Problem 2The assets and equities of the TAI, NIH and KID, partnership at the end ofits fiscal year on October 31, 2017 are as follows:Cash45,000Liabilities150,000Receivables30,000135,00090,00060,000Loan from KIDTAI, capital (30%)NIH, capital (50%)KID, capital (20%)Inventory120,000210,000Plant Assets15,000450,00045,000450,000Loan to NIHΤΟΤALΤΟΤALFrom the above statement,that the partnership istobe liquidatedassumebased on the following independent situations:is personally insolventsolvent and the non-cash assets were all sold for P200,000.а.Assumethat NIHandtheotherpartnersareDetermine the amount of cash that TAI will receive.78,00066,00057,00045,000А.С.в.D.partnershipincurred P40,000 in liquidating expenses, P300,000 of the non-cash assetsb.Assumethatinthefirstsaleofnon-cashassets,theweresold forP200,000,P100,000 oftheliabilitiespaid bythewaspartnership, sufficient amountunpaid liabilities.liquidatingtherefore not distributed to the partners.for the remainingThe partnership also estimates to incur additionalofcashwaswithheldexpensesofP15,000, P20,000oftheavailablecashwasDetermine the amount of cash that TAI will receive.60,00051,00030,00012,000А.С.В.D.c.Assumethatinthefirstinstallment sale,ΤΑΙreceives 54,000 afterP250,000 of the non-cash assets were sold for P215,000.The partnershipalso incurred liquidating expenses of P25,000.Determine the amount of cash KID is to receive.54,000021,000А.С.18,000В.D.Determinetheamountof cashthatwithheldfor future liquidatingwasexpenses.100,00070,000А.С.10,000В.D.DeterminethecapitalbalanceofTAIimmediatelyafterthecashdistribution.117,00099,00072,00063,000А.С.В.D.

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Problem 2 The assets and equities of the TAI, NIH and KID, partnership at the end of its fiscal year on October 31, 2017 are as follows: 45,000 60,000 120,000 210,000 Liabilities 150,000 30,000 135,000 90,000 Cash Receivables Loan from KID Inventory Plant Assets TAI, capital (30%) NIH, capital (50%) KID, capital (20%) 15,000 450,000 45,000 450,000 Loan to NIH ТОTAL TOTAL From the above statement, that the partnership is to be liquidated assume based on the following independent situations: Assume that NIH is personally insolvent and the other partners а. are solvent and the non-cash assets were all sold for P200,000. Determine the amount of cash that TAI will receive. 78,000 66,000 57,000 45,000 A. С. В. D.

Problem 2 The assets and equities of the TAI, NIH and KID, partnership at the end of its fiscal year on October 31, 2017 are as follows: 45,000 60,000 120,000 210,000 Liabilities 150,000 30,000 135,000 90,000 Cash Receivables Loan from KID Inventory Plant Assets TAI, capital (30%) NIH, capital (50%) KID, capital (20%) 15,000 450,000 45,000 450,000 Loan to NIH ТОTAL TOTAL From the above statement, that the partnership is to be liquidated assume based on the following independent situations: Assume that NIH is personally insolvent and the other partners а. are solvent and the non-cash assets were all sold for P200,000. Determine the amount of cash that TAI will receive. 78,000 66,000 57,000 45,000 A. С. В. D.

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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The following are balances of a partnership between Shoe and Lace as at 2021 December 31: DR CR Capital on 2021 January 01: S S Shoe 30 000 Lace 30 000 Current Accounts on 2021 January 01: Shoe 1 500 Lace Drawings during the year were: Shoe Lace Land and building Equipment Cash at bank Bank loan 90 000 Electricity Office salaries Advertising Bad debts Provision for bad debts 700 Debtors Creditors 9 500 Provision for depreciation: Equipment 2 000 Stock on 2021 December 31 Gross profit for the year 150 000 Additional information: i. Provision for bad debts is to be increased by $50. ii. Amount for advertising included payment of $120 for 2022. iii. Electricity bill of $145 is due. iv. Equipment is to be depreciated at 20% per annum. v. Interest on capital is allowed at 20% per annum. vi. Interest on drawings is 5% per annum. vii. Profits and losses are to be shared between Shoe and Lace in the ratio 2:3. A. Prepare Profit and Loss and Appropriation Account for year ended 2021 December…
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Provide complete solutionsa. ₱48,000 b. ₱100,000 c. ₱136,000 d. ₱160,000
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