The following condensed balance sheet is presented for the partnership of Velarde,Soriano, and Villanueva, who share profits and losses in the ratio of 4:3:3, respectively:CashP100,000300,000P400,000Other AssetsTotalP150,00040,000180,00030,000P400,000LiabilitiesVelarde, CapitalSoriano, CapitalVillanueva, CapitalTotalThe partners agreed to dissolve the partnership after selling the otherassets for P200,000. Upon dissolution of the partnership. Velarde should received in hisretirement?

A Partnership is a form of a business organization, in which two or more individuals conduct a…

The following condensed balance sheet is presented for the partnership of Velarde, Soriano, and Villanueva, who share profits and losses in the ratio of 4:3:3, respectively: Cash P100,000 300,000 P400,000 Other Assets Total Liabilities Velarde, Capital Soriano, Capital Villanueva, Capital P150,000 40,000 180,000 30,000 P400,000 Total The partners agreed to dissolve the partnership after selling the other assets for P200,000. Upon dissolution of the partnership. Velarde should received in his retirement?

The following condensed balance sheet is presented for the partnership of Velarde, Soriano, and Villanueva, who share profits and losses in the ratio of 4:3:3, respectively: Cash P100,000 300,000 P400,000 Other Assets Total Liabilities Velarde, Capital Soriano, Capital Villanueva, Capital P150,000 40,000 180,000 30,000 P400,000 Total The partners agreed to dissolve the partnership after selling the other assets for P200,000. Upon dissolution of the partnership. Velarde should received in his retirement?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who…

A: The Schedule of liquidation represents the remaining amount after deducting the liabilities.

Q: Brislin, Humphreys, and Watkins share income and losses in a ratio of 3:2:5, respectively. The…

A: Brislin agrees to pay Watkins $188,000 for one-half of his capital interest and Humphreys agrees to…

Q: Cash Noncash assets Total assets $ 150,000 280,000 $ 430,000 Liabilities Arch, capital (40%) Bibb,…

A: When a partnership firm is dissolved, its business operations are terminated and the name of the…

Q: The following balance sheet is for a partnership in which the partners have decided to terminate…

A: Liquidation of a partnership refers to the process of winding up and settling the affairs of a…

Q: The partners Aces, Hearts, Cloves and Joker share profit and loss equally. Capital balances before…

A: Here discuss about the liquidation process to get the amount received by the partner in the…

Q: The following condensed balance sheet is presented for the partnership of Der, Egan, and Oprins, who…

A: The book values of the assets as shown in the balance sheet may not reflect their current…

Q: Following is the condensed balance sheet of Martinez, O'Neill and Clemens, partners who share…

A: Goodwill: The goodwill of a firm is an excellent indicator of its reputation. When compared to other…

Q: 3. How much was the loss on realization? a. P 50,000. b. P 60,000. 4. How much did See receive in…

A: Given in the question: Partnership is dissolved or liquidated and the balance of the accounts after…

Q: Required information [The following information applies to the questions displayed below.] Turner,…

A: Partnership : Arrangement between two or more people whereby they agree to manage business…

Q: A company uses job-order costing with manufacturing overhead (MOH) applied on the basis of machine…

A: The overhead is applied to the production on the basis of the pre-determined overhead rate. The…

Q: The following balance sheet is for a partnership in which the partners have decided to terminate…

A: When a partnership firm is dissolved, its business operations are terminated and the name of the…

Q: The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share…

A: Loss to eliminate the capital: For Miller = 69,000 / 0.6 = 115,000 For Tyson = 69,000 / 0.2 =…

Q: Prepare a proposed schedule of liquidation at this point in time.

