The Du-sik, Hye-Jin, and Gam-ripartnership is terminated when theclaims of company creditors exceedpartnership assets by P50,000. Thecapital balances for Du-sik, Hye-Jin,and Gam-ri are P35,000, P5,000, andPO, respectively. The original claims ofthe creditors were negotiated by Hye-Jin and Gam-ri. Which partner(s)is(are) personally and individuallyliable for all partnership liabilities? *Du-sikO Hye-JinHye-Jin and Gam-riO Du-sik, Hye-Jin, and Gam-ri

In a partnership agreement, the partnerships are personally liable for the liabilities of the…

Answered: claims of company creditors exceed…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Help me please
Coburn (beginning capital, $60,000) and Webb (beginning capital $86,000) are partners. During 2022, the partnership earned net income of $74,000, and Coburn made drawings of $20,000 while Webb made drawings of $22,000.
The ABC Partnership has assets with book value of P240,000 and a market value of P195,000, outside liabilities of P70,000, loans payable to Partner Abe of P20,000,and capital balances for Partners Abe, Baker, and Chapman of P70,000, P30,000 andP50,000, respectively. The partners share profits and losses equally. How would the first P100,000 of available assets be distributed?
On January 1, 2022, A and B decided to form a partnership by contributing their respective assets and equities subject to adjustments. Cash Accounts Receivable Building A 50,000 20,000 520,000 B 40,000 10,000 30,000 Computer Equipment An Allowance for Doubtful Accounts of 3% of accounts receivable is set up for each partner, and a mortgage of P30,000 is assumed from building contribution. Compute the adjusted capital account of A after the formation.
A partnership has the following accounting amounts: Sales Cost of Goods Sold General and Administrative Expenses Distribution costs Interest paid to banks Salary allowances to partners Partners' withdrawals 150,000 80,000 17,000 52,000 23,000 12,000 18,000 Compute the Partnership's net income (loss). Encode as a negative amount if the answer is a loss.
In each of the following independent liquidating distributions in which the partnership also liquidates determine the amount and character of any gain or loss to be recognized by each partner and the basis of each asset (other than cash) received. In each case, assume that distributions of hot assets are proportionate to the partners. Be sure to explain your rationale. c. Neil has a partnership basis of $100,000 and receives $40,000 of cash, inventory with a basis to the partnership of $30,000, and a capital asset with a partner- ship basis of $20,000. The inventory and capital asset have fair market values of $20,000 and $30,000, respectively. d. Oscar has a partnership basis of $40,000 and receives a distribution of $10,000 of cash and an account receivable with a basis of $0 to the partnership (value is $15,000).
How much was the share of A?
Hi, can someone help me with this question please?
The partnership decided to revalue the firm's properties from P 500,000 to P650,000. This will O increase total partnership assets and total partners' equity. O increase total partners' equity only. O increase total partnership liabilities and total partners' equity. increase total partnership assets only.
A and B are combining their separate businesses to form a partnership. Presented here are the Statements of Financial Position before any adjustments: Current Assets Non-current Assets Total Liabilities ● A 617,500 848,000 150,000 B 672,500 970,000 178,000 They agreed to set up P5,000 each as uncollectible accounts on their accounts receivable. They also found out that their Non-current assets (all depreciable assets) were under-depreciated by P80,000 each. The partners agreed to equalize their capital balance upon formation. Compute the total capital of the partnership.
Partners B1 and B2 share income in a 2:1 ratio, respectively. Each partner receives an annualsalary allowance of P72,000. If the salaries are recorded in the accounts of the partnership as anexpense rather than treated as an allocation of profit, the total amount allocated to each partner forsalaries and profit would be a. unchanged for both B1 and B2b. less for both B1 and B2c. more for B1 and less for B2d. more for B2 and less for B1d. more for B2 and less for B1
Hi, can someone help me with this question please?

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS