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- The condensed statement of financial position of Ricablanca, Tac-an and Dimalanta partnership as of March 31, 2019 follows: Assets Cash P 28,000 Non-cash Assets 265,000 Total P293,000 Liabilities P 48,000 Ricablanca, Capital 95,000 Tac-an, Capital 80,000 Dimalanta, Capital 70,000 Total P293,000 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.…For the year 2021, the partnership of AMMAR and BANU realized a net profit of P240,000. The capital accounts of the partners show the following postings: Jan. 1 May 1 July 1 Aug. 1 Oct. 1 AMMAR Debit Credit Debit Credit 20,000 10,000 120,000 BANU 10,000 10,000 5,000 80,000 20,000 Question 5 If the profits are to be divided based on average capital, how much will be the share of AMMAR?The accounts of the partnership of Ace, Vergel, and De Dios at the end of its fiscal year on June 30, 2021 are as follows: Cash 75,000 Liabilities 225,000 Non-cash assets 625,000 Loan Payable to De Dios 25,000 Receivable from Vergel 25, 000 Ace, Capital (30%) 250,000 Vergel, Capital (50%) 150,000 De Dios, Capital (20%) 75,000 Total 725,000 Total 725,000 The partners decided to liquidate the business and the liquidation took place in several months. During the first month, non-cash assets with book value of 425,000 were sold for 375,000. The partners withheld 75,000 for contingencies Payment of liabilities during the first month amounted only to 175,000 16. How much should have Ace received in the first month of the partnership liquidation?…
- The accounts of the partnership of TJ, SR and MD at the end of its fiscal year on October 31, 2021 are as follows: Liabilities P150,OOO Cash 45,000 MD, Loan 30,000 Non-Cash Assets 390,000 TJ, Capital (30%) 135,000 Loan to SR 15,000 SR, capital (50%) 90,000 MD, capital (20%) 45,000 3. If MD received 27,000 on the first distribution of cash, what was the amount of cash realized from the initial sale of assets? 4. If 55,000 is available for distribution to partners after all non-partner liabilities are paid, how much should TJ have received? 5. If in the first distribution, SR received 11,250, how much should MD have received at that point? 6. If in the first distribution, MD received P52,500, how much is the total cash distributed to partners?The accounts of the partnership of R, S and T at the end of its fiscal year on November 30, 2021 are as follows:Cash 103,750 Loan from S 20,000 Other Non cash assets 707,500 R, Capital (30%) 266,250Loan to R 15,000 S, Capital (50%) 136,250Liabilities 262,500 T, Capital (20%) 141,250S received P50,000 in settlement of his equity. 13. Which of the following statements is incorrect? a. Total amount distributed to partners is P336,250. b. Total amount paid to creditors is P262,500. c. Total amount realized from the non-cash assets is P598,750. d. R received an amount equal to P187,5004. On January 31, 2021, partners L, M and N had the following loan and capital account balances (after closing entries for January): Loan Receivable from L Loan Payable to N L, Capital М, Сарital N, Capital P20,000 dr 60,000 cr 30,000 dr 120,000 cr 70,000 cr The partnership's income sharing ratio was L – 50%, M – 20%, and N – 30%. On January 31, 2021, O was admitted to the partnership for a 20% interest in total capital of the partnership in exchange for an investment of P40,000 cash. Prior to O's admission, the existing partners agreed to increase the carrying amount of the partnership's inventories to current fair value, a P60,000 increase. The capital account to be credited to O: а. Р60,000 b. P40,000 с. Р52,000 d. Р46,000
- The partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. Profits and losses are shared 50%; 30%; and 20%, respectively. Guess, Drawing (debit balance)P(32,000) Levis, Drawing (debit balance) (12,000) Jag, Loan 40,000 Guess, Capital 164,000 Jag, Capital 134,000 LevisCapital 144,000 Total assets amounted to P 638,000, including cash of P 70,000, and P 200,000 worth of liabilities. On January 2019, the partnership was liquidated, and Jag received P 111,000 cash as final settlement. What is the loss of the partnershipThe partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. Profits and losses are shared 50%; 30%; and 20%, respectively. Guess, Drawing (debit balance)P(32,000) Levis, Drawing (debit balance) (12,000) Jag, Loan 40,000 Guess, Capital 164,000 Jag, Capital 134,000 LevisCapital 144,000 Total assets amounted to P 638,000, including cash of P 70,000, and P 200,000 worth of liabilities. On January 2019, the partnership was liquidated, and Jag received P 111,000 cash as final settlement. Required: SHOW THE FOLLOWING 1.The total loss from the liquidation of the partnership 2. Prepare the statement of liquidation. 3. Journal entries to record the liquidation.The assets and equities of the Perdales, Ceballus and Bandonell partnership at the end of its fiscal year ended Oct. 31, 2019 are as follows: Assets Equities Cash P15,000 Liabilities P50,000 Receivable-net 20,000 Loan from Bandonell 10,000 Perdales, Capital (30%) Ceballus, Capital (50%) Bandonell, Capital (20%) Inventory 40,000 45,000 Property and Equipment 70,000 30,000 Loan to Ceballus 5,000 15,000 P150,000 P150,000 The partners decided to liquidate the partnership. They estimated that the non-cash assets, other than the loan to Ceballus, can be converted into P100,000 cash over the two-month period ending Dec. 31, 2019. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process. If P65,000 is available for the first distribution, it should be paid to Priority creditors P60,000, Perdales P5,000, Ceballus P0, Bandonell PO Priority creditors P50,000, Perdales P12,000, Ceballus P0, Bandonell P3,000 Priority creditors P60,000, Perdales…
- X, Y, and Z are partners sharing profits and losses in the ratio of 5:3:2. During the year, their investments and withdrawals are as follows: Investment of X, Y, and Z for P200,000, P175,000 and P375,000 respectively. Withdrawals of X, Y, and Z amounting to P125,000, P62500 and P62,500 respectively. On December 31, 2021, the partners decided to liquidate their business. After exhausting partnership assets, liabilities of P125,000 remain unpaid. X is personally insolvent. The gain or loss on realization is:On December 31, 2020, the accounting records of Alma, Brenda, and Dely partnership included the following balances: Alma, drawing 60,000; Dely, drawing P22,500; Brenda loan P75,000; Alma, capital 307,500; Brenda, capital P251,250 and Dely, capital P270,000. The total assets of the partnership amounted to P1,196,250, including P131,250 cash, and partnership liabilities totaled P375,000. The partnership was liquidated Dec. 31 and Dely received P208,125 cash pursuant to the liquidation. Alma, Brenda and Dely share profits and losses in a 5:3:2 ratio, respectively. The loss on realization is: Group of answer choices 61,875 868,125 309,374 196,875The partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. Profits and losses are shared 50%; 30%; and 20%, respectively. Guess, Drawing (debit balance) P (32,000) Levis, Drawing (debit balance) (12,000) Jag, Loan 40,000 Guess, Capital 164,000 Jag, Capital 134,000 Levis, Capital 144,000 Total assets amounted to P 638,000, including cash of P 70,000, and P 200,000 worth of liabilities. On January 2019, the partnership was liquidated, and Jag received P 111,000 cash as final settlement. Require 1. The total loss from the liquidation of the partnership 2. Prepare the statement of liquidation. 3. Journal entries to record the liquidation.
