Problem 3WAH, AHH and LAM are partners in a company that is being liquidated.share profits and lossescapital balances right before liquidation is P108,000, P62,000 and P56,000,respectively.accumulated depreciation of P25,000 and P18,000, respectively for P10,000.TheyTheirintheratioof55:20:25,respectively.The partnership just sold equipment with a historical cost andWhatisthebalanceofWAH’Scapitalaccountafterthetransactioniscompleted?А.106,350В.108,000109,650110,000С.D.Problem 4МА,GUandLOareliquidating their partnership.Thepartners capitalbalances before liquidation is P147,000, P260,000 and P285,000 to MA, GU andLO, each, respectively and the partners share profit and losses in a 35:25:40ratio, respectively.to MA and a P15,000 note receivable from LO.In addition, the partnership has a P28,000 note payableWhen liquidation begins, what is the loss absorption power with respect toМА?80,000340,000420,000500,000А.С.В.D.Problem 5Jo, Lee and Beeare partners who share profits and losses in the ratio ofFinancialand Bee respectively.Position of the partnership on December 31, 2017 is as follows:35:25:40toJo,LeeThestatementofASSETSLIABILITIES AND CAPITALP8,000110,000LiabilitiesP18,0002,00032,70023,50041,800CashNoncash assetsLoan from LeeJo, CapitalLee, CapitalВее, CapitalOn January 1, 2018,the partners decided to liquidate.Forthe month ofJanuary, some assets were sold for awere paid. Payment toassets were P150, P2,250 and P4,600 respectively.liquidation expenses and unrecognized liabilities amounted to P1,250.loss of P2,000.Liabilities of P15,000PartnersJo,ееandLnitialofCash withheld for possibleWhat was the book/carrying value of the noncash assets sold in January?28,250А.С.20,250В.26,250D.18,250

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They Their WAH, АHН and LAM share profits and capital balances right before liquidation is P108,000, P62,000 and P56,000, respectively. accumulated depreciation of P25,000 and P18,000, respectively for P10,000. are partners in a company that is being liquidated. of 55:20:25, respectively. losses in the ratio The partnership just sold equipment with a historical cost and What is the balance of WAH's capital account after the transaction is completed? 106,350 108,000 А. С. 109,650 в. D. 110,000

They Their WAH, АHН and LAM share profits and capital balances right before liquidation is P108,000, P62,000 and P56,000, respectively. accumulated depreciation of P25,000 and P18,000, respectively for P10,000. are partners in a company that is being liquidated. of 55:20:25, respectively. losses in the ratio The partnership just sold equipment with a historical cost and What is the balance of WAH's capital account after the transaction is completed? 106,350 108,000 А. С. 109,650 в. D. 110,000

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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6.
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