Problem 10DON, BEH and SAD partnership became insolvent and the partnership is beingliquidated asfor the partners has been marshaled:soon as feasible.In this respect the following informationCapitalPersonalPersonalBalancesAssetsLiabilities৪0, 00030,00070,000DON40,00070,000(60,000)ВЕН50,00030,000SAD(30,000)(20,000TotalAssume that residual profits and losses are shared equally among the threepartners, based on this information, what is the maximum amount that DON canexpect to receive from the partnership liquidation?20,000с.70,000110,000A.в.40,000D.

Partnership is an arrangement where two or more partners with a similar interests join together and…

N, BEH and SAD partnership became insolvent and the partnership is being quidated as soon as feasible. r the partners has been marshaled: In this respect the following information Capital Balances 70,000 (60,000) Personal Personal Liabilities 40,000 Assets 80,000 30,000 70,000 DON ВЕН 50,000 (30,000) (20,000 SAD 30,000 Total sume that residual profits and losses are shared equally among the three rtners, based on this information, what is the maximum amount that DON can pect to receive from the partnership liquidation? 20,000 40,000 c. 70,000 19 P 110,000

N, BEH and SAD partnership became insolvent and the partnership is being quidated as soon as feasible. r the partners has been marshaled: In this respect the following information Capital Balances 70,000 (60,000) Personal Personal Liabilities 40,000 Assets 80,000 30,000 70,000 DON ВЕН 50,000 (30,000) (20,000 SAD 30,000 Total sume that residual profits and losses are shared equally among the three rtners, based on this information, what is the maximum amount that DON can pect to receive from the partnership liquidation? 20,000 40,000 c. 70,000 19 P 110,000

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

2) After the realization of non-cash assets, the following account balances appeared in the genera ledger of the partnership of See, Chap, and Pooh. Cash P 10,000 Liabilities 30,000 Pooh,Loan 5,000 See,Capital 15,000 Chap,Capital 10,000 Pooh,Capital 10,000 Profits are shared 2:4:4 for See, Chapand Pooh, respectively. Pooh is insolvent. 1. How much was the loss on realization? a. 50,000 b. 60,000 c. 70,000 d. 80,000
A-7
1. Orange and Lemon share profits and losses equally. They decided to liquidate their partnership when their net assets amounted to P 260,000. Capital balances were P 170,000 and P 90,000, respectively. If the non-cash assets were sold for an amount equal to book value, what amount of cash should Orange and Lemon respectively received?
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.
The partnership of kapos, kulang and kasia was affected by the pandemic do the partners have decided to liquidate on December 31, 2019 and gave you the following balances: Cash Outside Creditors 100,000 1,400,000 890,000 Non-Cash Asset Loan due to kapos 10,000 Каpos, capital Kulang, capital Kasia, capital 90,000 190,000 320,000 The partners share profit and loss in the ratio 5:3:2, respectively. Non cash asset was sold for 1,000,000. All partners are solvent Answer the following: Gain/Loss on Realization Gain/Loss absorbed by Kapos Gain/Loss absorbed by Kulang Gain/Loss absorbed by Kasia Capital balance of Kapos after sale of Non – Cash Asset Capital balance of Kulang after sale of Non – Cash Asset Additional Investment by Kapos Final Settlement to Kapos Final Settlement to Kulang Final Settlement to Kasia
2) After the realization of non-cash assets, the following account balances appeared in the genera ledger of the partnership of See, Chap, and Pooh. Cash P 10,000 Liabilities 30,000 Pooh,Loan 5,000 See,Capital 15,000 Chap,Capital 10,000 Pooh,Capital 10,000 Profits are shared 2:4:4 for See, Chapand Pooh, respectively. Pooh is insolvent. Q3. How much additional investment did Chap make? a. 10,000 b. 14,000 c. 15,000 d. 20,000
DO not give solution in image
Please do not give image format
ABC Partnership was unsuccessful and is beginning liquidation. All partners share profits and losses equally. Current Capital balances are as follows: Partner A: 49000 Partner B: 33000 Partner C: -6000 The partnership has a current cash balance of 21000 and noncash assets of 91000. The partnership expects to receive 80000 from the sale of the non cash assets. Both Partner A and B are personally solvent, but Partner C is not. The estimate of cash disbursed to each partner will be: Partner A: Partner B: Partner C: 0
The total loss on realization of assets was Partner Axe, Max and Rax are partners sharing profits and losses equally. Below are their data Ахе Max Rax Total Capital 100,000 80,000 300,000 480,000 Drawings 60,000 40,000 20,000 120,000 The partners decide to liquidate and their undistributed operating profit prior to liquidation amounted to P72,000. All of the partnership assets and income were all exhausted during liquidation. Unpaid liabilities amounted to P84,000. Axe is personally insolvent and the remaining partners are solvent. O P360,000 O P444,000 O P480,000 P516,000