Partners D, E and F decided to liquidate their partnership. A balanace sheet was prepare on this date as follows: DEF Partnership Balance sheet As of March 1, 2017 Cash 20,000 Accounts Payable 25,000 Other Assets 180,000 Loan Payable, E 5,000 D, Capital 50,000 E, Capital 45,000 F, Capital 75,000 200,000 200,000 Profits and Loses are divided in the ratio of 2:3:1, respectively. The non-cash assets were sold for 68,000. All the parties are solvent, except for E.
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- Numbers 16, 17 and 18 (Partnership Liquidation – Installment Liquidation) On December 31, 2018, the Statement of Financial Position of ABC Partnership with profit or loss ratio of 5:3:2 of respective partners A, B and C. showed the following information: Cash Noncash assets 1,600,000 1,400,000 Total Liabilities 2,000,000 100,000 A, Capital В, Сарital С, Сарital 500,000 400,000 On January 1, 2019, the partners decided to liquidate the partnership in installment. All partners are legally declared to be personally insolvent. As of January 31, 2019, the following transactions occurred: Noncash assets with a carrying amount P1,000,000 were sold at a gain of P100,000. Liquidation expenses for the month of January amounting to P50,000 were paid. It is estimated that liquidation expenses amounting to P150,000 will be incurred for the month of February, 2019. • 20% of the liabilities to third persons were settled. Available cash was distributed to the partners. As of February 28, 2019, the…The ABC Partnership is to be liquidated. The ledger shows the following: Cash $ 70,000 Noncash Assets 220,000 Liabilities 90,000 A, Capital 85,000 B, Capital 90,000 C, Capital 25,000 A,B, and C's income ratios are 5:3:2, respectively. The non-cash assets are sold for $170,000. Instructions Prepare a schedule of liquidation using the following chart: Cash NC assets Liabilities A, Cap B, Cap C, Cap Beg Balance Sale of assets Balance Pay liabilities Balance Distribute cash End Balance Prepare the 4…On December 31, 2030, the Statement of Financial Position of ABC Partnership provided thefollowing data with profit or loss ratio of 1:6:3:Current Assets P2,000,000 Total Liabilities P1,200,000Noncurrent Assets 24,000,000 A, Capital 1,800,000B, Capital 1,600,000C, Capital 1,400,000 On January 1, 2031, D is admitted to the partnership by purchasing 40% of the capital interest ofB at a price of P1,000,000. What is the capital balance of B after the admission of D on January 1, 2031? a. P1,180,000b. P960,000c. P840,000d. P600,000
- The following are the account balances as of June 30, 2022 of JPP Partnership just before liquidation:Cash - 100000Inventory - 600000Furniture - 200000Equipment - 400000Accounts Payable - 200000Loans from Pedro - 200000Juan, capital - 20% - 300000Pedro, capital -35% - 310000Pablo, capital - 45% - 280000The following events occurred thereafter:Jul 1 - Equipment was sold for P380,000Jul 15 - Furniture was sold for P 210,000Jul 30 - Inventory with book value of P500,000 was sold for P200,000Aug 15 - Remaining inventory was sold for P 80,000a. Prepare a liquidation report.b. Prepare a cash distribution report/computation for safe payment for each time the partnership will be paying off the partners.c. Prepare a cash priority program and show how it can be used to settle the partner’s equity balances.d. Indicate on the space provided the total cash each partner would receive.On December 31, 2030, the Statement of Financial Position of ABC Partnership provided thefollowing data with profit or loss ratio of 5:1:4:Current Assets P 3,000,000 Total Liabilities P 1,000,000 Noncurrent Assets 4,000,000 A, Capital 2,200,000B, Capital 2,400,000C, Capital 1,400,000 On January 1, 2030, D is admitted to the partnership by investing P1,000,000 to the partnership for 10% capital interest. The total agreed capitalization of the new partnership is P6,000,000. What is the share of A in the asset impairment?a. P240,000b. P160,000c. P300,000d. P500,000On December 31, 2030, the Statement of Financial Position of ABC Partnership provided thefollowing data with profit or loss ratio of 1:6:3:Current Assets P2,600,000 Total Liabilities P600,000Noncurrent Assets 4,000,000 A, Capital 2,800,000B, Capital 1,400,000C, Capital 1,800,000 On January 1, 2031, D is admitted to the partnership by investing P2,000,000 to the partnership for 20% capital interest. If an existing asset of ABC partnership is not properly valued, what is the capital balanceof B after the admission of D?a. P1,640,000b. P2,600,000c. P1,920,000d. P1,560,000
- Help me pleaseOn the December 31, 2020, the Statement of Financial Position of LOVE Partnership shows the following data with profit or loss sharing of 5:3:2.CashP10,000,000Noncash Asset40,000,000Total LiabilitiesP20,000,000Ona10,000,000Vina15,000,000Ena5,000,000On January 01, 2021, Lina is admitted to the new partnership named LOVE by investing P20,000,000 for 50% capital interest in the new partnership. What is the new capital balance of Ena after Lina’s admission in LOVE Partnership?On February 28, 2023, the partners Anna, Juan. Berto authorized the liquidation of their partnership. The statement of financial position is as follows: AAA Statement of Financial Position February 28, 2023 Cash Non-cash assets Total Assets P10,000 Accounts Payable 290,000 Ana, Capital Required: a. Prepare the Cash Priority Program b. Prepare the journal entries for March 1, and March 4, 2023 P300,000 Juau, Capital Berto, Capital Total Liabilities and Capital P100,000 100,000 20,000 80,000 P300,000 Additional Informatic 1. The partner's profit and loss ratio were Amma, 40%; Juan, 40% and Berto 20% 2. On March 1, 2023, non-cash assets with a book value of P200,000 realized P150,000, and all available cash was paid to creditors and to partners. 3. On March 4, 2023. non-cash assets with a book value of P90,000 realized P70,000, and that amount was paid to partners.
- A, drawing (debit balance) P 24,000 A, capital P 123,000 B, drawing (debit balance) 9,000 B, capital 100,500 C, loan 30,000 C, capital 108,000 Total assets amounted to P 478,500, including P 52,500 cash, and liabilities totaled P 150,000. The partnership was liquidated on December 31, 2020, and B received P 83,250 cash pursuant to the liquidation. A, B, and C share net income and losses in a 5:3:2 ratio respectively. How much should A receive upon liquidation of the partnership?On December 31, 2030, the Statement of Financial Position of ABC Partnership provided the following data with profit or loss ratio of 1:6:3:Current Assets P2,600,000 , Total Liabilities P 600,000Noncurrent Assets 4,000,000 A, Capital 2,800,000B, Capital 1,400,000C, Capital 1,800,000 On January 1, 2031, D is admitted to the partnership by investing P2,000,000 to the partnership for 20% capital interest. If all the assets of the existing partnership are properly valued, what is the capital balance of C after the admission of D?a. P1,920,000b. P1,800,000c. P1,620,000d. P2,400,000GWS 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.…