Partners Lacoste, Lancome and Lanvin have capital balances of P 11,200; P 13,000 ; and P 5,800, respectively and share profits and losses in the ratio 4:2:1. If Lacoste receives a total of P 3,200 in cash, how much will Lanvin have received at this point?
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- 1. Partners Gaylee, Jandra, and Debby have capital balances of P50,000, P90,000, P20,000, respectively.They split profits in the ratio of 4:4:2, respectively. Under a safe cash distribution plan, who among the partners will get the first distribution?(Subjective) (Capital & Current Accounts, Profit And Loss Appropriation Account.) Chong and Loh were in partnership trading sharing profits and losses in the ratio 3:2 respectively. They agreed to allow interest on capitals at 5% per annum and to charge interest on drawings at a rate of 10% per annum. Chong was the partnership's manager and for his services he was credited with a salary of RM4,000 per annum. Chong had guaranteed Loh a minimum annual income of RM3,000, after sharing partnership profits and before deducting interest on drawings. During the year ended 30 April 1988, the net profit of the partnership trading was RM 10,000 and the partners' drawings were: Chong RM 500 Loh RM 900 On 31 December 1987 Chong withdrew RM1,200 from his Capital Account and Loh put in a similar amount to his Capital Account. The following were the balances of the partners' accounts at 1 May 1987: Capital Accounts Current Accounts Chong RM6, 000(Cr) RM470(Cr) 5660 Loh RM3, 600(Cr) RM510(Cr) 3396,226…The Amos, Billings, and Cleaver partnership had two assets: (1) cash of $40,000 and (2) an investment with a book value of $110,000. The ratio for sharing profits and losses is 2:1:1. The balances in the capital accounts were: Amos, capital Billings, capital Cleaver, capital $45,000 $75,000 $30,000 Required: If the investment was sold for $80,000, how much cash would each partner receive upon liquidation? Short Answer Toolbar navigation BI U S E > !!!
- The following are the capital balances and share in each profit of Ring Partnership:Aragorn 150 40%Legolas 250 40%Gimli 300 20% 9. If Gandalf was admitted by investing sufficient cash for 20% interest, how much must be his investment?10. If Gandalf was admitted by paying the partners P100 for 10% interest in the firm, how much will be the capital of Aragorn after the admission if implied goodwill was recorded?11. How much did Gandalf have invested for 25% interest if after his admission in the firm the capital balance of Legolas increased by P20?12. If Gimli withdrew from the firm and received P360, how much is the capital of Legolas if prior to withdrawal, the firm recorded a goodwill of P200.13. If the partnership was liquidated and P250 is ready for distribution, how much will Gimli received?14. If the partnership was liquidated and Gimli received P210, how much did Legolas received?…Queen and king are partners with capital balances 550,000 and 350,000 respectively; the share income and loss in the ratio of 1:3 respectively. Second is to invest 180,000 cash and is to recieve a one-tenth in the partnership. What is the capital balances of Queen and king after the investment?Lewis, Clark, and Sacagewea have income ratios of 5:3:2 and capital balances of $36,040, $32,860, and $29,680, respectively. Noncash assets are sold at a gain and allocated to the partners. After creditors are paid, $109,180 of cash is available for distribution to the partners. How much cash should be paid to Clark?
- Explain with solution Partners Biore and Selisana each have a P450,000 capital balance and share profits and losses in a 3-2 ratio, respectively. Cash equals P150,000, non-cash assets equal P1,500,000, and liabilities equal P750,000. If the non-cash assets are sold for P700,000 and both partners agree to make up for any capital deficits with personal cash contributions, upon liquidation Selisana will receive a cash distribution of a. P100,000. b. P50,000. CP130,000. d. P0North, South, East and West are partners with capital balances of P2,000, P50,000, P50,000 and P18,000, respectively. Profits and losses are also shared 2:3:3:2, respectively. The partners decide to liquidate. The non cash assets were realized for P34,800, liabilities amounting to P4,500 were paid and the partners still have P33,300 to divide for themselves. Assume any capital deficiency can no longer be collected. How much is the cash balance before realization?The following are the capital balances and share in each profit of Ring Partnership: Aragorn 300 50% Legolas 200 30% Gimli 200 20% 1. If Gandalf was admitted by investing sufficient cash for 20% interest, how much must be his investment? 2. If Gandalf was admitted by paying the partners P100 for 10% interest in the firm, how much will be the capital of Aragorn after the admission if implied goodwill was recorded? 3. How much did Gandalf have invested for 25% interest if after his admission in the firm the capital balance of Legolas increased by P24? 4. If Gimli withdrew from the firm and received P280, how much is the capital of Legolas if prior to withdrawal, the firm recorded a goodwill of P200. 5. If the partnership was liquidated and P50 is ready for distribution, how much will Gimli received? 6. If the partnership was liquidated and Gimli received P140, how much did Legolas received? (Aragorn is insolvent) 7. if all non-cash assets were sold at a loss of P200, how…
- Karasuma and Irina are partners who have capitals of P6,000 and P4,800 and who share profits in the ratio of 3:2. Koro is admitted as a partner upon investing cash of P5,000, with profits to be shared equally. Assume that Koro is allowed a 40% interest in the firm. What entries would be made in recording the investment if the asset revaluation method is used? What entries would be made if the bonus method is used? Which method will be preferred by Koro? How much will Koro gain by the use of this method?A, and B are partners sharing profits in the ratio of 2:3. Their balance sheet shows machineryat ₹2,00,000; stock ₹80,000, and debtors at ₹1,60,000. C is admitted and the new profitsharing ratio is 6:9:5. Machinery is revalued at ₹1,40,000 and a provision is made fordoubtful debts @5%. A’s share in loss on revaluation amount to ₹20,000. Revalued value ofstock will be:(a) ₹62,000 (b) ₹1,00,000 (c) ₹60,000 (d) ₹98,000Jag, Lee and Bench are partners having the following capital balances of P11,200, P13,000 and P5,800 respectively. Profits and losses are shared 4:2:1. How much is the loss absorption capacity of Lee?Required to answer. Single choice.