Help me please From the records of the DTA Partnership, answer question nos. 10 to 12:DTA PartnershipStatement of Financial PositionDec. 31, 2019AssetsP 2,00028,000Р30,000CashOther non-cash assetsTotalLiabilities and CapitalLiabilitiesP 5,000De Mesa, LoanDe Mesa, CapitalTudtud, CapitalApostol, Capital2,50012,5007,0003,000P30,000TotalProfit and loss ratio is 3:2:1 for De Mesa, Tudtud and Apostol, respectively. Cash isdistributed as assets are realized. Other assets were realized as follows:DateCash ReceivedBook ValueJanuary 2019February 2019P 6,000P 9,0003,5007,700March 201912,50011,30010. The total loss to De Mesa is:a. Р3,000b. P2,000С.P1,000d. P-0-

Partnership An arrangement under which two or more person who is termed as partners agrees to do…

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SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations

Section: Chapter Questions

Problem 34P

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GWS and BCP organized the GB Partnership on January 1, 2018. The following entries were made in their capital accounts during 2018. Debit Credit GWS, Capital: January 1 April 1 October 1 P315,000 P105,000 175,000 Debit Credit ВСР, Саpital: January 1 March P413,000 1 September 1 November 1 52,500 105,000 94,500 Required: А. If the partnership profit for the year 2018 computed before salaries or interest is P217,000, determine its distribution between the partners under each of the following independent profit-sharing agreements: (1) Interest at 6% is allowed on average capital investments and the remainder of the profit is divided equally. (2) A salary of P126,000 is to be credited to BCP, 6% interest is allowed on each partner on his ending capital balance and the remainder of the profit in the ratio of 3:2. Salaries are allowed GWS and BCP in amounts of P119,000 and P133,000, respectively, and the remaining profit or resulting loss is divided in the ratio of average capital balance.…
From the records of the DTA Partnership, *please refer on the image below a. P2,000; P200, respectively b. P5,000; P-0-, respectively c. P1,500; P1,000, respectively d. P-0-; P500, respectively
The following items are being invested by A and B to form AB Partnership Agreed Cash Inventory Land Building Equipment Total Mortgage on building assumed by the partnership Investment by A 120,000.00 120,000.00 240,000.00 480,000.00 480.000.00 Values Investment by B 120,000.00 240,000.00 480,000.00 840,000.00 240,000.00 600.000.00 REQUIRED: A. Prepare entries to record the formation of partnership assuming that A and B agree that each partner is to receive a capital credit equal to the agreed values of the net assets each partner invested. B. Prepare entities to record the formation of the partnership assuming that A and B agreed that each partner is to receive an equal capital investment.
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Multiple Choice The condensed statement of financial position of Ricablanca, Tac-an and Dimalanta partnership as of March 31, 2019 follows: ents to P 28,000 265,000 P293,000 Assets efore t Cash Non-cash Assets Total P 48,000 Liabilities 95,000 80,000 Ricablanca, Capital Tac-an, Capital Dimalanta, Capital Total 70,000 P293,000 S. Profit and loss ratio is 50:25:25, respectively. The partners voted to dissolve the partnership and liquidate by selling assets in installments. P70,000 was realized on the first cash sale of other non-cash assets which has a book value of P150,000. After settlement with creditors, all cash available was distributed to partners. How much cash did Dimalanta receive? P10,500 b. P20,000 a. C. P32,500 d. P21,250 2. The statement of financial position of the partnership of Balino, Andres and Ignacio who share in the profits and losses in the ratio of 5:3:2, respectively, is as follows: Assets Liabilities and Capital P 30,000 Liabilities Balino, Capital Andres,…
The following s the trail Balance of X and Y Co. as on March 31, 2021. The partners sharing profits and losses in the ratio 2:1. Prepare the Income Statement, Profit & Loss Appropriation A/c, Partners' Capital A/c and the Balance Sheet. Particulars Dr. Particulars Cr. Land and Buildings 637500 X Capital A/c 191250 Y Capital A/c 85000 Sundry creditors 170000 Sales (net) 85000 Discount 76500 Provision for bad debts 212500 Commission 6375 Y's Loan A/c 212500 Plant and Machinery 127500 Wages Opening Stock of Finished Goods Opening Stock of Raw material Opening Stock of Work in Progress Sundry debtors Carriage inwards Carriage outwards Factory Expenses Royalties 106250 1381250 10625 6375 42500 127500 3825 31875 6375 Purchase of Raw material (net) 318750 Factory rent & taxes Discount 27625 0. 12325 17000 8500 0. Office rent Insurance Bad debts Office Expenses Salaries of works manager 6375 31875 S1000 Cash at bank 34850 2014500 The following additional information is to be taken into…
The following is the trail Balance of X and Y Co. as on March 31, 2021. The partners sharing profits and losses in the ratio 2:1. Prepare the Income Statement, Profit & Loss Appropriation A/c, Partners' Capital A/c and the Balance Sheet. Particulars Dr. Particulars Cr. 637500 X Capital A/c 191250 Y Capital A/c 85000 Sundry creditors 170000 Sales (net) 85000 Discount Land and Buildings 212500 Plant and Machinery 127500 Wages 106250 Opening Stock of Finished Goods 1381250 Opening Stock of Raw material 10625 Opening Stock of Work in Progress 76500 Provision for bad debts 6375 Sundry debtors 212500 Commission 42500 Carriage inwards 6375 Y's Loan A/c 127500 Carriage outwards 3825 Factory Expenses 31875 Royalties 6375 Purchase of Raw material (net) 318750 Factory rent & taxes 27625 Discount 12325 Office rent 17000 Insurance 8500 Bad debts 6375 Office Expenses 31875 Salaries of works manager 51000 Cash at bank 34850 2014500 2014500 The following additional information is to be taken into…
On December 31, 202, the Statement of Financial Position of UFC Partnership shows the following data with profit or loss sharing of 2:3:5. What is the net proceeds from the sale of non-cash assets during January 2021?
The ABC partnership has three equal partners, A, B, and C, and the following balance sheet: Assets Partner's Capital Adj. Basis FMV Adj. Basis FMV Cash 60,000 60,000 A 70,000 80,000 Cap Asset 1 90,000 60,000 B 70,000 80,000 Cap Asset 2 40,000 60,000 C 70,000 80,000 Cap Asset 3 20,000 60,000 210,000 240,000 210,000 240,000 A receives capital asset #1 in an operating distribution. A has a one-ninth interest worth $20,000 in the partnership capital and profits after the distribution. (a) What results to A and the partnership if there is no §754 election? Reconstruct the balance sheet after the distribution. (b) What results to A and the partnership if the partnership has made a §754 election? Reconstruct the balance sheet after the distribution. (c) How should any basis adjustment be allocated among the partners?
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