Pepe, CapitalPilar, Capital35,000.0070,000.00Paz, Capital120,000.00P700,000.000.00The partners share profits and losses equally. The other assets were sold for P530,000.00. Liquidation Expense ofP60,000 were paid. The partners' personal record shows the followingPersonalAssetsPersonal LiabilitiesPepe (general Partner)Pilar (general partner)P100,000.00P50,000.00200,000.00300,000.00Paz (limited partner)300,000.0050,000.00Compute the cash distribution forРереb.PilarC.Paz Pepe, Pilar and Paz Partnership showed the following financial position on June 30, 2020, the date of liquidation:AssetsCashP20,000.00Receivable from Paz30,000.00Other noncash assets650,000.00P700,000.00Liabilities and EquityAccounts PayableP150,000.00Notes Payable260,000.00Loans Payable to Pilar65,000.0035,000.00Рере, СаpitalPilar, CapitalPaz, Capital70,000.00120,000.00P700,000 000.00The partners share profits and losses equally. The other assets were sold for P530 000 00. Liquidation Expense ofP60,000 were paid. The partners' personal record shows the followingingPersonalTS,30AssetsPersonal LiabilitiesPepe (general Partner)P100 000 00P50 000 0022)200 .000 00

Cash Distribution Statement Particular Amount Note Payable Accounts Payable Loan Payable to…

Рере, Сарital 35,000.00 70,000.00 Pilar, Capital Paz, Capital 120,000.00 P700,000.00 0.00 The partners share profits and losses equally. The other assets were sold for P530,000.00. Liquidation Expense P60,000 were paid. The partners' personal record shows the following Personal Assets Personal Liabilities Pepe (general Partner) P100,000.00 P50,000.00 Pilar (general partner) 200,000.00 300,000.00

Рере, Сарital 35,000.00 70,000.00 Pilar, Capital Paz, Capital 120,000.00 P700,000.00 0.00 The partners share profits and losses equally. The other assets were sold for P530,000.00. Liquidation Expense P60,000 were paid. The partners' personal record shows the following Personal Assets Personal Liabilities Pepe (general Partner) P100,000.00 P50,000.00 Pilar (general partner) 200,000.00 300,000.00

