Item No. 24 is based on the following information:A, B, C are partners. On December 31, 200C, their capital balances andprofit sharing ratios are: A, P 75,000 (60%) , B, P 150,000 (25%), and C, P 180,000(15%). C withdrew P 30,000 during the year 200D. Net loss for the year endedDecember 31, 200D was P 60,000. The partners decided to liquidate. Therewere unpaid liabilities of P 15,000 and cash on hand of P 2,100.24. The amount to be realized by the partnership on the sale of its noncashassets so that A will receive a total of P 57,000 in the final settlement of hisinterest should be:a. P 357,900.C. P 27,900.b. P 309,900.d.P 18,000.Item No. 25 is based on the following information:Christian and Dior are partners, who share profits equally, wereincapacitated due to a car accident. A liquidator was appointed to wind up theirpartnership. The balance sheet accounts are shown below:CashP 35,000LiabilitiesP 19,000Other Assets110,00072,000Christian Capital ----Dior Capital54,000The liquidator anticipates that considerable time would be required todispose all the assets. Liquidation expenses are estimated to be P 10,000.25. At this time, the amounts of cash to be distributed safely to each partnerare:a. Christian, P 5,000; Dior, P 1,000.b. Christian, P 6,000; Dior, P 0.C. Christian, P 15,000; Dior, PO.d. Christian, P 15,000; Dior, P 1,000.

on Item No. 24 13 e following information: A, B, C are partners. On December 31, 200C, their capital balances and profit sharing ratios are: A, P 75,000 (60%), B, P 150,000 (25%), and C, P 180,000 (15%). C withdrew P 30,000 during the year 200D. Net loss for the year ended December 31, 200D was P 60,000. The partners decided to liquidate. There were unpaid liabilities of P 15,000 and cash on hand of P 2,100. 24. The amount to be realized by the partnership on the sale of its noncash assets so that A will receive a total of P 57,000 in the final settlement of his interest should be: a. P 357,900. C. P 27,900. b. P 309,900. d. P 18,000. Item No. 25 is based on the following information:

on Item No. 24 13 e following information: A, B, C are partners. On December 31, 200C, their capital balances and profit sharing ratios are: A, P 75,000 (60%), B, P 150,000 (25%), and C, P 180,000 (15%). C withdrew P 30,000 during the year 200D. Net loss for the year ended December 31, 200D was P 60,000. The partners decided to liquidate. There were unpaid liabilities of P 15,000 and cash on hand of P 2,100. 24. The amount to be realized by the partnership on the sale of its noncash assets so that A will receive a total of P 57,000 in the final settlement of his interest should be: a. P 357,900. C. P 27,900. b. P 309,900. d. P 18,000. Item No. 25 is based on the following information:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

AAA, BBB, and CCC 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 AMA, BBB and CCC for P200,000, P175,000 and P375,000 respectively. Withdrawals of AAA, BBB and CCC amounting to P125,000, P62,500 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. AAAs personally insolvent. The gain or loss on realization is: a. -125,000b. -625,000c. 125,000d. 625,00
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:
Partners A, B and C had the following balances prior to admission of D: A, Loan (debit): P 20, 000; B, Loan (credit): P 60, 000; A, Capital (debit): P 30, 000; B, Capital (credit): P 120, 000; C, Capital (credit): P 70, 000. Partners A, B and C share profits and losses in the ratio 5:2:3 respectively. D is admitted in the partnership for a 20% interest in the partnership in exchange for an investment of P 40, 000 cash. Prior to admission of D, the partners agreed to increase the carrying value of inventories by P 60, 000 in order to bring it to its fair value. Immediately after the admission, the capital credit of D would be:
3. LCX, MRD, and NTJ are partners in LMN Partnership. The partnership contract stipulated that profit or loss shall be divided as follows: Salaries of P175,000 to LCX, P262,500 to MRD, and P350,000 to NTJ; A bonus to NTJ of 10% of profit after deduction of partners' salaries; Remaining profit or loss as follows: 30% to LCX, 40% to MRD, and 30% to NTJ.
Present in good accounting form AAA, BBB, and CCC 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 AAA, BBB and CCC for P200,000, P175,000 and P375,000 respectively. Withdrawals of AAA, BBB and CCC amounting to P125,000, P62,500 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. AAA is personally insolvent. The gain or loss on realization is: a. -125,000 b. 625,000 c. -625,000 d. 125,000
14. The net income agreement for Molina and Serraon states net income and net loss shall be divided in a ratio of 4:6, respectively. The net loss for the current year is P50,000. On January 1 of the current year, the capital balances were as follows: Molina, P55,000; and Serraon, P65,000. During the current year Molina withdrew P40,000 and Serraon withdrew P25,000. Compute the capital balances as of December 31 of the current year. Molina, capital debit of P5,000 Serraon, capital credit of P10,000 a. b. credit of P35,000 credit of P70,000 credit of P5,000 С. credit of P10,000 d. none of the above
X, Y, Z share profits and losses in the ratio of 20%, 30%, 50%, respectively. During the year, their partnership realized a profit of P900,000. Y, with a beginning capital balance of P1,000,000 withdrew P200,000 during the year. Y's ending capital balance is how much *
The AA Enterprise realized a profit of P240,000 for the year. Changes in the Capital Accounts of the partners are as follows: Prepare the journal entries and computation to record the division of profit using the following assumptions: 1.Profit is divided equally 2.Profit is divided in the ratio of 3:2 3.Profit is divided 45% to Adam and 55% to Andy 4. Profit is divided according to the beginning capital ratio 5. Profit is divided according to the average capital ratio 6.Each partner is allowed 10% interest on ending capital and remaining is divided equally 7.Andy, the managing partner, is allowed a salary of P150,000 and the remainder divided in 4:1 ratio 8.Andy, the managing partner, is allowed a bonus of 20% of profit: 1.Bonus is before bonus and income tax; remainder equally divided 2.Bonus is after deduction of bonus but before income tax, remainder equally a.Bonus is before deduction of bonus but after income tax; remainder equally b.Bonus is after bonus and income tax,…
Item No. 19 is based on the following information: On January 1, 200C, Bee and Gees had capital balances of P 250,000 and P 200,000, respectively. Their profit and loss sharing agreement has the following provisions: Annual salary of P 200,000 to Gees and P 90,000 to Bee; 10% interest on the opening capital; O The remainder of the profit is to be divided equally. 19. If the profit for the year 200C was P 120,000, how much was the share of Bee? a. P 62,500. c. P112,500. b. P 87,500. d. P 117,500.
A, B, C, and D are partners, sharing earnings in the ratio of 3/21, 4/21, 6/21 and 8/21, respectively. The balances of their capital accounts on December 31, 20xl are as follows: P1,000 25,000 A... В.. C... 25,000 D.. 9,000 P 60,000 The partners decide to liquidate, and they accordingly convert the non-cash assets into P23,200 of cash. After paying the liabilities amounting to P3,000, they have P22,000 to divide. Assume that a debit balance of any partner's capital is uncollectible. The share of C in the cash distribution to the partners was: (round-off answer) а. 3,200 b. 8,200 13,800 d. 17,800 с.
The statement of financial position for the partnership of AA, BB and CC who share profits in the ratio of 2:1:1, shows the following balances just before the liquidation: Cash P12,000 Other assets 59,500 Liabilities 49,000 AA, capital 22,000 BB, capital 15,500 CC, capital (15,000) On the first instalment of the liquidation, a gain of P8,525 was realized from the sale of certain assets. Liquidation expenses of P1,000 was paid, and additional liquidation expenses are anticipated. Liabilities paid amounted to P34,000. Remaining book value of other assets is P1,550. On the first payment to partners, AA receives P6,250. How much is the amount of cash withheld for anticipated liquidation expenses and unpaid liabilities? Group of answer choices P1,550 P2,550 P27,650 P29,200
The statement of financial position for the partnership of AA, BB and CC who share profits in the ratio of 2:1:1, shows the following balances just before the liquidation: Cash P12,000 Other assets 59,500 Liabilities 49,000 AA, capital 22,000 BB, capital 15,500 CC, capital (15,000) On the first instalment of the liquidation, a gain of P8,525 was realized from the sale of certain assets. Liquidation expenses of P1,000 was paid, and additional liquidation expenses are anticipated. Liabilities paid amounted to P34,000. Remaining book value of other assets is P1,550. On the first payment to partners, AA receives P6,250. How much is the amount of cash withheld for anticipated liquidation expenses and unpaid liabilities?