On December 31, 2020, the Statement of Financial Position of SAIYAN Partnership provided the following data with profit or loss ratio of 1:6:3: Current Assets P1,000,000 Total Liabilities P600,000 Goku, Capital Vegeta, Captal Gohan, Capital Non-Current Assets P2,000,000 P900,000 P800,000 P700,000 On January 01, 2021, Trunks is admitted to the partnership by purchasing 40% of the capital interest of Vegeta at a price of P500,000. 13. What is the capital balance of Vegeta after the admission of Trunks on January 01, 2021?

On December 31, 2020, the Statement of Financial Position of SAIYAN Partnership provided the following data with profit or loss ratio of 1:6:3: Current Assets P1,000,000 Total Liabilities P600,000 Goku, Capital Vegeta, Captal Gohan, Capital Non-Current Assets P2,000,000 P900,000 P800,000 P700,000 On January 01, 2021, Trunks is admitted to the partnership by purchasing 40% of the capital interest of Vegeta at a price of P500,000. 13. What is the capital balance of Vegeta after the admission of Trunks on January 01, 2021?

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

On December 31, 2020, the Statement of Financial Position of ABC Partnership provided the following data with profit or loss ratio of 5:1:4: 1,500,000 Noncurrent Assets 2,000,000 Total Liabilities A, Capital В, Сарital С, Сарital Current Assets 500,000 1,100,000 1,200,000 700,000 On January 1, 2021, D is admitted to the partnership by investing P500,000 to the partnership for 10% capital interest. The total agreed capitalization of the new partnership is P3,000,000. 1. What is the capital balance of D after his admission to the partnership?
On December 31, 2030, the Statement of Financial Position of ABC Partnership provided thefollowing data with profit or loss ratio of 1:6:3:Current Assets P2,600,000 Total Liabilities P600,000Noncurrent Assets 4,000,000 A, Capital 2,800,000B, Capital 1,400,000C, Capital 1,800,000 On January 1, 2031, D is admitted to the partnership by investing P2,000,000 to the partnership for 20% capital interest. If an existing asset of ABC partnership is not properly valued, what is the capital balanceof B after the admission of D?a. P1,640,000b. P2,600,000c. P1,920,000d. P1,560,000
On December 31, 2030, the Statement of Financial Position of ABC Partnership provided the following data with profit or loss ratio of 1:6:3:Current Assets P2,600,000 , Total Liabilities P 600,000Noncurrent Assets 4,000,000 A, Capital 2,800,000B, Capital 1,400,000C, Capital 1,800,000 On January 1, 2031, D is admitted to the partnership by investing P2,000,000 to the partnership for 20% capital interest. If all the assets of the existing partnership are properly valued, what is the capital balance of C after the admission of D?a. P1,920,000b. P1,800,000c. P1,620,000d. P2,400,000
On December 31, 2020, the Statement of Financial Position of ABC Partnership provided the following data with profit or loss ratio of 1:6:3: Current Assets Noncurrent Assets a. b. : 1,300,000 2,000,000 960,000 900,000 Total Liabilities A, Capital B, Capital C, Capital On January 1, 2021, D is admitted to the partnership by investing P1,000,000 to the partnership for 20% capital interest. C. 840,000 d. 1,200,000 300,000 1,400,000 If the all the assets of the existing partnership are properly valued, what is the capital balance of C after the admission of D? 700,000 900,000
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.…
On December 31, 2020, the statement of financial position of UFC Partnership shows the following data with profit or loss sharing ratio of 2:3:5:Cash P15,000,000Other non-cash asset 40,000,000 Liabilities to others P20,000,000U, Capital 15,000,000F, Capital 12,500,000C, Capital 7,500,000On January 1, 2021, the partners decided to wind up the partnership affairs. During the winding up, liquidation expenses amounted to P2,000,000 were paid. Non-cash assets with book value of P30,000,000 were sold during January. 40% of total liabilities were also paid during January. P3,000,000 cash was withheld during January for future liquidation expenses. On January 31, 2021, partner U received P10,000,000.What is the net proceeds from the sale of non-cash assets during January 2021?
Numbers 16, 17 and 18 (Partnership Liquidation – Installment Liquidation) On December 31, 2018, the Statement of Financial Position of ABC Partnership with profit or loss ratio of 5:3:2 of respective partners A, B and C. showed the following information: Cash Noncash assets 1,600,000 1,400,000 Total Liabilities 2,000,000 100,000 A, Capital В, Сарital С, Сарital 500,000 400,000 On January 1, 2019, the partners decided to liquidate the partnership in installment. All partners are legally declared to be personally insolvent. As of January 31, 2019, the following transactions occurred: Noncash assets with a carrying amount P1,000,000 were sold at a gain of P100,000. Liquidation expenses for the month of January amounting to P50,000 were paid. It is estimated that liquidation expenses amounting to P150,000 will be incurred for the month of February, 2019. • 20% of the liabilities to third persons were settled. Available cash was distributed to the partners. As of February 28, 2019, the…
The condensed statement of financial position of Ricablanca, Tac-an and Dimalanta partnership as of March 31, 2019 follows: Assets Cash P 28,000 Non-cash Assets 265,000 Total P293,000 Liabilities P 48,000 Ricablanca, Capital 95,000 Tac-an, Capital 80,000 Dimalanta, Capital 70,000 Total P293,000 Profit and loss ratio is 50:25:25, respectively. The partners voted to dissolve the partnership and liquidate by selling assets in installments. P70,000 was realized on the first cash sale of other non-cash assets which has a book value of P150,000.…
Ledger balances of the OMG partnership as of May 31, 2019 are as follows:Cash P 150,000Other Assets 1,080,000Accounts Payable P 450,000Olga, Capital 480,000Mega, Capital 135,000Giga, Capital 165,000Profits and losses are shared 4:5:1 to Olga, Mega and Giga, respectively. If the partnership is liquidated in installments and assuming that as cash becomes available, it will be distributed to the partners; Inventory costing P 600,000 is sold for P 420,000, How much cash should be distributed to each partner at this time?
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…
On December 31, 202, the Statement of Financial Position of UFC Partnership shows the following data with profit or loss sharing of 2:3:5. What is the net proceeds from the sale of non-cash assets during January 2021?
The Statement of Financial Position of the XY partnership on December 31, 2018, appears below. $ 60,000 LIABILITIES $ 60,000 CASH OTHER ASSETS TOTAL ASSETS 200,000 a. $260,000 X, CAPITAL Y, CAPITAL TOTAL LIABILITIES AND CAPITAL 90,000 110,000 $260,000 X and Y share profits and losses in the ratio 50:50. Each of the following questions is independent of the others. Prepare journal entries for each of the following: Use bonus method where appropriate and show all computations. Refer to the above information. Assume that Z purchases a one-fourth proportionate capital interest directly from Y for a total of $60,000. (Direct purchase) b. Refer to the above information. Assume Z invests $60,000 cash into the XY partnership for a one-fourth interest in partnership capital and profits. c. Refer to the above information. Assume that Z invests $80,000 cash into the XY partnership for a one-fifth interest in partnership capital and profits.