa, capital Total 400, 000 Total P500, 000 Other assets were sold for P247, 500 realizing a loss of P152, 500. Parties agreed to fully terminate the partnership's business thus, necessitating distribution of cash to partners and in case of capital deficiency, contribution of additional cash. The three partners were all solvent and could answer any capital deficiency. Name the partner and give the corresponding additional cash he had to invest due to his net capital deficiency to finally settle to the liquidation of the partnership. Pagayanon, P44,000 b Pescasiosa, P30, 500 Matias, P16,000 Matias, P6,000 a C
Activity 4: On January 2, 2020, Jenny and Kenny formed a partnership. The following assets were contributed by each of the partners: LOUKS UN Kenny P 60,000 10,000 180,000 Jenny 40.000 Cash Inventory Equipment 60,000 The equipment of Kenny is subject to a mortgage of P50,000 which the partnership has assumed. The partnership agreement specifies that each partner receives 10% interest on her beginning capital balance. Jenny receives an annual salary of P15,000; Kenny receives an annual salary of P20,000. The remaining profit or loss is divided using 2:3 ratio with 2 parts assigned to Jenny and 3 parts assigned to Kenny. During 2020, the partnership had an income of P185,000. Assume there were no drawings during 2020. On January 2, 2021, Jenny and Kenny decide to admit a new partner, Lenny, for a 1/6 interest in the firm for P175,000. The bonus method is used to record the admission of the new partner. After admitting the new partner the partnership agreement is amended as follows: Each…
Soultion for Part B Part B (2020) a. On December 31, 2020 new partner D invests other assets into the partnership for a one-quarter ownership interest. An equal amount of capital is contributed by A, B, and C to make up the difference. At December 31, 2020, the partners' capital balances are as follows: A $200,000 B 180,000 C 190,000 $ 570,000 Fair value of other assets from D $50,000 b. Immediately after this, partner C withdraws from the partnership. She is paid in cash the balance in her capital account plus a bonus, contributed equally from the capital balances of A, B, and D. Bonus paid to C $ 18,000 Required 5 Prepare necessary adjusting entries at December 31, 2020 to record the admission of…
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