Under partnership liquidation partner. In the settlement of the partners' claims, how muchThe non-cash assets are sold for P320,000. C is the only solvent3. The statement of financial position of the partnership of A, Band C shows the following information:Cash40,000 Liabilities720,000 B, Loan300,00064,000Noncash assets20,000C, LoanA, Capital (50%)B, Capital (30%)C, Capital (20%)250,00086,00040,000760,000Total760,000 Total Liab. & Equityadditional contribution is required of C?

Loss on realization=720000-320000=400000 400000 distribute to partners in their PSR.

partner. In the settlement of the partners' claims, how much The non-cash assets are sold for P320,000. C is the only solvent 3. The statement of financial position of the partnership of A, and C shows the following information: Cash 300,000 64,000 40,000 Liabilities Noncash assets 720,000 B, Loan 20,000 C, Loan A, Capital (50%) B, Capital (30%) C, Capital (20%) 250,000 86,000 40,000 Total 760,000 760,000 Total Liab. & Equity dditional sontribution is required of C?

partner. In the settlement of the partners' claims, how much The non-cash assets are sold for P320,000. C is the only solvent 3. The statement of financial position of the partnership of A, and C shows the following information: Cash 300,000 64,000 40,000 Liabilities Noncash assets 720,000 B, Loan 20,000 C, Loan A, Capital (50%) B, Capital (30%) C, Capital (20%) 250,000 86,000 40,000 Total 760,000 760,000 Total Liab. & Equity dditional sontribution is required of C?

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

What are the unique financial reporting implications of the Partnership entity in comparison with the Proprietorship and Corporate structures? How does the closing process differ for the Partnership?
Explain the advantages and disadvantages Sole proprietorship Partnership Corporation
What information do the capital accounts found in partnership accounting convey?
A limited partnership is a O a. Domestic Limited partnership O b. sole proprietorship O c. limited liability company O d.general partnership in the state in which it is organized
Meredith had always dreamed about starting her own publishing company. She talked about it constantly. Her family figured she probably would. It began at the age of six when Meredith created a newsletter which she distributed to her classmates each week. She charged them one penny per copy. Since her customers were only six years old, she often had a hard time collecting payment. Fortunately, she had an older brother Thomas who was quite persuasive. He became her debt collector. About five years later, Meredith quit the newsletter and began writing articles for the school newsletter. She was the youngest journalist the school had ever had. Meredith became fairly well known in the local area after she uncovered a story about corruption in the high school student council. It seemed that the student council had been bribed by teachers with candy bars, pizza, and photos of puppy dogs. In exchange, the student council was supposed to implement policies the teachers wanted implemented. In…
For a partnership, which of the following account is not a current asset? Group of answer choices Cash Merchandise Inventory Accounts Receivable Accounts Payable
True or False: A contributing partner's holding period for an interest in a partnership begins on the date the partnership interest is acquired.
#IAS OR #IFRS what accounting standard are use for sole proprietorship? what accounting standard are use for partnership? what accounting standard are use for corporation?
What are the major features of a partnership agreement for a partnership or an operating agreement for a limited liability company?