rship Liquid
Q: Define Partnership Deed.
A: Partnership: This is the form of business entity which is formed by an agreement, owned and managed…
Q: What is an articles of partnership agreement, and what information should this document contain?
A: Definition: Partnership: This is the form of business entity which is formed by an agreement,…
Q: Which one of the following is a content of a partnership deed? a. Customers' list b. Names and…
A: Introduction: Partnership: Its an agreement between two or more partners for forming a business and…
Q: Briefly introduce the legal nature of partnerships and companies, with emphasis on the contractual…
A: In a partnership, two or more parties agree to operate and manage a business and share the profits…
Q: 1. ABC Partnership has the following equity balane es and profit and loss distribution: Capital…
A:
Q: briefly explain the concept of Partnership, Formation, Duties, Liabilities and Dissolution
A: PARTNERSHIP A partnership is a kind of business wherever a proper agreement between 2 or additional…
Q: Prepare a Statement of Partnership Liquidation and the entries to record the following: 1. Sale of…
A: Partnership liquidation Statement: It is a statement showing the closure of capital A/Cs of partners…
Q: the assets of the partnership shall be applied lastly to
A: Liquidation of partnership firm takes place while turning down the business of the firm which…
Q: Problem #17 Installment Liquidation: Schedule of Safe Payments Partners Limin, Parducho and…
A: As per liquidation statements, the net realizable value from the sale of assets will be used in…
Q: 11. If Sally received P10,000 from the first distribution of cash, how much did Sabina and Sandra…
A: A partnership is an agreement between an individual and a company to operate a firm together and…
Q: Explain the contract liability of a partnership and the partners.
A: In general, the liability that a partner assumes on behalf of another in a partnership is termed as…
Q: Which of the below events will allow for revaluation under the regulations? options: A) Transfer…
A: Answer:- Partnership meaning:- Basically a partnership can be defined as a type of business in…
Q: Explain the meaning of partnership dissolution and state what effect dissolution will on the…
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Q: istinguish between “withdrawals” and “salaries” in accounting for partnership.
A: Partnership business means where two or more person comes together to do the business and share the…
Q: Allocation of partnership income among the partners appears on what financial statement?
A: In the partnership form of business, all partners distribute profit or loss in the ratio provided by…
Q: The statement of financial position of X, Y, Z partnership as of December 31, 2019 is presented…
A: Total cash received=Jan 2019+Feb 2019+Mar 2019=P 60,000+P 35,000+P 125,000=P 220,000
Q: summarizes the financial aspects of the partnership agreement and the equityrequirements of the…
A: Partnership Act: When the two or more people run the business for a long time for the future profits…
Q: Required: Prepare the final statement of partnership liquidation.
A: In case of liquidation of partnership business , all non cash assets are sold and the proceeds from…
Q: Prepare journal entry incorporation of Partnership
A: The partnership refers to a general agreement among the partners for carrying a legal business and…
Q: What is the purpose of a drawing account in a partnership’s financial records?
A: Partnership: This is the form of business entity which is formed by an agreement, owned and managed…
Q: 1. Twinkle, Sheep and Bus formed a partnership. Twinkle contributed cash of PS0,000. Sheep…
A: Partnership is an association or agreement between two or more than two persons in which they invest…
Q: describing a Limited Liability Partnership in which would be involved in. Indicate specific…
A: This is theory based question and we explain here Limited Liability Partnership in which would be…
Q: What are the steps involved in a partnership liquidation?
A: Solution: Introduction: A liquidation of a partnership process often starts with realization of non…
Q: How much cash is to be distributed to Veronica?
A: In liquidation, available assets are divided among the partners based on their profit sharing ratio.…
Q: Required: 49.c00 1. Prepare the cash priority program. 2. Prepare the journal entries to record the…
A: Financial statements are records of financial activities and position of a business or entity.
