Following is the statement of financial position of ABC Partnership before realization of assets on July 1, 2020: Cash 10,000 Liabilities. 28,000 Accounts receivable 50,000 A, Capital 45,000 Inventory 30,000 B, Capital 27,000 Equipment 60,000 C, Capital 50,000 Total 150,000 Total 150,000 The partners share income 30:30:40, respectively. On July 2, the partnership liquidated, 50% of the receivables are collected and that inventory is fully written-off. Equipment is sold for 55.000. Determine payment to partners

Following is the statement of financial position of ABC Partnership before realization of assets on July 1, 2020: Cash 10,000 Liabilities. 28,000 Accounts receivable 50,000 A, Capital 45,000 Inventory 30,000 B, Capital 27,000 Equipment 60,000 C, Capital 50,000 Total 150,000 Total 150,000 The partners share income 30:30:40, respectively. On July 2, the partnership liquidated, 50% of the receivables are collected and that inventory is fully written-off. Equipment is sold for 55.000. Determine payment to partners

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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The following is the financial position of RST Partnership on December 31 2020 Assets P60,000.00 Other Noncash Assets 70,000.00 Total P130,000.00 Liabilties and Equity Accounts Payable P20,000.00 R, Capital 50,000.00 S, Capital T. Capital (Limited Partner) 35,000.00 25,000.00 P130,000.00 0.00 The Partners' share profit and loss ratio is 2:3:5 respectively. The following are liquidation transactions: February March April Cash Proceeds P10,000.00 P10,000.00 P13,000.00 Books Value of the asset Sold 35,000.00 20,000.00 15,000 00 Liquidation Expenses 5,000.00 6,000.00 3,000.00 Liabilties Paid 10.000.00 5,000.00 5,000.00 Reserve for Future Liquidation Expense 13,000.00 4,000.00 Compute the cash distribution on February S Compute the cash distribution on March f Compute the cash distribution on April R IS
Required: Prepare a statement of Partnership Liquidation
Following is the statement of financial position of ABC Partnership before realization of assets on July 1, 2020: Cash 10,000 Liabilities 28,000 Accounts 50,000 A, Capital 45,000 receivable Inventory 30,000 B, Capital 27,000 Equipment 60,000 C, Capital 50,000 Total 150,000 Total 150,000 The partners share income 30:30:40, respectively. On July 2, the partnership liquidated, 50% of the receivables are collected and that inventory is fully written-off. Equipment is sold for 55,000. Determine payment to partner B.
Either good accountinf form or not.
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?
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The condensed statement of financial position of the partnership of Buenaflor and Gangoso as of December 31, 2020 showed the following: Total assets P 200, 000Total liabilities 40, 000Buenaflor, Capital 80, 000Gangoso, Capital 80, 000 On this date, the partnership was dissolved and its net assets transferred to a newly formed corporation.The fair value of the assets was P 24, 000 more than the carrying value on the firm’s books. REQUIRED: Prepare the journal entries in the books of the corporation with P 1 par ordinary share.
The following capital balances as of October 31, 2016 for the Partnership of Shell, Joke and No were as follows : Shell , Capital 204,000 Joke, Capital 132,000 No, Capital 360,000 No has decided to retire from the partnership on October 31. Their profit and loss ratio is 2/1 / 7 respectively . On October 31, the following assets should be appraised : Balance as of October 31 Appraised value Land 250,000 300,000 Machinery 120,000 100,000 Questions: 1. What is the share of Shell in the gain/ (loss) in the revaluations of Assets ? 2. What is the share of No in the gain/ (loss) in the revaluation of Assets?
The assets and capital of QRS Partnership at the end of its fiscal year on October 31, 2021 are as follevs: ASSETS LIABILITIES AND CAPITAL Cash 30,000 Liabilities 100,000 Receivable, net Merchandise Inventory 40,000 Loan from S 20,000 80,000 Q, Capital (30%) 140,000 R, Capital (50%) 10,000 S, Capital (20%) 90,000 Non-current Asset 60,000 Loan to R 30,000 The partners decide to liquidated the partnership. They estimate that the noncash assets, other than the loan to R, can be converted into P200,000 cash over the two-months period ending December 31, 2021. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process. Compute the amount to be received by Q if P150,000 is available for first distribution?