From the records of the DTA Partnership, *please refer on the image below a. P2,000; P200, respectively b. P5,000; P-0-, respectively c. P1,500; P1,000, respectively d. P-0-; P500, respectively P 5,0002,50012,5007,0003,000P30,000CashP2,00028,000LiabilitiesOther non-cash assetsDe Mesa, LoanDe Mesa, CapitalTudtud. CapitalApostol, CapitalTotalTotalP30,000Profit and loss ratio is 3:2:1 for De Mesa, Tudtud and Apostol, respectively. Cash isdistributed as assets arerealized. Other assets were realized as follows:DateCash ReceivedBook ValueJanuary 2011February 2011March 2011P 6,0003,50012,500P 9,0007,70011,300How much is the total cash received by Tudtud and cash received by Apostol in January

Answered: From the records of the DTA…

From the records of the DTA Partnership, *please refer on the image below a. P2,000; P200, respectively b. P5,000; P-0-, respectively c. P1,500; P1,000, respectively

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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Which of the following items is NOT separately stated on a general partnership's Schedule K? a) MACRS cost recovery deductions taken by the general partnership on its business assets. b) Charitable contributions made by the general partnership. c) Amounts elected to be expensed under Section 179 by the general partnership. d) Interest income from a municipality bond held for investment by the general partnership. e) Long term capital gain from the sale of a capital asset held for investment by the general partnership.
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The ABC partnership has three equal partners, A, B, and C, and the following balance sheet: Assets Partner's Capital Adj. Basis FMV Adj. Basis FMV Cash 60,000 60,000 A 70,000 80,000 Cap Asset 1 90,000 60,000 B 70,000 80,000 Cap Asset 2 40,000 60,000 C 70,000 80,000 Cap Asset 3 20,000 60,000 210,000 240,000 210,000 240,000 A receives capital asset #1 in an operating distribution. A has a one-ninth interest worth $20,000 in the partnership capital and profits after the distribution. (a) What results to A and the partnership if there is no §754 election? Reconstruct the balance sheet after the distribution. (b) What results to A and the partnership if the partnership has made a §754 election? Reconstruct the balance sheet after the distribution. (c) How should any basis adjustment be allocated among the partners?
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