242243 Homework 12-3244 The HIJ Partnership245 Cash46 Other Assets247has decided to liquidate their business:$20,000$170,000$190,00048249250251 The partners share profit and losses 4:2:2. The noncash assets are sold for $85,000. Complete52 a liquidation schedule.2535455 Opening Balance56 Sale of NonCash57 New Totals58 Pay Liabilities59 New Totals60 Distribution to Part.61 Final Balances62Cash$25,000Accounts PayableHughes, CapitalIgloo, CapitalJones, CapitalNon Cash$165,000Liabilities$60,000$55,000$35,000$40,000$190,00$60,000Hughes, C$55,000Igloo, C$35,000Jones, C$40,000

The liquidation schedule is prepared to sale of all non-cash assets, pay the liabilities and…

The HIJ Partnership has decided to liquidate their business: Cash $20,000 Other Assets $170,000 Opening Balance Sale of NonCash $190,000 New Totals Pay Liabilities Accounts Payable Hughes, Capital The partners share profit and losses 4:2:2. The noncash assets are sold for $85,000. Complete a liquidation schedule. Cash Non Cash $25,000 $165,000 Igloo, Capital Jones, Capital $60,000 $55,000 $35,000 $40,000 $190,00 Liabilities Hughes, C $60,000 $55,000 Igloo, C $35,000 Jones, C $40,000

The HIJ Partnership has decided to liquidate their business: Cash $20,000 Other Assets $170,000 Opening Balance Sale of NonCash $190,000 New Totals Pay Liabilities Accounts Payable Hughes, Capital The partners share profit and losses 4:2:2. The noncash assets are sold for $85,000. Complete a liquidation schedule. Cash Non Cash $25,000 $165,000 Igloo, Capital Jones, Capital $60,000 $55,000 $35,000 $40,000 $190,00 Liabilities Hughes, C $60,000 $55,000 Igloo, C $35,000 Jones, C $40,000

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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Problem 3 low is the balance sheet of Gold Ace Company immediately prior to the liquidation of the partnership: P500,000.00 1,900,000.00 P2,400,000.00 Cash Non-cash assets Total P1,100,000.00 Liabilities Capital Salazar Nenubla Gomez 480,000 00 320,000.00 500,000.00 P2,400,000.00 Total The partners share profits and losses in the ratio 50%, 30%, 20%. It is assumed that Salazar and Gomez have personal assets which are sufficient in amount to "make good" capital debit balances which may be created during the liquidation process. The non-cash assets of the partnership are realized in the amount of P600,000,00. Give the schedule of liquidation and the corresponding journal entries assuming a) nothing is realized from the three partners, b) capital deficiencies are paid.
2. The sale of the non-cash assets resulted in a total loss ofA. P70,000b. P60,000c.P65,000 d. P80.000e. answer not given
ABC, DEF and GHI who share earnings 5:3:2, respectively, decided to liquidate their partnership at which time their condensed balance sheet was as follows: Cash Other Assets Total 50,000 Liabilities 250,000 ABC, Capital DEF, Capital GHI, Capital 300,000 Total 60,000 80,000 90,000 70,000 300,000 The sale of other assets of resulted to a realization of 120,000, it was also expected that an additional liquidation expense was incurred. During payment to partners GHI received P40,000. Compute for the amount to be received by DEF.
Ideu, the d. P3,200 b. Р3,920 C. P4,500 d. P17,800 42. liquidate. All assets of the partnership just prior to liquidation follows: were liquidated. The condemsed statement of financial position Assets Cash Other assets liabilities and capital P140, 000 10, 000 45, 000 105, 000 200, 000 P500,000 P100, 000 liabilities Matias, loan Matias, capital Pagayanon, capital Pescasiosa, capital Total 400, 000 Total P500, 000 Other assets were sold for P247, 500 realizing a loss of P152, 500. Parties agreed to fully terminate the partnership's business thus, necessitating distribution of cash to partners and in case of capital deficiency, contribution of additional cash. The three partners were all solvent and could answer any capital deficiency. Name the partner and give the corresponding additional cash he had to invest due to his net capital deficiency to finally settle to the liquidation of the partnership. Pagayanon, P44,000 b Pescasiosa, P30, 500 Matias, P16,000 Matias, P6,000 a C
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Financial Accounting and Reporting Topic: Liquidation – Installment
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On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership. 80,000 240,000 480,000 1,200,000 2,000,000 Cash Accounts receivable Inventory Equipment Total Accounts payable to B Payable A, Capital (20%) B, Capital (30%) C, Capital (50%) 800,000 Total 2,000,000 Information on the conversion of non-cash assets is as follows: 120,000 80,000 400,000 600,000 • $40,000 was collected on accounts receivable; the balance is uncollectible. $20,000 was received for the entire inventory. . The equipment was sold for $200,000./ $8,000 liquidation expenses were paid. • • #108,000 was paid to outside creditors, after offset of a 12,000 credit, memorandum received on January 2, 20x1. All of the partners are personally solvent. How much did B receive from the settlement of his interest in the partnership?
16. On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership on installment basis. Distributions to partners shall be made as cash becomes available. The following information was made available: Dr. 40,000 120,000 Cr. . Cash Accounts receivable Receivable from c 20,000 240,000 600,000 Inventory Equipment Accounts payable Payable to B A, Capital (20%) A, Drawing B, Capital (30%) C, Capital (50%) C, Drawings Totals 60,000 40,000 200,000 40,000 300,000 400,000 60,000 1,060,000 1,060,000 During January, non-cash assets with carrying amount of P260,000 was sold for P120,000. Disposal costs amounted to P40,000. All of the partners are personally insolvent. How much did B receive on the cash distribution to the partners? a. 60,000 b. 74,000 c. 76,000 d. 0