The following is the balance sheet of the fellowship.Other Assets$290,000Accounts Payable$90,000Zendaya's Receivables$15,000Zendaya's Capital$110,000Moursh's Capital$105,000Total Assets$305,000Total Liabilities$305,000Zendaya and Moursh share a profit and loss sharing ratio of 55% : 45%. They agreed to liquidatethe partnership. If other assets are sold for $310,000. Then how much cash is available to bedistributed to the two partners?

In case of liquidation of a partnership firm,: All Assets are realized, Then all outside…

Answered: The following is the balance sheet of…

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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10 of estion L, M, and N are in the process of liquidating their partnership. Since it may take several months to convert the other assets into cash, the partners agree to distribute all available cash immediately, except for $12,000 which is set aside for contingent expenses. The balance sheet 25,000 and residual profit and loss sharing percentages are as follows: Cash 500,000 Accounts payable Other assets 225,000 L, capital (20%) 168,000 270,000 N, capital (50%) M, capital (30%) 262,000 Using a safe payment schedule, how much cash should M receive in the first distribution?
Orion, Leanna and Aric were partners sharing profits and losses in the proportion of 2:2:1, following is their Balance Sheet as on 31st March, 2008. Balance Sheet as on 31 March, 2008 Assets Liabilities Capital Accounts: Orion Leanna Aric General Reserve Creditors Orion's Loan A/c Bills payable Amount $ Machinery 30,000 Stock 10,000 Debtors 10,000 Loss: R.D.D. 3,000 Investment 20,000 Profit and Loss A/c 4,000 Bank 7,000 84,000 27,500 1,500 2) Dissolution expenses were $ 1,500. 3) Goodwill of the firm realised $ 12,000 Pass the necessary Journal entries in the books of the firm. Amount $ 25,000 10,000 26,000 12,000 9,000 2,000 84,000 On the above date the partners decided to dissolve the firm: 1) Assets were realised: Machinery $ 22,500, Stock $9,000, Investment $ 10,500, Debtors $ 22,500.
P, Q and R are partners sharing profit and losses in the ratio of 5 : 3: 2. Q retires and the goodwill of the firm is valued at $ 9,000. Assuming that P and R will share the future profits in the ratio of 4 : 1. Pass the necessary journal entries in each of the following alternative cases: (a) When no goodwill account appears in the books. (b) When goodwill account appears at $ 30,000 in the Balance Sheet.
E5.
The partnership of Kylie, Bamboo and Tank is being liquidated. The summarized balance sheet below depicts their financial position before liquidation: Cash Loans to Tank Other non-cash assets P 30,000 70,000 600,000 The other non-cash assets were sold at P400,000. 1. The excess cash distributed to Kylie is P40,000 A. True B. False Accounts payables P Kylie, loan Kylie, capital (40%) Bambo, capital (20%) Tank, capital (40%) 2. The excess cash distributed to Tank is P110,000 A. True B. False 3. The ending balance of non-cash assets after liquidation is P200,000 A. True B. False 280,000 30,000 90,000 150,000 150,000
Kershaw, Buehler, and Bauer are partners and agree to share profit and loss in the ratio of 30/30/40. The partners have agreed to liquidate, liquidation expenses will total $28,000. The following are the balances prior to liquidation: Cash, $100,000; Noncash assets, $700,000; Liabilities $354,000; Kershaw Capital, $200,000; Buehler Capital, $144,000 and Bauer Capital, $102,000. Assume actual liquidation expenses are $20,000 and noncash assets sold for $500,000 using an excel spreadsheet prepare a statement of partnership 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.
The following is the balance sheet of the fellowship. Other Assets Zendaya's Receivables $290,000 Accounts Payable $90,000 $15,000 Zendaya's Capital $110,000 Moursh's Capital Total Liabilities $105,000 Total Assets $305,000 $305,000 Zendaya and Moursh share a profit and loss sharing ratio of 55% : 45%. They agreed to liquidate the partnership. If other assets are sold for $310,000. So how much cash is available to be distributed to each partners?
rame and French are in partnership sharing profits and losses in the ratio 3/5: 2/5. respectively y
The following debit (credit) balances on the account of GYC Partnership are as follows: Gie, Capital (P1,000,000) Yan, Capital ( 1,200,000) Carl, Capital ( 800,000) Gie, Loan 100,000 Yan, Loan 300,000 Carl, Loan ( 100,000) Gie, Yan and Carl currently allocate their profits and losses based on the ratio of 3:4:3, respectively. With the consent of the remaining partners, Yan decided to retire from the partnership by selling 75% of his capital to Ben (outsider) for P750,000, and the remaining interest (including the loan) was sold to the partnership in which he received P50,000 in total. Required: Prepare journal entries regarding the partnership dissolution.
“P” and “Q” entered into a joint venture to construct a house for a price of L 8,00,000. For this purpose “P” put L 2,00,000 and “Q” L 1,50,000 into joint bank A/c opened for this purpose.The payments as follows :Materials L 60,000Salary & wages L 1,40,000 Plant & Machinery L 20,000These payments were made from joint bank A/c, but in addition “P” supplied cement bags valued L10,000. The house was constructed and paid the contract price.The plant and machinery taken over by “Q” @ L 10,000 and unused materials was taken by “P” @ L 5,000. They shared the profit in the ratio of 2:1.Show 1) Joint venture A/c2) Joint Bank A/c3) Co-ventures A/c answer with all work please

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