Q: There is a liquidation of assets of a partnership. Describe the order in which assets must be…
A: Introduction: Liquidation is the process of selling all of an entity's assets, trying to settle its…
Q: 2. Partners O, R, P, and Q who share profits and losses at 30%, 30%, 20%, and 20%, respectively.…
A: FOLLOWING LEDGERS ARE OPENED FOR THE SOLUTION: 1,REALISATION A/C 2.R'S LOAN A/C 3. Q'S LOAN A/C…
Q: The partnership of Maya, Nova, and Oscar was dissolved. By August 1, 2014, all assets had been…
A: Liquidating a partnership involves paying off creditors, selling assets, and distributing residual…
Q: A contract entered into among the partners stating among others-the duties and responsibilities of…
A: For every partnership type of business there shall exist a partnership agreement who shall be bind…
Q: (a) Explain the following (i) Partnership Deed (ii) Articles of…
A: - Partnership deed is an agreement between the partners which specifies the rights and duties of all…
Q: How is a predistribution plan created for a partnership liquidation?
A: In a partnership, two or more parties agree to operate and manage a business and share the profits…
Q: Describe the purpose of the articles of partnership and list specific items that should be included…
A: Articles of partnership agreement: It is a legal agreement which may be oral or written is often…
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- The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $40,000 B. $25,000 C. ($5,000) In addition, show the resulting entries to each partners capital account. Tatums capital account balance is $50,000 and Brooks is $60,000.The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have capital balances of $45,000 each. Prepare a schedule showing how the bonus should be divided if Ashanti joins the partnership with a $60,000 investment. The partners new agreement will share profit and loss in a 1:3 ratio.The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a $7,000 salary and Sue receives a $6,500 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $10,000 B. $5,000 C. ($12,000) In addition, show the resulting entries to each partners capital account.
- Juan contributes marketable securities to a partnership. The book value of the securities is $7,000 and they have a current market value of $10,000. What amount should the partnership record in Juans Capital account due to this contribution? A. $10,000 B. $7,000 C. $3,000 D. none of the abovePartners I, J and K share profits and losses equally. On March 31, 2020, the partners voted to liquidate the partnership when its assets, liabilities, and capital were as follows: Cash Liabilities 77,000 60,500 440,000 Note receivable from K Loans: 22,000 88,000 Other noncash assets 660,000 J Capital 82,500 82,500 K 82,500 797,500 797,500 Assume the following: a) All the noncash assets of P660,000 were sold for P297,000 b) K instructed the partnership to write off the P60,500 he borrowed from the partnership c) All partners could eliminate any deficits in their capital accounts through offset or contribution, or both d) All cash was distributed to outside creditors and partners Required: 1. Prepare a Statement of Partnership Liquidation 2. Prepare the joumal entries to record the liquidation of the partnershipThe balance sheet as of July 31, 2018 for the partnership of X, Y, and Z show the following information: Total assets (at cost) P450,000 Loan from X 25,000 X, Capital 108,000 Y, Capital 113,000 Z, Caprtal 204,000 It was agreed among partners that X retires from the partnership and it was further agreed that the assets be adjusted to their fair values of P392,000 as of July 31,2018. The partnership would pay X P100,000 cash plus a non-cash asset with a fair value of P12,000 for X's partnership interests. No goodwill is to be recorded. X, Y, and Z share profits and losses: 20%, 20%, and 60%, respectively. How much is the bonus to or from X?