A: Liquidation of a partnership firm is a process where partners mutually dissolved their partnership…

Q: e distributed to partn

A: Basic Information In the given question we will first prepare statement of affairs on the date of…

Q: Irtnership Capital Balances at 12/31/21 are as follows Smith Capital $50,000 Adams Capital 22,000…

A: Partnership is the firm which is run by two or more partners on the basis of partnership agreement,…

Q: Capital X, Y, and Z are $10,000 and $8,000 and $10,000, respectively: Profits are divided in the…

A: Partnership is a business in which two or more than two persons agree to carry common business and…

Q: The following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share…

A: Liquidation is the process of closing a business and distributing its assets to claimants.If the…

Q: The partnership of Ace, Ball, Eaton, and Lake currently holds three assets: Cash, $10,000; Land,…

A: so, ParticularsAceBallEatonLakeReported balances$25,000$28,000$20,000$22,000Maximum losses on land…

Question

The following condensed balance sheet is presented for the partnership of Velarde,
Soriano, and Villanueva, who share profits and losses in the ratio of 4:3:3, respectively:
Cash
P100,000
300,000
P400,000
Other Assets
Total
P150,000
40,000
180,000
30,000
P400,000
Liabilities
Velarde, Capital
Soriano, Capital
Villanueva, Capital
Total
The partners agreed to dissolve the partnership after selling the other
assets for P200,000. Upon dissolution of the partnership. Velarde should received in his
retirement?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Introduction

VIEW

Answer

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Brislin, Humphreys, and Watkins share income and losses in a ratio of 3:2:5, respectively. The capital account balances of the partners are as follows: Brislin Capital $602,000 Humphreys, Capital 368,000 Watkins, Capital 261,000 Prepare the journal entry on the books of the partnership to record the withdrawal of Watkins under the following independent circumstances: The partners agree that Watkins should be paid $221,000 by the partnership for his interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit select an account title enter a debit amount enter a credit amount select an account title enter a debit amount enter a credit amount select an account title…
The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share profits and losses in the ratio of 6:2:2, respectively: Cash $ 50,000 Liabilities $ 42,000 Other assets 150,000 Miller, capital 69,000 Tyson, capital 69,000 Watson, capital 20,000 Total assets $ 200,000 Total liabilities and capital $ 200,000 b. For how much money must the other assets be sold so that each partner receives some amount of cash in a liquidation?
The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share profits and losses in the ratio of 6:2:2, respectively: Cash $ 50,000 Liabilities $ 42,000 Other assets 150,000 Miller, capital 69,000 Tyson, capital 69,000 Watson, capital 20,000 Total assets $ 200,000 Total liabilities and capital $ 200,000 a. Assuming no liquidation expenses, calculate the safe payments that can be made to partners at this point in time.
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Turner, Roth, and Lowe are partners who share income and loss in a 2:3:5 ratio (in percents: Turner, 20%; Roth, 30%; and Lowe, 50% ). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $138,000; total liabilities, $88,000; Turner, Capital, $3,500; Roth, Capital, $14,500; and Lowe, Capital, $32,000. Cash received from selling the assets was sufficient to repay all but $33,000 to the creditors. Exercise 12-14 Liquidation of limited partnership LO P5 Assume that the Turner, Roth, and Lowe partnership is a limited partnership. Turner and Roth are general partners and Lowe is a limited partner. How much should each partner contribute to cover the remaining capital deficiency of $33,000? (Do not round intermediate calculations. Losses and deficits amounts to be…
Adams, Peters, and Blake share profits and losses for their APB Partnership in a ratio of 2:3:5. When they decide to liquidate, the balance sheet is as follows: Assets Liabilities and Capital $ 49,000 Cash Adams, Loan Other Assets Total Assets 11,800 218,000 Liabilities Adams, Capital Peters, Capital Blake, Capital Total Liabilities and Equities $ 278,800 $ 45,500 64,900 88,500 79,900 $ 278,800 Liquidation expenses are expected to be negligible. No interest accrues on loans with partners after termination of the business. During the liquidation process for the APB Partnership, the following events occurred: 1. During the first month of liquidation, noncash assets with a book value of $89,500 were sold for $68,000, and $22,500 of the liabilities were paid. 2. During the second month, the remaining noncash assets were sold for $78,000. The loan receivable from Adams was collected, and the rest of the creditors were paid. 3. Cash is distributed to partners at the end of each month.…