pistribution of Cash Upon LiquidationDavid Oliver and Umar Ansari, with capital balances of $42,000 and S57,000, respectively, decide to uidate their partnership Ater seling the roncash assets and paying the liabilties, there is $124,000 ofcash remaining. if the partners share income and losses equaly, how should the cash be distributed?Ef an amount is zero, enter in "0".Oliver and AnsariDistribution of CasholiverAnsariTotalCapital balances before realization42.00057,00099.000Division of gain on realizationCapital balances after realizationCash distributed to partnersFinal balances

Introduction: Partnership: Its an agreement between two or more partners for forming a business with…

Answered: pistribution of Cash Upon Liquidation…

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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Distribution of Cash Upon Liquidation Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $36,000 and $24,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $45,000. a. What is the amount of a gain or loss on realization? $ b. How should the gain or loss be divided between Hewitt and Patel? Hewitt Patel c. How should the cash be divided between Hewitt and Patel? If an amount is zero, enter "0". Hewitt and Patel Distribution of Cash Hewitt Patel Capital balances before realization $ $ Division of gain or loss on realization Balances $ $ Cash distributed to partners Final balances $ $
Distribution of Cash Upon Liquidation David Oliver and Umar Ansari, with capital balances of $44,000 and $59,000, respectively, decide to liquidate their partnership. After selling the noncash assets and paying the liabilities, there is $129,000 of cash remaining. If the partners share income and losses equally, how should the cash be distributed?
Save Answer Quèstion 7 he remaining A, B and C are partners and sharing income and loss in a 3:2:1 ratio respectively. They decided to liquidate the partnership. Before the final distributic cash to the partners, A has a capital balance of $ (30,000), B has a capital balance of $72,000 and C has a capital balance of $48,000. Cash balance is 90,000. A pald the amount he owes the partnership. Required: Prepare journal entries to record the above liquidation process. YOUR ANSWER SHOULD BE IN THE FOLLOWING FORM; DO NOT USE" BETWEEN NUMBERS: Dr. Cash 100000 Cr. Land 100000 For the toolbar, press ALT+F1O (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial 10pt 三v ... O WORDS POWERED BY TINY
Ideu, the d. P3,200 b. Р3,920 C. P4,500 d. P17,800 42. liquidate. All assets of the partnership just prior to liquidation follows: were liquidated. The condemsed statement of financial position Assets Cash Other assets liabilities and capital P140, 000 10, 000 45, 000 105, 000 200, 000 P500,000 P100, 000 liabilities Matias, loan Matias, capital Pagayanon, capital Pescasiosa, capital Total 400, 000 Total P500, 000 Other assets were sold for P247, 500 realizing a loss of P152, 500. Parties agreed to fully terminate the partnership's business thus, necessitating distribution of cash to partners and in case of capital deficiency, contribution of additional cash. The three partners were all solvent and could answer any capital deficiency. Name the partner and give the corresponding additional cash he had to invest due to his net capital deficiency to finally settle to the liquidation of the partnership. Pagayanon, P44,000 b Pescasiosa, P30, 500 Matias, P16,000 Matias, P6,000 a C
The partnership of kapos, kulang and kasia was affected by the pandemic do the partners have decided to liquidate on December 31, 2019 and gave you the following balances: Cash Outside Creditors 100,000 1,400,000 890,000 Non-Cash Asset Loan due to kapos 10,000 Каpos, capital Kulang, capital Kasia, capital 90,000 190,000 320,000 The partners share profit and loss in the ratio 5:3:2, respectively. Non cash asset was sold for 1,000,000. All partners are solvent Answer the following: Gain/Loss on Realization Gain/Loss absorbed by Kapos Gain/Loss absorbed by Kulang Gain/Loss absorbed by Kasia Capital balance of Kapos after sale of Non – Cash Asset Capital balance of Kulang after sale of Non – Cash Asset Additional Investment by Kapos Final Settlement to Kapos Final Settlement to Kulang Final Settlement to Kasia
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Distribution of Cash Upon Liquidation David Oliver and Umar Ansari, with capital balances of $46,000 and $62,000, respectively, decide to liquidate their partnership. After selling the noncash assets and paying the liabilities, there is $135,000 of cash remaining. If the partners share income and losses equally, how should the cash be distributed? If an amount is zero, enter in "0". Oliver and Ansari Distribution of Cash Oliver Ansari Total Capital balances before realization $ $ $ Division of gain on realization Capital balances after realization $ $ Cash distributed to partners Final balances $ $
SCO PROFESSOR: NAME: SECTION: Problem #20 Withdrawal of a Partner position for the partnership on that date follows: Cebedo, Basa and Ibrahim Statement of Financial Position July 10, 2019 Liabilities and Partners' Capital 骨 Assets P 74,000 36,000 135,000 30,000 P275,000 Liabilities P 45,000 120,000 Cash Trade Accounts Receivable (net) Plant Assets (net) Goodwill (net) Cebedo, Capital Basa, Capital Ibrahim, Capital 60,000 50,000 P275,000 Total Total Required: Prepare the journal entries to record Ibrahim's withdrawal under each of the following assumptions: 1. Ibrahim is paid P54,000, and the excess amount paid over Ibrahim's capital account balance is recorded as a bonus to Ibrahim from Cebedo and Basa. 2. Ibrahim is paid P45,000, and the difference is recorded as a bonus to Cebedo and Basa from Ibrahim. * 1oranim accepted cash of P40,500 and plant assets (equipment) with a current fair value of P9,000. The equipment had cost P30.000 and was 60% depreciated, with sidual value (Record…
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