Nicholas Jay, Kamla Paul, and Stephanie Ram plan to liquidate their partnership. They have always sha ratio, and on the day of the liquidation their balance sheet appeared as follows: The Jaijairam Company Balance Sheet December 20, 2016 Liabilities and Owners' Equity Assets Cash $61,000 Notes Payable $91,000 Land 204,000 Nicholas Jay, Capital 74,000 Buildings 186,000 Kamla Paul, Capital 206,000 Stephanie Ram, Capital 80,000 Total Assets $451,000 Total Liabilities & Owners' Equity $451,000

The statement of financial position of PRUTZ Partnership as of December 31, 2017 show the following balances before they decided to liquidate Cash P  4,200;   Receivable from Kahel    P5,000; Other Assets     P200,000;   Liabilities P  75,000;  Apol, Capital P60,000; Kahel, Capital P50,000;   Santol, Capital P24,200.  Profit and Loss ratio were divided in the ratio 30%, 30% and 40% to Apol, Kahel and Santol respectively.  The Other Assets were sold in 4 equal installment with gain (loss) on realization amounting to (P14,000), P0, (P47,000) and P45,000 respectively during the months of January, February, March and April 2018.  For the first installment-sale of the other assets, the cash available distributed to the partners  the book value of the assets sold per instalment amounted to: for the 3rd instalment-sale of the assets, the other assets were sold for: capital interest of Kahel amounted to:  loss absorption capacity of Kahel amounted to final distribution of Cash available Apol…

The partnership of Mark, Kathy, and Case has been dissolved and is in the process of liquidation. On July 1, 2017, just before the second cash distribution, the assets and equities of the partnership along with residual profit sharing ratios were as follows: Liabilities & Equities $ 200,000 Assets Cash Liabilities Mark, Capital 50% Kathy, Capital 30% Equipment-net 100,000 Case Capital 20% Total assets $ 500,000 Total Lia & Equity 500,000 Assume that Mark takes equipment with a fair value of $40,000 and a book value of $50,000 in partial satisfaction of his equity in the partnership. If all the $200,000 cash is then distributed, the partners should receive: Receivables-net 50,000 Inventories 150,000 $ 150,000 a. Mark, 25,000; Kathy, 15,000; Case 10,000 b. Mark- 0; Kathy, 50,000; Case, - 0 C. Mark, $100,000; Kathy, $60,000; Case, $40,000 d. Mark, - 0; Kathy, 45,000; Case, 5,000 100,000 175,000 75,000

ABC partnership whose owners consist Ateng, Bagio and Cecep share profits with a ratio of 5: 3: 2. On May 31, 2018 The Fellowship was liquidated. Statement of financial position ahead of liquidation as follows: Equipment Accumulated Depreciation Inventory Account Receivable Cash Total ABC Firm Financial Position Statement May 31 2018 (in $) 42,000 Ateng, Capital (11,000) Bagio, Capital 99,000 Cecep, Capital 44,000 Liability 25,000 199,000 Total 50,000 30,000 20,000 99,000 Cash is used for payment of obligations and the remainder distributed to allies on each end of the month except $3,000 just in case. . If there are allies who have a capital deficit assumed t is capable of paying Non-cash realization as follows: a. June: equipment whose acquisition price is $ 22,000 and book value is $ 16,000 is sold with price $ 12,000. Inventory whose acquisition price is $ 50,000 is sold for $ 35,000 c. September: remaining inventory sold for $ 30,000; paid load liquidation $5,000 199,000 b.…

Gylin, Maria, and Carla decided to liquidate their partnership on November 30, 2016. Their capital balances and profit and loss ratio are as follows: Capitals Gylin P800,000 Maria 960,000 Carla 320,000 P&L Ratio Gylin 40% Maria 30% Carla 30% The net income from January 1, 2016 to November 30, 2016 is P704,000. On November 30, 2016, the cash balance is P640,000, and that of liabilities is P1,440,000. Gylin is to receive P883,200 in the settlement of her interest. Required: Choose the correct answer with solution. 1.Calculate: (1) The loss on realization, and (2) the amount to be realized from the sale of non-cash assets? a(1) P496,000; (2) P3,088,000 b. (1) P248,000; (2) P5,100,000 c. (1) P620,000; (2) P3,860,000 d. (1) P552,000; (2) P3,860 ,000

A balance sheet for the QRS Partnership, which shares profits and losses in the ratio of 5:3:2 shows the following balances just before liquidation: Cash, P30,000; Other assets, P148,750; Liabilities, P50,000; Q, Capital, P55,000; R, Capital, P38,750; and S Capital, P35,000. On the first month of liquidation, certain assets are sold for P80,000. Liquidation expenses of P2,500 is paid, and additional expenses are anticipated. Liabilities are paid amounting to P13,500, and sufficient cash is retained to ensure payment to creditors before making payment to partners. On the payments to partners, Q receives P15,625. Calculate the amount of cash withheld for anticipated liquidation expenses.

X,Y,Z were partners in a firm whose Balance Sheet as on 31st March 2013 was as under: BALANCE SHEET as at 31.3.2013 Liabilities $ Assets Creditors General Reserve X's Capital Y's Capital Z's Capital 18,240 7,500 20,000 14,500 10,000 Cash Debtors Stock Furniture 28,740 10,000 26,500 5,000 70,240 70,240 Y retired on that date in this connection it was decided to make the following adjustments: (a) To reduce Stock and Furniture by 5% and 10% respectively. (b) To provide for Doubtful Debts at $1,125. (c) A long dispute with the Creditors was settled and firm has to pay $ 8,050. In anticipation $ 5,000 have already been included in sundry creditors for this purpose. (d) Goodwill was valued at $ 12,000 and Y's share of the same be adjusted into the accounts of X and Z (e) To share profits and losses in 5:3 respectively. ) Y should be paid off and the the adjusted capitals of the partners should be in their new profit sharing ratio. Adjustments to be made through cash. Prepare Revaluation…

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Partners E, F, and G who share profits and losses in the ratio of 2: 2: 1, respectively decided to liquidate. The condensed statement of financial position immediately prior to the liquidation shows the following:                                                   Cash                                                    P 400,000 Non-cash Assets                                               1,600,000                                                    Liabilities                                                 560,000  E, Loan                                                    40,000 E, Capital                                        180,000                                                   F, Capital                                                  420,000                                                   G, Capital                                                 800,000 After paying liabilities to partnership creditors, cash of P830,000 is available for distribution to partners. Any…

F Partners E, F, and G who share profits and losses in the ratio of 2: 2: 1, respectively decided to liquidate. The condensed statement of financial position immediately prior to the liquidation shows the following: Cash P 400,000 1,600,000 Non-cash Assets Liabilities 560,000 40,000 E, Loan E, Capital 180,000 F, Capital 420,000 G. Capital 800,000 After paying liabilities to partnership creditors, cash of P830,000 is available for distribution to partners. Any capital deficiency is made good by the deficient partner, since all three partners are personally solvent. 12. How much was the loss on realization? 13. How much would F receive in final settlement of his interest? 14. How much would G receive in final settlement of his interest?