The partnership of Ray, May and Jay is to be liquidated. Their books reflect beginning cash balances of P200,000;Liabilities of P350,000, Ray Capital (30%), P300,000; May Capital (25%), P450,000 and Jay Capital, (45%), P350,000.The partnership is to be liquidated on an installment basis. The details of the first two installment sales of the partnershipfollow:Book Value Sales Priceof Non-cash of Non-cash Liquidating Liabilities LiquidatingAssets sold Assets sold ExpensesP 250,000100,000ExpectedPaidExpenses1st Sale2nd SaleP 205,00030,000P 20,000 P 150,000 P 25,00010,000150,00030,000Cash is distributed to the partners as it becomes available. In the 3rd installment sale, P200,000 of the NCAS are sold forP150,000; P30,000 of the liabilities and P10,000 liquidating expenses are paid; and P130,000 cash is distributed to thepartners.Determine the capital of May after the 1st installment sale of the Non-cash assets.

Liquidation of partnership: It is the process of winding up the partnership business. On…

The partnership of Ray, May and Jay is to be liquidated. Their books reflect beginning cash balances of P200,000; Liabilities of P350,000, Ray Capital (30%), P300,000; May Capital (25%), P450,000 and Jay Capital, (45%), P350,000. The partnership is to be liquidated on an installment basis. The details of the first two installment sales of the partnership follow: Book Value Sales Price of Non-cash of Non-cash Liquidating Liabilities Liquidating Assets sold Assets sold Expenses P 250,000 P 205,000 Expected Expenses 1* Sale | 2nd Sale Paid P 20,000 P 150,000 P 25,000 150,000 100,000 30,000 10,000 30,000 Cash is distributed to the partners as it becomes available. In the 3rd installment sale, P200,000 of the NCAS are sold for P150,000; P30,000 of the liabilities and P10,000 liquidating expenses are paid; and P130,000 cash is distributed to the partners. Determine the capital of May after the 1* installment sale of the Non-cash assets.

The partnership of Ray, May and Jay is to be liquidated. Their books reflect beginning cash balances of P200,000; Liabilities of P350,000, Ray Capital (30%), P300,000; May Capital (25%), P450,000 and Jay Capital, (45%), P350,000. The partnership is to be liquidated on an installment basis. The details of the first two installment sales of the partnership follow: Book Value Sales Price of Non-cash of Non-cash Liquidating Liabilities Liquidating Assets sold Assets sold Expenses P 250,000 P 205,000 Expected Expenses 1* Sale | 2nd Sale Paid P 20,000 P 150,000 P 25,000 150,000 100,000 30,000 10,000 30,000 Cash is distributed to the partners as it becomes available. In the 3rd installment sale, P200,000 of the NCAS are sold for P150,000; P30,000 of the liabilities and P10,000 liquidating expenses are paid; and P130,000 cash is distributed to the partners. Determine the capital of May after the 1* installment sale of the Non-cash assets.

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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The partnership of Ray, May and Jay is to be liquidated. Their books reflect beginning cash balances of P200,000; Liabilities of P350,000, Ray Capital (30%), P300,000, May Capital (25%), P450,000 and Jay Capital, (45%), P350,000. The partnership is to be liquidated on an instaliment basis. The details of the first two installment sales of the partnership follow: Expected of Non-cash of Non-cash Liquidating Liabilities Liquidating Expenses P 25,000 30,000 Book Value Sales Price 1* Sale 2d Sale Assets sold Assets sold Expenses P 205,000 30,000 P 250,000 100,000 Paid P 20,000 P 150,000 150,000 10,000 Cash is distributed to the partners as it becomes available. In the 3rd installment sale, P200,000 of the NCAS are sold for P150,000, P30,000 of the liabilities and P10,000 liquidating expenses are paid; and P130,000 cash is distnbuted to the partners. Determine the capital of May after the 1" installment sale of the Non-cash assets.
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Kind and Lucky formed a partnership by contributing cash amounting to P240,000 and P480,000 respectively on January 1, 2021. They agreed to share profits and losses in the ratio of 3:2. During the first year of operation, both Kind and Lucky made a withdrawal of P50,000 and P80,000 respectively. They also reported a net profit of P175,000. At the start of the following year, they agreed to admit Mature into the partnership by investing P300,000 for a one-fourth interest. How much is the total amount of asset revaluation?
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The accounts of the partnership of A, B and C at the end of its fiscal year on October 31, 2018 are as follows: P 78,750 Liabilities Loan from C Cash P262,500 Other Non-Cash Assets 682,500 26,250 52,500 Loan to B A, Capital (30%) B, Capital (50%) C, Capital (20%) 236,250 157,500 78,750 If P90,000 is available for distribution to partners after all non-partner liabilities are paid, how much should A receive? _8. D.
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A and B formed a Partnership on January 1, 2020. Partner A’s contributed capital amounted to P40,000, while partner B’s contributed capital amounted to P20,000. The Partnership agreement provides for the following: Capital accounts are to be credited annually with interest at 5% of the beginning capital. Partner B is to be paid salary of P6,000 quarterly. Partner B is to receive a bonus of 10% based on the net income The Partnership's income statement for the year ended is as follows: Revenues, P105,000Expenses (including salary, interest, and bonus), 30,000Net income, 75,000 What is partner's B 2020 bonus? Group of answer choices 9,273 7,500 9,333 11,333