On January 1, 20x20, ACJ partnership On January 1, 20x20, ACJ Partnership entered into liquidation. Thepartners' capital balances on this date were as follows: A (25%)P2,500,000 ; C (35%) P5,400,000; J (40%) P3,700,000. Thepartnership has liabilities amounting to P4,400,000, including a loanfrom C P600,000. Cash on hand before the start of liquidation isP800,000.After exhausting the noncash assets of the partnership, assuming allpartners has personal assets more than their personal liabilities. Howmuch cash must be invested by the partners to satisfy the claims ofthe outside creditors and to pay the amount due to the partner/s?

Answered: On January 1, 20x20, ACJ Partnership…

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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23. The capital account balances for April & May LLP on January 1, 2020, were as follows: April, capital P200,000 May, capital P100,000 April and May shared net income and losses in the ratio of 3:2, respectively. The partners agreed to admit July to the partnership with a 35% interest in partnership capital and net income. July invested P100,000 cash and no goodwill was recognized. What is the balance of April's capital account after the new partnership is created?
34) The closing balances of partners' current account will be: a. X RO 59784 (Dr), Y RO 17825 (Cr), Z RO 37622 (Dr) b. X RO 58748 (Dr), Y RO 16852 (Cr), Z RO 36620 (Dr) c. X RO 58784 (Dr), Y RO 16825 (Cr), Z RO 36622 (Dr) d. X RO 58984 (Dr), Y RO 16925 (Dr), Z RO 36626 (Dr)
it SiTisay 9. Sito and Tisay formed a partnership and decided to Dermatology Center. If the total assets of the partnership immediately after formation amount to P 450,000 and 1/3 of it represent the liabilities of the partnership, how much is the capital balance of Sito assuming the name partners have a capital ratio of 2:3 for Sito and Tisay, respectively? a. P 180,000 b. P 160,000 c. P 150,000 d. P 120,000 O A B
The capital balance and the profit and loss sharing ratio of the partnership S, T and U as of December 31, 2010 are: Capital S (30%) $80,000,000 Capital T (50%) $90,000,000 Capital U (20%) $70,000,000 The partners agreed to accept V into the partnership on January 1, 2011, for an interest in capital and operating profit. Requested 1. Journalize V's entry into the partnership assuming that he invested $50,000,000 into the partnership for a 20% ownership interest and that the partnership capital is revalued. 2 Journalize Vs entry into the partnership assuming that he invested $70,000 in the partnership for a 20% ownership interest and that the partnership capital is revalued.
The capital account for the partnership of N and Q at Oct. 31, 2021 follows:N, Capital-------- 80 ,000Q, Capital------- 40, 000Total -------------- 120, 000The partners share profits and losses in the ratio of 6:4, respectively. The partnership is in desperate need of cash, and the partners agreed to admit S as a partner with a 1/3 interest in the capital and profits and losses upon her investment of 30, 000. Immediately after admission, what should be the capital balances of N, Q, and S, respectively, assuming bonus is not to be recognized. *
The partnership decided to revalue the firm's properties from P 500,000 to P650,000. This will O increase total partnership assets and total partners' equity. O increase total partners' equity only. O increase total partnership liabilities and total partners' equity. increase total partnership assets only.
2022 tax rules
33.X, Y, and Z formed a partnership on Jnauary 1, 2021, and contributed P150,000; P200,000; P300,000, respectively. Their articles of co-partnership provide that the operating income be shared among partners as foliows: as salary, P24,000 for X; P18,000 for Y; and P12,000 for Z; interest of 12% on the average capital during 2021 of the three partners; and the remainder in the ratio of 4:2:4, respectively. The operating income for the year-end December 31, 2021 amounted to P200,000. X contributed additional capital of P30,000 on July 1, and made a drawing of P10,000 on October 1; Y contributed additional capital of P20,000 on August 1, and made a drawing of P10,000 on October 1; and Z made a drawing of P30,000 on November 1, 2021. How much is the shared profit of partner X?
14. On December 31, 2015, the statement of financial position of JMR Partnership is presented below: Assets, at cost 180,000 JJ, loan JJ, capital мм, саpital RR, capital Total 10,000 45,000 40,000 85,000 180,000
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