receivable Debt 131 Receivables from Partners XXX 580 Previous Year Losses. XXX Which of the following can be said for the above-given journal entry in Güçlü Limited Şirketi in liquidation? A) A loss occurred at the end of the liquidation period and a provision was made for this loss. B) It is the record of distribution of the remainder of the liquidation to the partners. C) The loss resulting from the liquidation will be collected from the partners. D) The company has applied to legal remedies for liquidation loss. E) Past losses during the liquidation period will be collected from the partners.

receivable Debt 131 Receivables from Partners XXX 580 Previous Year Losses. XXX Which of the following can be said for the above-given journal entry in Güçlü Limited Şirketi in liquidation? A) A loss occurred at the end of the liquidation period and a provision was made for this loss. B) It is the record of distribution of the remainder of the liquidation to the partners. C) The loss resulting from the liquidation will be collected from the partners. D) The company has applied to legal remedies for liquidation loss. E) Past losses during the liquidation period will be collected from the partners.

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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В. Pisces, Leo and Gemini share profits in the ration of 5:3:2, respectively. Capital and loan balances just prior to partnership liquidation are: САРITAL LOANS Pisces P 120,000 Pisces P 45,000 Leo 90,000 Leo 30,000 Gemini 40,000 Gemini 13,000 Non-cash assets are sold, and cash is distributed to partners in monthly installments during the course of liquidation as follows: January – P 15,000; February - P 40,000; March - P 90,000; April – P 30,000 (final distribution) Required: a) Prepare a program to show how cash should be distributed during the entire course of liquidation, b) Using the program developed in (a), prepare schedules summarizing the payments to be made to partners at the end of each month. c) Prepare a statement of liquidation to summarize the course of liquidation.
Numbers 11-12 (Based on Book Values with Adjustments) On July 1, AA and BB decided to form a partnership. Balance sheet items for AA and BB on July 1 before adjustment are given below: Cash Accounts receivable Inventory Office supplies Equipment Accumulated depreciation Total assets Accounts payable Capital Total liabilities and capital 6,667 withdraw 3,000 invest 8,333 invest AA P 31,000 26,000 32,000 20,000 (9,000) P 100,000 B. AA-81,250 BB-75,000 P 28,000 72,000 P 100.000 C. AA-100,000 BB-75,000 BB P 50,000 20,000 AA and BB agreed to the following adjustments: (a) AA and BB's inventory is to be valued at P31,000 and P22,000, respectively; (b) Accounts receivable of P2,000 in AA's book and P1,000 in BB's books are uncollectible; D. AA 62,000 BB-93,000 24,000 5,000 (c) Accrued salaries of P4,000 for AA and P5,000 for BB are still to be recognized in the books; (d) Unused office supplies of AA amounted to P5,000 while that of BB amounted to P1,500; (e) Prepaid rent of P7,000 and P4,500…
Question 1 Prepare the Statement of Changes in Equity for the year ended 28 February 2021. INFORMATIONThe information given below was extracted from the accounting records of Preston Traders, a partnership business withPresley and Tony as partners. The following must be taken into account:(a) The Statement of Comprehensive Income reflected a net profit of R900 000 on 28 February 2021.(b) The partners are entitled to interest at 12% p.a. on their capital balances.Note: Presley decreased his capital by R200 000 on 01 June 2020 whilst Tony increased his capital by R200 000 on 01 September 2020. These capital changes have been recorded. (d) Tony is entitled to a bonus equal to 5% of the net profit before any of the above appropriations have been taken into account.(e) The remaining profit/loss must be shared between Presley and Tony in the ratio 3:2 respectively.
On September 23, 2021 – Pepsi and Coke have both decided to dissolve and liquidate their partnership. The balance sheet/statement of financial position on that date is as follows in the given picture. Required: 1. Prepare the cash priority program. 2. Prepare the liquidation journal entries and the statement of liquidation.
Show the solution in good accounting form
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
In preparing the schedule of safe payments, please do it in the same format with the example (lower part of the picture). Thanks!
Financial Accounting and Reporting Topic: Liquidation – Installment
Required information [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $80,000, $112,000, and $128,000, respectively, in a partnership. During its first calendar year, the firm earned $249,000. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $249,000 net income under each of the following separate assumptions. 2. The partners agreed to share income and loss in the ratio of their beginning capital investments. Complete this question by entering your answers in the tabs below. Appropriation of profits Allocate $249,000 net income in the ratio of their beginning capital investments. Note: Do not round intermediate calculations. Supporting Computations General Journal Ries Bax Thomas Percentage of Total Equity X Income Summary Allocated Income to Capital
16. On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership on installment basis. Distributions to partners shall be made as cash becomes available. The following information was made available: Dr. 40,000 120,000 Cr. . Cash Accounts receivable Receivable from c 20,000 240,000 600,000 Inventory Equipment Accounts payable Payable to B A, Capital (20%) A, Drawing B, Capital (30%) C, Capital (50%) C, Drawings Totals 60,000 40,000 200,000 40,000 300,000 400,000 60,000 1,060,000 1,060,000 During January, non-cash assets with carrying amount of P260,000 was sold for P120,000. Disposal costs amounted to P40,000. All of the partners are personally insolvent. How much did B receive on the cash distribution to the partners? a. 60,000 b. 74,000 c. 76,000 d. 0
Vusi and Vuma are in partnership trading as VV Traders specialising in manufacturing protective wear related to COVID-19. The partners share profits equally. The following information pertains to the business activities of the partnership for the year ended 30 June 20.2: VV TRADERS EXTRACT OF FINANCIAL INFORMATION AS AT 30 JUNE 20.2 Note R Loan to Vusi Land and buildings (at cost) Machinery (at cost) Vehicles (at cost) Accumulated depreciation: Machinery Accumulated depreciation: Vehicles Allowance for credit losses Capital contribution: Vusi Capital contribution: Vuma Allowance for settlement discount granted Long-term loan Inventory Trade receivables control Trade payables control Bank Petty cash Current account: Vusi (1 July 20.1) Current account: Vuma (1 July 20.1) 92 650 462 330 160 690 Cell Styles 201 580 29 220 9 810 3 710 350 280 350 280 8 940 70 850 49 490 97 450 41 530 84 590 1 570 42 840 63 220 Profit before year-end adjustments 170 370 Additional information 1. The…