es$ 61,000329,000The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation:CashNoncash assetsLiabilitiesDrysdale, loan$ 55,00042,500Total assets$ 390,000Drysdale, capital (50%)Koufax, capital (30%)Marichal, capital (20%))Total liabilities and capital107,50097,50087,500$ 390,000Required:a-1. Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine thenext maximum loss that can be absorbed in Step 2.a-2. Liquidation expenses are estimated to be $21,000. Prepare a predistribution schedule to guide the distribution of cash.b. Assume that assets costing $99,000 are sold for $72,500. How is the available cash to be divided?Complete this question by entering your answers in the tabs below.Req A1Req A2Req BDetermine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine thenext maximum loss that can be absorbed in Step 2.Maximum LossPartnerCapital BalanceLossAllocationThat Can BeAbsorbedStep 1DrysdaleKoufaxMarichal%%%

Answered: es $ 61,000 329,000 The Drysdale,…

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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Item Nos. 13 and 14 are based on the following information: The following are the assets and liabilities of Tee, Pak, and Long partnership on April 30, 200B prior to liquidation: Cash P 25,000 Liabilities. P 52,000 Other Assets 180,000 40,000 Tee Capital (40%) Pak Capital (40%) 65,000 Long Capital (20%) 48,000 P 205,000 P 205,000 The first sale of noncash assets having a carrying amount of P 90,000 realized P 50,000. 13. The amount of cash each partner should receive in the first installment is: a. Tee, P 0; Pak, P 0; Long, P 23,000. b. Tee, P O; Pak, P 5,000; Long, P 18,000. c. Tee, P 12,000; Pak, P 13,000; Long, P 18,000. C. d. Tee, P 27,000; Pak, P 5,000; Long, P 18,000. 14. If P 3,000 cash is withheld for future liquidation expenses, how much cash should Long receive? a. P 21,000. c. P 17,000. b. P 20,000. d. P 3,000.
1. Show how the following items will appear in the capital accounts of the partners Ali and Ahmed when their capital is a) fixed b) fluctuating Particulars Ali (R.O) Ahmed(R.O) Capital on 01.01.2021 90,000 70,000 Drawings during 2021-2022 12,000 9,000 Interest on Drawings 360 270 Interest on Capital 5,400 4,200 Partner's salary 12,000 Commission 6,000 Share of profit for 2021-22 6,000 4,000
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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
The following are the account balances as of June 30, 2022 of JPP Partnership just before liquidation:Cash - 100000Inventory - 600000Furniture - 200000Equipment - 400000Accounts Payable - 200000Loans from Pedro - 200000Juan, capital - 20% - 300000Pedro, capital -35% - 310000Pablo, capital - 45% - 280000The following events occurred thereafter:Jul 1 - Equipment was sold for P380,000Jul 15 - Furniture was sold for P 210,000Jul 30 - Inventory with book value of P500,000 was sold for P200,000Aug 15 - Remaining inventory was sold for P 80,000a. Prepare a liquidation report.b. Prepare a cash distribution report/computation for safe payment for each time the partnership will be paying off the partners.c. Prepare a cash priority program and show how it can be used to settle the partner’s equity balances.d. Indicate on the space provided the total cash each partner would receive.
On February 28, 2023, the partners Anna, Juan. Berto authorized the liquidation of their partnership. The statement of financial position is as follows: AAA Statement of Financial Position February 28, 2023 Cash Non-cash assets Total Assets P10,000 Accounts Payable 290,000 Ana, Capital Required: a. Prepare the Cash Priority Program b. Prepare the journal entries for March 1, and March 4, 2023 P300,000 Juau, Capital Berto, Capital Total Liabilities and Capital P100,000 100,000 20,000 80,000 P300,000 Additional Informatic 1. The partner's profit and loss ratio were Amma, 40%; Juan, 40% and Berto 20% 2. On March 1, 2023, non-cash assets with a book value of P200,000 realized P150,000, and all available cash was paid to creditors and to partners. 3. On March 4, 2023. non-cash assets with a book value of P90,000 realized P70,000, and that amount was paid to partners.
what is AJEs? T1 Feb 1 You invest $10,000 into your brand new company, Just for Kicks. T2 Feb 1 You obtain a bank loan of $20,000 at a rate of 8% per year. T3 Feb 2 You purchase 50 pairs of shoes from Sloan's Shoes. Total cost is $2,500 terms 2/10, net 30. T4 Feb 3 Go to Staples to buy a desk, chair, and filing cabinet etc for a total of $1,100. T5 Feb 3 When at Staples you also purchase $500 worth of packing and office supplies. T6 Feb 4 You pay $400 for the first month of Shopify's Advanced Features. T7 Feb 6 With the website set up, you make your first sales - 10 pairs of shoes at an average price of $120 each.…
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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

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