The following account balances were taken from the books of Aztra, a sole proprietor beforeadmitting Nica to form a partnership.Accounts ReceivablePhp 50,0001,00060,00020,00030,00059,000Allowance for bad debtsEquipmentAccum. Depreciation – EquipmentNotes PayableAztra, CapitalAztra admits Nica as a partner in the partnership with a total agreed capitalization ofPhp 200,000. Nica contributes cash that will give her 50% claim in the partnership. Aztra is toinvest additional cash after the partnership's assets and liabilities are to be adjusted peragreement as follows:a. The realizable amount of accounts receivable is Php 45,000.b. The equipment is to be stated at its depreciated value of Php 34,000.c. Accrued interest on notes payable should be recognized, Php 1,000.Required:1. Adjusting entries2. Journal entries to record the investment of Aztra and Nica in the partnership books.

Journa Entries in the Books of Aztra (amounts in Php) 1) Bad Debts A/c…

Answered: |The following account balances were…

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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This topic is about Partnership; Distribution of Profits and Losses. Please only choose the correct letter of answer.
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The CDG Carlos, Dan, and Gall Partnership has decided to liquidate as of December 1, 20X6. A balance sheet on the date follows: Assets Cash Accounts Receivable (net) Inventories Property, Plant and Equipment (net) Total Assets Liabilities and Capital Liabilities: Accounts Payable Capital: CDG PARTNERSHIP Balance Sheet At December 1, 20x6 Carlos, Capital Dan, Capital Gail, Capital Total Capital Total Liabilities and Capital $138,000 68,000 78,000 Personal assets Personal liabilities Personal net worth $ 34,000 93,000 118,000 336,000 $581,000 $297,000 284,000 $581,000 Additional Information 1. Each partner's personal assets (excluding partnership capital interests) and personal liabilities as of December 1, 20X6, follow: Carlos Dan Gail $ 268,000 $310,000 $368,000 (239,000) (231,000) (340,000) $ 87,000 $ 28,000 $ 29,000 2. Carlos, Dan, and Gall share profits and losses in the ratio 15:45:40, 3. CDG sold all noncash assets on December 10, 20X6, for $276,000.
The following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Gulian, loan Total assets $ 89,000 820,000 55,000 $ 964,000 Accounts payable Zahiri, loan Gulian, capital Singh, capital Zahiri, capital Total liabilities and capital Beginning balances Sold assets Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments Required: The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $115,000. Prepare a proposed schedule of liquidation at this point in time. Note: Amounts to be deducted should be entered with a minus sign. X Answer is complete but not entirely correct. GULIAN, SINGH, AND ZAHIRI Proposed Schedule of Liquidation Cash $ 89,000 115.000 $ 204,000 0 ›› Other Assets (60,000)✔ $ 144,000 $ $ 820,000 $ 60,000 (328,000) ✔ 0 492,000 $ 60,000 (492,000) Accounts Payable 0 0 $ 0 (60,000) 0 Gulian, Loan $…
Pls help me in answering with explanation in this question in accounting.
Ashvinbhai
2.) XY Partnership had the following balances as of the year ended December 31, 2019. Description Partner X Partner Y 10,000 8,000 Beginning Capital Withdrawals 2,000 1,500 Additional Investments 1,200 3,000 Division of Profit/Loss 60% 40% Net income of the Partnership amounted to Php 4,000. Required: Provide a statement of Changes in Partner's Equity with complete parts 3.) xyCorporation had the following balances as of the year ended December 31, 2019. Beginning Shareholder's Equity -- Php 20,000 Share Issuances (Additional Investment) -- Php 25,000 Dividends declared (Distribution of Income) - Php 10,000 Net Income Year 2019 - Php 15,000 Required: Provide a Statement of Changes in Shareholder's Equity with complete parts
What is Koothrapali’s capital balance after adjustments but before making any cash investment or withdrawal? How much cash shall Koothrapali invest (withdraw) to comply with the partnership agreement?
The following accounts pertain to Ali and Basil partnership: cash 10000, non-cash assets 90000, liabilities 30000, Ali capital 50000 and Basil capital 20000. The income ration 3:2. The partnership was liquidated and non-cash assets were sold for 110000. The balance of cash after sales on non-cash assets will be - O a. 120000 O b. 140000 O c. 130000 Od 150000
Lebron and Wade, partners who share profits and losses equally decided to liquidate their partnership by installment. The statement of financial position showed Cash – P 35,000; P Liabilities – P 20,000; Lebron, Capital – P71,000; and Wade, Capital – P 54,000. Liquidation expenses amounted to P 10,000. How much cash can be distributed safely toeach partner at this point?
The following condensed statement of financial position is presented for the partnership of Morales, Gamino, and Quito, who share profits and losses in the ratio of 4:3:3. Cash 40,000 A/P 150,000 Other assets 710,000 M, capital 260,000 G, capital 180,000 Q, capital 160,000 Total assets 750,000 Total L&C 750,000 Assume that the partnership decided to admit abello as a new partner with a one fourth interest. Required: For each of the following independent cases, determine the amount that abello must contribute in cash or other assets. No goodwill or bonus will be recorded. A bonus of P24,000 is to be paid by abello and allocated to the prior partners. The partners agreed that total resulting capital should be P820,000 and no goodwill should be recognized. Other assets are written down by P20,000 and a bonus of P40,000 is paid to…
6. The following balances have been taken from the balance sheet of a partnership firm as atDec. 31, 2020:Debit Balances:Cash Rs. 325,000, Accounts Receivable Rs. 300,000, Merchandise Inventory Rs. 575,000,Furniture Rs. 300,000Credit Balances:Allowance for bad debt Rs. 30,000, Allowance for depreciation-Furniture Rs. 120,000, AccountsPayable Rs. 50,000, X Capital Rs.500,000, Y Capital Rs. 600,000, Z Capital Rs. 200,000 The partners were sharing profit and loss in their capital ratio. On the mentioned date theydecided to liquidate the partnership firm and the following transactions were performed:a. Rs. 250,000 was collected as full and final settlement of accounts receivable.b. Merchandise inventory was sold for Rs. 500,000 cash.c. Furniture was sold for cash Rs. 145,000d. Accounts Payable was fully paid.e. Loss on liquidation was distributed among the partners.f. Final Settlement to the partners was made.Required:Record the above transactions in General Journal

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