How much is the conjugal properties under Conjugal Partnership of Gains?P12,510,000P18,510,000P22,310,000P23,610,000 How much is the conjugal properties under Conjugal Partnership ofGains? *Mr. J. Chavez died leaving the following properties:Rest house in Cebu, acquired before marriageIncome from rest house in CebuP6,000,000600,000Condominium in Davao, brought to marriage by thewife3,600,00Income from condominium in DavaoTown house in Quezon City, acquired duringmar Captionless ImageInconvewo BIO 1o duse in Quezon CityCar, inherited by the wife during marriage (thedecedent provided in his Will that it shall form part ofthe common properties of the spouses)Jewelry, acquired during marriage for the exclusiveuse of the wife360,00010,500,0001,050,0001,300,000200,000

In a Conjugal partnership of gains, the conjugal property is the income or property generated by…

Answered: How much is the conjugal properties…

How much is the conjugal properties under Conjugal Partnership of Gains? P12,510,000 P18,510,000 P22,310,000 P23,610,000

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 capital balances of the partners are presented to you before the retirement of X: X, P50,000; Y, P45,000; Z, P35,000. P/L ratio, equally. After the retirement of X, the capital balance of Z was P34,000. How much is the total capital after the retirement of X? A. P48,000 B. P80,000 C. P78,000 D. P52,000 The capital balances of the partners are presented to you before the retirement of Z: X, P60,000; Y, P55,000; Z, P45,000. P/L ratio, equally. After the retirement of Z, the capital balance of X was P57,500. How much is the capital of Y after the retirement of Z? A. P55,000 B. P57,500 C. P52,500 D. P115,000
50 In which order are partnership assets distributed to the partners? Group of answer choices Profits, capital balances, loans Capital balances, loans, profits Loans, profits, capital balances Loans, capital balances, profits
8. If the proceeds from the sale is less that the book value of the non-cash assets sold, this will a decrease the partnership assets but increase the partners' equity.b. increase the partnership assets but decrease the partners' equity.C. decrease both the partnership assets and the partners equity.d. Increase both the partnership assets and the partners' equity
43 0.00 11:19 AY AA, BB, and CC are partners sharing profits and loss in the ratio of 4:3:3, respectively. On January 1, 2019, they decided to liquidate the partnership and the balance sheet were prepared as follows: LIABILITIES and CAPITAL Lkablities 68. oon. CCJoon. AA, copital. AB. copltal. CC. conital. Total kab & copita ASSETS Cosh... Other Assets. P 1.000 F3.000 2.500 1,250 7.225 23.000 3,750 P24 000 Total Asels. P24.000 The Iolowing transactions as aresut of iquidation ware an tolloWs hook value Payment of of ossels Proceed tiquidation hom soe Eaenses P 250 375 500 2.500 Payment Cosh Junuory P6.000 Febnuory 3.500 March P5,250 3,000 5.000 2.500 to Creciton Withheld P1.000 S00 1.250 P3.000 7 S00 6000 April 32. The amount to be received by Partner BB for the month of January? * Your answer 33. The amount to be received by Partner CC for the month of February? * Your answer
If the amount of liabilities is 165,000 and the percentage of owner’s claim in the totalpartnership’s assets is 45%, the partnership total assets would be A. 200,000B. 300,000C. 366,667D. 255,750
10. A has a 25% participation in the profits of a partnership. During the year, A's capital account had a net increase of P20,000. A made contributions of P80,000 and capital withdrawals of P120,000 during the year. How much profit did the partnership earned during the year? а. 60,000 b. 80,000 с. 120,000 d. 240,000
and B formed a partnership. The partnership agreement stipulates the following:
GWS and BCP organized the GB Partnership on January 1, 2018. The following entries were made in their capital accounts during 2018. Debit Credit GWS, Capital: January 1 April 1 October 1 P315,000 P105,000 175,000 Debit Credit ВСР, Саpital: January 1 March P413,000 1 September 1 November 1 52,500 105,000 94,500 Required: А. If the partnership profit for the year 2018 computed before salaries or interest is P217,000, determine its distribution between the partners under each of the following independent profit-sharing agreements: (1) Interest at 6% is allowed on average capital investments and the remainder of the profit is divided equally. (2) A salary of P126,000 is to be credited to BCP, 6% interest is allowed on each partner on his ending capital balance and the remainder of the profit in the ratio of 3:2. Salaries are allowed GWS and BCP in amounts of P119,000 and P133,000, respectively, and the remaining profit or resulting loss is divided in the ratio of average capital balance.…
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Problem 15. On December 31, 2020, the Statement of Financial Position of ABC Partnershipwith profit or loss ratio of 5:3:2 is presented below: CashP1,600,000Total LiabilitiesP2,000,000 Non Cash Assets1,400,000A, capital100,000 B, capital500,000 C, Capital400,000 On January 1, 2021, the partners decided to liquidate the partnership ininstallment. All partners are legally declared to be personally insolvent. As of January 31, 2021, the following transactions occurred: - Noncash Assets with book value of P1,000,000 were sold at a gain ofP100,000.00 - Liquidation expenses for the month of January amounting to P50,000 werepaid. - It is estimated that liquidation expenses amounting to P150,000 will be incurred For the month of February, 2021. - 20% of the liabilities to third person were settled. - Available cash were distributed to partners As of February 28, 2021, the following transactions occurred: - Remaining noncash assets were sold at a loss of P100,000 - The remaining liabilities to…
What does 4:2:1 ratio mean in a partnership? It is the same as a. 40%; 20%; 10% b. 4/7:2/7:1/7 c.4/10:2/10:1/20 d.7/4:7/2:7/1 e.None of the above.