Using the information above, prepare a Pre-distribution Plan for the partnership, in good form.
Q: Following is the statement of financial position of ABC Partnership before realization of assets on…
A: Cash Non Cash Assets Liabilities A, Capital B, Capital C, Capital Balances July 1, 2020…
Q: The assets and capital of QRS Partnership at the end of its fiscal year on October 31, 2021 are as…
A: Amount received by Q = (Amount available for distribution + Loan to R) x Q's capital percentage
Q: 2,500,000.00 5,400,000.00 3,700,000.00 11,600,000.00
A: In the partnership there is fixed exchange ratio between the partners and profit or loss is shared…
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: e balance sheet of Adel, Basel, and Yousef partnership on January 1, 2021 (the date of artnership…
A: Partnership means where two or more person comes together to form the business and share profit and…
Q: The assets and capital of QRS Partnership at the end of its fiscal year on October 31,2021 are as…
A: Amount received by Q = (Amount available for distribution - Liabilities - Loan from S) x Q's…
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 capital account balances and profit-and-loss-sharing ratios of the Byd, Box, Dar, and Fus…
A: The objective of the question is to prepare the journal entries to record Box’s retirement from the…
Q: The following condensed balance sheet is for the partnership of Ludolf, 6:2:2, respectively: Cash…
A: A partnership is a formal arrangement by two or more parties to manage and operates a business and…
Q: Matthews, Mitchell, and Michaels are partners in BG Land Development Company and share losses in a…
A: The partnership is a form of business where minimum two persons work together at one place. The…
Q: A condensed balance sheet for a partnership to be liquidated is as follows:(attached)The profit and…
A: Partnership liquidation: A procedure of paying off all the liabilities of the partnership firm,…
Q: Prepare a statement of realization and liquidation for the CDG Partnership on December 10, 20X6.(Do…
A: The realization and liquidation statement is prepared in which the assets and payments made is…
Q: Prior to liquidation, the following information relates to the partnership: Partnership trial…
A:
Q: The MFP Partnership is to be liquidated when the ledger shows the following: Cash $50,000…
A: Loss on sale of Noncash Assets = Carrying value of Noncash Assets - Sale value = 200000-140000 =…
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: The Statement of Financial Position of the XY partnership on December 31, 2018, appears below. $…
A: A significant amount of the audit trail is composed of journal entries, which help auditors verify…
Q: A balance sheet for the partnership of A, B, and C, who share profits 2:1:1, shows the following…
A: In a partnership, two or more parties agree to operate and manage a business and share the profits…
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: he balance sheet of Adel, Basel, and Yousef partnership on January 1, 2021 (the date of artnership…
A: Partnership Liquidation ScheduleCashOther AssetsDebtAdel CapitalBesel CapitalYousef CapitalJan-1-…
Q: The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share…
A: Partnership: The partnership is a relationship among 2 or more persons to manage daily operations as…
Q: Liabilities - 80,000 A Capital - 88,000 B Capital - 62,000 C Capital - 56,000 On the first month…
A: The Underwriters will pay the first payment on the Notes on the Issue Date in accordance with the…
Q: What is A's interest after the first cash distribution?