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

8. Dunn and Grey are partners with capital account balances of $60,000 and $90,000, respectively. They agree to admit Zorn as a partner with a one-third interest in capital and profits, for an investment of $100,000, after revaluing the assets of Dunn and Grey. Goodwill to the original partners should bea.$Ob. $33,333b.$50,000d. S66,667
Capital X, Y, and Z are $10,000 and $8,000 and $10,000, respectively: Profits are divided in the ratio of 30%:25%:45%. On liquidation, all assets of the partnership firm are sold and converted into cash in an amount sufficient to pay all claims, except for one claim of $4,000. Z is personally therapeutically insolvent the other two partners are able to fulfill every obligation to the partnership firm. State how the solution should be done.
D,E& F are partners with P&L ratio of 5:4:1, respectively. The partnership is to be liquidated. Prior to the liquidation, the Statement of financial position shows the following balances : Cash 80,000 Other Assets 720,000 Liab 80,000 D,Cap 320,000 Е, Сар 240,000 F, Сар 160,000 After realization, E received 120,000 as settlement of his interest. 1. How much was the loss on the sale of assets ? 2. How much did F receive in final settlement of his interest ? 3. What amount of total cash was distributed to the partners ?
Annie, Emy and Mary are in the process of liquidating their partnership and their account balance as of August 1, 2015 are as follows: Debit Credit Cash P 15 000 Non – cash assets 35 000 P 7 000 5 000 Emy, Loan Annie, Capital Emy, Capital Mary, Capital 17 500 20 500 The profit and loss sharing ratio has been 4:3:3 between Annie, Emy and Mary respectively. 1. Assuming that the partners hip realized P 15 000 from the sale of non – cash assets and that any deficiency is uncollectible, Emy must receive: а. Р 17000 b. Р 18500 с. Р9 500 d. Not given 2. If Annie had personal assets of P 25 000 and personal liabilities of P 22 500 and that the partnership realized P 12 500 from the sale of its non – cash assets, Mary must receive. а. Р 20 500 b. Р 12 500 с. Р 13 000 d. Not given
The following statement of financial position account balances for the partnership of Pierce, Garnett, and Rondo are the following: Cash-P 160.000; Other assets - P 320,000Liabilities-P 180,000; Pierce, Capital-P 48.000, Garnett. Capital-P216,000; Rondo, Capital - P36,000. The partners agree to dissolve the partnership after selling the other assets. If Pierce is to receive a final settlement of P 180,000, how much should be the proceeds from sale of the non-cash assets? assuming that the non-cash assets were sold 2 pots at a loss of P 70,000. how much would be the total capital of the partners immediately before final distribution of cash? assuming that the non-cash assets were sold for P 120,00. how much would be received by Garnett in the final distribution of cash? Assume that any partner incurring a capital deficiency is insolvent.
The balance sheet of the partnership of Aethan, Ping, and Moi, who share in the Profits and losses in the ratio of 5:3:2, respectively, is as follows: AssetsLiabilities and Capital CashP 30,000LiabilitiesP 50,000 Other Assets320,000Aethan, Capital80,000 Ping, Capital115,000 Moi, Capital105,000 Total P350,000 Total P 350,000 The Partnership is liquidated by installment. The first sale of non-cash assets With a book value of P150,000 realizes P100,000. How should the remaining cashbe distributed ?
Cassy and Dana formed a partnership with equal sharing in the partnership income and losses, with contributions, as follows: Cassy- P1,000,000 Dana - P 1,000,000 Give the journal entry. Description P.R. Debit Credit
Kendra, Cogley, and Mel share Income and loss In a 3:2:1 ratio (In ratio form: Kendra. 3/6; Cogley. 2/6: and Mel, 1/6). The partners have decided to liquidate their partnership. On the day of liquldation, their balance sheet appears as follows. Balance Sheet Assets Liabilities $ 85,980 549,600 Accounts payable Equity Kendra, Capital Cogley, Capital Mei, Capital Cash $255,500 Inventory 76,008 171,000 133,000 Total assets $635,5ee Total liabilities and equity $635,500 Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of Inventory. Prepare journal entries to record the below transactions. (Do not round intermediate calculations. Enter losses and partner deficits, If any, as negative amounts.) 1. Inventory Is sold for $612,600. 2 Inventory Is sold for $458,400. 3. Inventory Is sold for $317,400 and partners with deficits pay their deficits In cash. 4. Inventory Is sold for $265,800 and partners with deficits do not pay thelr…
1.Gerald, julia and bea are partners who decide to terminate their partnership is P480,000 including cash of P30,000. Capital balances of the partners were as follows Gerald P150,000; Julia P175,000; Bea P67,500. Unpaid liabilities amounted to P87,500. Assets with a book value of P175,000 were sold foe P125,000 and cash was distributed. The P/L ratio is 5:3:2. What amount must the remaining assets be sold in ordee for Julia to receive P197,500 after liquidation? 2. Alpha, Beta and Gamma are partners who have capital balances of P480,000 ,P500,000 and P180,000 respectively. P/L is distributed in the ratio of 4:2:1. Beta received P260,000 as a result of liquidating the partnership when 60% of the noncash assets of the partnership is realized. The partnership has total assets totaling to P500,000 including P50,000 cash before liquidation. The partnership also incurred P35,000 liquidation expenses and with held P28,000 for the unpaid liabilities of the partnership. What is the loss on…
a 4:42 ratio and all partners are personally solvent and losses in a 4: Silverio, Domingo, Reyes, and Pastor are partners sharing earnings in the ratio of 3:4:6:8 respectívely. The balances of their capital accounts on December 31, 2011 are as follows: Silverio P 1,000; Domingo P25,000; Reyes P 25,0003; and Pastor P9,000. ther asset is: 8,000 in cash in full settlement for her share of the partnership. The selling price for the ark 70K 28k P690,000 P640,000 C. P360,000 d. P410,000 41. The partners decided to liquidate, and they accordingly convert the non-cash assets into P23,200 of asn. After paying the liabilities amounting to P3.000, they have P22,200 to divide. Assume that a debit balance in any partner's capital accounts is uncollectible. After the P22,200 was divided, the capital balance of Domingo was: a. P3,200 b. P3,920 C. P4,500 d. P17,800 Matias, Pagayanon and Pescasiosa, partners sharing profit and losses based on 4:4:2 decided to liquidate. All assets of the partnership…
The financial position of the partnership Marie, Shey, Allan and Roi, just prior to liquidation shows: Marie, Loan 25,000 Marie, Capital 137,500 Shey, capital 128,750 Allan, capital 171,250 Roi, Capital 112,500 The partners share profits and losses on a 4:3:2:1 ratio, respectively. Certain assets are sold for P150,000 and is distributed to partners. How much cash should Allan receive? a. 0 b. 50,000 c. 67,917 d. 82,083
MARA, CLARA, SARA and FE are partners in BLINK PARTNERSHIP . The following are their contributions to the partnership : MARA - P100.000.00 CLARA - 200.000.00 SARA - 200,000.00 FE - Industrial Partner They agreed to share the profits and losses equally .The partnership profits of P 1, 000, 000.00 . will the partners divide the profits among themselves ?