A, B, C, and D are partners, sharing earnings in the ratio of 3/21, 4/21, 6/21 and 8/21,respectively. The balances of their capital accounts on December 31, 20xl are as follows:P1,00025,000A...В..C...25,000D..9,000P 60,000The partners decide to liquidate, and they accordingly convert the non-cash assets into P23,200 ofcash. After paying the liabilities amounting to P3,000, they have P22,000 to divide. Assume that adebit balance of any partner's capital is uncollectible. The share of C in the cash distribution to thepartners was: (round-off answer)а. 3,200b. 8,20013,800d. 17,800с.

At the time of liquidation of partnership firm, deficiency of insolvent partner is borne by solvent…

respectively. The balances of their capital accounts on December 31, 20x A.. . B.... C.... P1,000 25,000 25,000 9,000 P 60,000 D.. e partners decide to liquidate, and they accordingly convert the non-cas sh. After paying the liabilities amounting to P3,000, they have P22,000 bit balance of any partner's capital is uncollectible. The share of C in the rtners was: (round-off answer) а. 3,200 b. 8,200 с. 13,800 d. 17,800

respectively. The balances of their capital accounts on December 31, 20x A.. . B.... C.... P1,000 25,000 25,000 9,000 P 60,000 D.. e partners decide to liquidate, and they accordingly convert the non-cas sh. After paying the liabilities amounting to P3,000, they have P22,000 bit balance of any partner's capital is uncollectible. The share of C in the rtners was: (round-off answer) а. 3,200 b. 8,200 с. 13,800 d. 17,800

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

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 ?
What is the selling price of the noncash assets?
4.
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
4.12 A, B, and C are partners sharing profits in the ratio of 3:2:5, respectively. The goodwill of the business (not recognized in the books) is valued at P 12,000. The capital accounts of the partners are as follows: P 40,000 30,000 20,000 P 90,000 C retires and is paid P 26,000. REQUIRED: Give journal entries to record the settlement with C using 3 methods. ABC
What is the correct answer to the question?
2.
North, 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 partnership of H, M and R is liquidating and the ledger shows the following:Dr. Cash- P80,000Dr. Inventories- P100,000Cr. Accounts payable- P60,000Cr. H, Capital (50%)- P45,000Cr. M, Capital (25%)- P40,000Cr. R, Capital (25%)- P35,000If all cash available is distributed immediately: a. M should get P15,000 and R should get P5,000 b. M should get P12,500, and R should get P7,500 c. each partner should get P6,667 each d. each partner should get P26,667 each
Magalang, Matulungin, Masipag and Matapat are partners sharing earnings in the ratio of 3:6:9:12. The balance of their capital accounts on June 30, 2021 are as follows: Magalang – P2,000; Matulungin –P50,000; Masipag – P50,000; Matapat – P18,000 The partners decided to liquidate, and they accordingly convert the non-cash assets into P46, 400 of cash. After paying the liabilities amounting toP16,000, they have P70,000 to divide. Assume all partners are solvent. How much is the total assets of the partnership?Required to answer. Single choice. a. P126,000 b. P39,600 c. P86,400 d. P16,000
Red, White, and Blue have capital balances immediately after closing entries of P80,000, P100,000, and P120,000, respectively. They have agreed to share all profits equally. Blue is selling his interest to Black for P135,000 cash. The entry on the books of the partnership to record this event includes a: a. debit to cash for P135,000 b. debit to Black, capital for P120,000 c. credit to Black, capital for P135,000 d. credit to Black, capital for P120,000
Magalang, Matulungin, Masipag and Matapat are partners sharing earnings in the ratio of 3:6:9:12. The balance of their capital accounts on June 30, 2021 are as follows: Magalang – P2,000; Matulungin –P50,000; Masipag – P50,000; Matapat – P18,000 The partners decided to liquidate, and they accordingly convert the non-cash assets into P46, 400 of cash. After paying the liabilities amounting toP16,000, they have P70,000 to divide. Assume all partners are solvent. How much is the total assets of the partnership? Required to answer. Single choice.