A: JCA Partnership is entering into liquidation and the balance sheet of the partnership is given to…
Q: The partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. Profits…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: The condensed Balance Sheet of the XY partnership on December 31, 2024, appears below. $60,000…
A: Partnership is a business firm owned and operated by more than 2 persons. There are 2 types of…
Q: 17. The total cash distributed to the partners in the first installment was: a. P 12,500. C. P…
A: Here discuss about the details of total cash distribution which are made to the partners at the time…
Q: On January 1, 2020, La Petite Macaron, a local French bakery, borrowed $84,000 from the bank. Int…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: The ABC Partnership is to be liquidated. The ledger shows the following: Cash…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: A balance sheet for the partnership of A, B, and C, who share profits 2:1:1, shows the following…
A: (1) Profit sharing Ratio of A, B, C = 2 : 1 :1=> A = 2/4 th = 1/2 th share=> B = 1/4 th = 1/4…
Q: On January 1, 2018, ACJ Partnership entered into liquidation. The partners' profit and loss ratios…
A:
Q: 1. The total loss from the liquidation of the partnership 2. Prepare the statement of…
A: Given Information: Capital Guess =P 164,000 Jag = P 134,000 Levis' = P 144,000 Jag loan =…
Q: Liabilities Playa, capital (40%) Bahia, capital (30%) Arco, capital (30%) Total ets are sold for…
A: Statement of partnership liquidation is a report that shows the distrubution of assets liabilites…
Q: On January 1, 20x20, ACJ Partnership entered into liquidation. The partners' capital balances on…
A: Liquidation of Firm: Liquidation is the process of putting a firm out of business. The company's…
Q: The partnership of Winn, Xie, Yang, and Zed has the following balance sheet: Cash Other assets $…
A: A partnership is a form of business in which two or more people come together to operate and manage…
Q: el
A: Cash distribution for February R 22,000.00 S - T…
Step by step
Solved in 2 steps
- The statement of Financial Position of JJJ Partnership, just before liquidation is as follows: ASSETS Cash 50,000 Other Assets 140,000 Loan — July 10,000 Total Assets 200,000 LIABILITIES & CAPITAL Liabilites 70,000 Loan- January 20,000 January,Capital (50%) 30,000 June,Capital (30%) 50,000 July,Capital (20%) 30,000 Total Liabilities & Capital 200,000 Partners January and June are personally insolvent. The percentages in parenthesis are their profit and loss ratio. Situation 1:If non cash assets are sold for P150,000 and all liabilities are paid and liquidation expense of P5,000 are also paid: How much cash should…The following are the liabilities and equity section of BEE Partnership at the time of liquidation: Liabilities P300,000, Loan- Ella, P20,000, Bea, Capital (30% P/L ratio), P60,000, Ella, Capital (40% P/L ratio), P40,000, Emma, Capital (30% P/L ratio), P80,000. Cash at the time of liquidation amounting P90,000. The following takes place at that time: The partners agreed that Bea will receive inventory and Emma will receive equipment before cash distribution. At that time, inventory has a book value of P4,000 but only realizable to P3,000, and equipment having a book value of P33,000 but revalued to P28,000. All other noncash assets were realized amounting P210,000 cash, but P10,000 of the cash proceeds were expensed for the liquidation process. Only Ella is solvent at that time. Required: Prepare the journal entry of the partnership dissolution.Following is the statement of financial position of ABC Partnership before realization of assets on July 1, 2020: Cash 10,000 Liabilities 28,000 Accounts 50,000 A, Capital 45,000 receivable Inventory 30,000 B, Capital 27,000 Equipment 60,000 C, Capital 50,000 Total 150,000 Total 150,000 The partners share income 30:30:40, respectively. On July 2, the partnership liquidated, 50% of the receivables are collected and that inventory is fully written-off. Equipment is sold for 55,000. Determine payment to partner B.
- Prior to liquidation, the capitals are reported with the following balances: Partners Capitals P/L Ratio Alaska P160,000 1/3 Bilasa 290,000 2/3 The total liabilities of the partnership amount to P150,000, and all assets available are noncash assets were realized at P540,000. The cash distribution to Alaska and Bilasa respectively would be A. P130,000 P260,000 B. P190,000 P350,000 C. P135,000 P270,000 D. P140,000 P250,000 As of December 31, 2022, the books of AME Partnership showed capital balances of A, P40,000; M, P25,000; E P50,000. The partner’s profit and loss ratio was 3:2:1, respectively. The partners decided to liquidate and they sold all non-cash assets for P37,000. After settlement of all liabilities amounting to P12,000, they still have cash of P28,000 left for distribution. Assuming that any capital debit balance is uncollectible, the share of A in distribution of the P28,000 cash would be: A. P18,000 B. P0…The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Hardwick, loan Total assets $ 93,000 815,000 44,000 Beginning balances Sold assets $952,000 Accounts payable Ferris, loan Hardwick, capital Saunders, capital Ferris, capital Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments Total liabilities and capital The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $125,000. Prepare a proposed schedule of liquidation at this point in time. (Amounts to be deducted should be entered with a minus sign.) HARDWICK, SAUNDERS, AND FERRIS Proposed Schedule of Liquidation Cash Other Assets $ 48,000 54,000 380,000 240,000 230,000 $952,000 Accounts Payable Hardwick, Loan and Capital Saunders, Capital Ferris, Loan & CapitalThe following account balances were available for the Perry, Quincy, and Renquist partnership just before it entered liquidation: Cash $ 90,000 Liabilities $ 170,000 Noncash assets 300,000 Perry, capital 70,000 Quincy, capital 50,000 Renquist, capital 100,000 Total $ 390,000 Total $ 390,000 Included in Perry’s Capital account balance is a $20,000 partnership loan owed to Perry. Perry, Quincy, and Renquist shared profits and losses in a ratio of 2:4:4. Liquidation expenses were expected to be $15,000. All partners were insolvent. For what amount would the noncash assets need to be sold in order for Quincy to receive some cash from the liquidation? Multiple Choice A. Any amount in excess of $170,000. B. Any amount in excess of $190,000. C. Any amount in excess of $260,000. D. Any amount in excess of $280,000. E. Any amount in excess of $300,000.