- Problem 15. On December 31, 2020, the Statement of Financial Position of ABC Partnershipwith profit or loss ratio of 5:3:2 is presented below: CashP1,600,000Total LiabilitiesP2,000,000 Non Cash Assets1,400,000A, capital100,000 B, capital500,000 C, Capital400,000 On January 1, 2021, the partners decided to liquidate the partnership ininstallment. All partners are legally declared to be personally insolvent. As of January 31, 2021, the following transactions occurred: - Noncash Assets with book value of P1,000,000 were sold at a gain ofP100,000.00 - Liquidation expenses for the month of January amounting to P50,000 werepaid. - It is estimated that liquidation expenses amounting to P150,000 will be incurred For the month of February, 2021. - 20% of the liabilities to third person were settled. - Available cash were distributed to partners As of February 28, 2021, the following transactions occurred: - Remaining noncash assets were sold at a loss of P100,000 - The remaining liabilities to…Problem 15. On December 31, 2020, the Statement of Financial Position of ABC Partnershipwith profit or loss ratio of 5:3:2 is presented below: CashP1,600,000Total LiabilitiesP2,000,000 Non Cash Assets1,400,000A, capital100,000 B, capital500,000 C, Capital400,000 On January 1, 2021, the partners decided to liquidate the partnership ininstallment. All partners are legally declared to be personally insolvent. As of January 31, 2021, the following transactions occurred: - Noncash Assets with book value of P1,000,000 were sold at a gain ofP100,000.00 - Liquidation expenses for the month of January amounting to P50,000 werepaid. - It is estimated that liquidation expenses amounting to P150,000 will be incurred For the month of February, 2021. - 20% of the liabilities to third person were settled. - Available cash were distributed to partners As of February 28, 2021, the following transactions occurred: - Remaining noncash assets were sold at a loss of P100,000 - The remaining liabilities to…T, B and V, a partnership formed on January 1, 2021 had the following initial investments:T P 100,000B 150,000V 225,000The partnership agreement stated that profits and losses are to be shared equally by the partners afterconsideration is made for the following:• Salaries allowed to partners: P60,000 for T; P48,000 for B and P36,000 for V.• Average partner’s capital balances during the year shall be allowed 10%.Additional information:• On June 30, 2021, T invested an additional P60,000.• V withdrew P70,000 from the partnership on September 30, 2021.• Share on the remaining profit was P3,000 for each partner. 7. The partnership net profit for 2021 before salaries, interest and partner’s share on the remainder was__________8. The total partnership capital on December 31, 2021 was ____________
- The following balances as of the end of 2022 for the partnership of X, Y, and Z, together with their respective profit and loss percentages, were as follows:Assets - 360,000; X, loan - 18,000; X, capital (20%) - 84,000; Y, capital (20%) - 78,000; Z, capital (60%) - 180,000X decided to retire from the partnership. Parties agreed to adjust the assets to their fair market value of 420,000 as of December 31, 2022. X will be paid 98,000 for X’s total partnership interest (amount is inclusive of X loan). No goodwill is to be recorded. After X’s retirement, what will be the balance of Y’s capital account?On December 31 2021, the statement of financial position of ABC Partnership shows the following data with profit or loss sharing ratio of 2.3:5 Cash P15,000,000 Liabilities to others P20,000,000 Other non-cash asset 40,000,000 AA, Capital 15,000,000 BB, Capital 12,500,000 CC, Capital 7,500,000 On January 1, 2022, the partners decided to wind up the partnership affairs. During the winding up, liquidation expenses amounted to P2,000,000 were paid. Non-cash assets with book value of P30,000,000 were sold during January. 40% of total liabilities were also paid during January, P3,000,000 cash was withheld during January for future liquidation expenses. On January 31, 2022, partner AA received P10,000,000. How much is the proceeds from the sale of non-cash assets in January 2022?On December 31, 2020, the Statement of Financial Position of DEL Partnership shows the following date withprofit or loss sharing of 1:3:6:Cash P5, 000,000 Total Liabilities P10, 000,000Noncash Asset 15, 000,000 Diane 5, 000,000Ellen 3, 000,000Liz 2, 000,000On January 1, 2021, Ana will be admitted to the new partnership named ADEL Partnership by investing P4,000,000 for 30% capital interest in the new partnership which has total agreed capitalization of P20, 000,000.What is the new capital balance of Liz upon admission of Ana in ADEL Partnership?a. P4,400,000b. P8,400,000c. P5,600,000d. P3,200,00