- The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: Cash $ 61,000 Liabilities $ 55,000 Noncash assets 329,000 Drysdale, loan 42,500 Drysdale, capital (50%) 107,500 Koufax, capital (30%) 97,500 Marichal, capital (20%) 87,500 a-1. Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine the next maximum loss that can be absorbed in Step 2. a-2. Liquidation expenses are estimated to be $21,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well. b. Assume that assets costing $99,000 are sold for $72,500. How is the available cash to be divided?Item Nos. 13 and 14 are based on the following information: The following are the assets and liabilities of Tee, Pak, and Long partnership on April 30, 200B prior to liquidation: Cash P 25,000 Liabilities. P 52,000 Other Assets 180,000 40,000 Tee Capital (40%) Pak Capital (40%) 65,000 Long Capital (20%) 48,000 P 205,000 P 205,000 The first sale of noncash assets having a carrying amount of P 90,000 realized P 50,000. 13. The amount of cash each partner should receive in the first installment is: a. Tee, P 0; Pak, P 0; Long, P 23,000. b. Tee, P O; Pak, P 5,000; Long, P 18,000. c. Tee, P 12,000; Pak, P 13,000; Long, P 18,000. C. d. Tee, P 27,000; Pak, P 5,000; Long, P 18,000. 14. If P 3,000 cash is withheld for future liquidation expenses, how much cash should Long receive? a. P 21,000. c. P 17,000. b. P 20,000. d. P 3,000.The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: Cash Noncash assets $ 41,000 229,000 Liabilities Drysdale, loan Drysdale, capital (50%) Koufax, capital (30%) Marichal, capital (20%) $46,500 21,000 77,500 67,500 57,500 a-1. Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine the next maximum loss that can be absorbed in Step 2. a-2. Liquidation expenses are estimated to be $20,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well. b. Assume that assets costing $79,000 are sold for $62,500. How is the available cash to be divided?
- The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: Cash $ 37,000 Liabilities $ 49,000 Noncash assets 209,000 Drysdale, loan 12,500 Drysdale, capital (50%) 71,500 Koufax, capital (30%) 61,500 Marichal, capital (20%) 51,500 a-1. Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine the next maximum loss that can be absorbed in Step 2. a-2. Liquidation expenses are estimated to be $16,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well. b. Assume that assets costing $75,000 are sold for $60,500. How is the available cash to be divided?On January 1, 20x20. ACJ Partnership entered into liquidation. The partners' capital balances on this date were as follows: A (25%) P2,500,000; C (35%) P5,400,0003; J (40%) P3.700,000. The partnership has liabilities amounting to P4,400,000, including a loan from C P600.000. Cash on hand before the start of liquidation is P800,000. Noncash assets amounting to P7,400,000 were sold at book value and the rest of the noncash assets were sold al a loss of P4.200,000. How much cash will be distributed to the partners?The assets and capital of QRS Partnership at the end of its fiscal year on October 31, 2021 are as follevs: ASSETS LIABILITIES AND CAPITAL Cash 30,000 Liabilities 100,000 Receivable, net Merchandise Inventory 40,000 Loan from S 20,000 80,000 Q, Capital (30%) 140,000 R, Capital (50%) 10,000 S, Capital (20%) 90,000 Non-current Asset 60,000 Loan to R 30,000 The partners decide to liquidated the partnership. They estimate that the noncash assets, other than the loan to R, can be converted into P200,000 cash over the two-months period ending December 31, 2021. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process. Compute the amount to be received by Q if P150,000 is available for first distribution?
