The accounts of the partnership of A, B and C at the end of its fiscal year on October 31, 2018 are as follows: D.
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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.…The accounts of the partnership of A, B and C at the end of its fiscal year 011 October 31, 2021 are as follows: Cash 78,750 Other Non-Cash Assets 682,500 Liabilities P262,500 Loan to B 26,250 Loan from C 52,500 A, Capital (30%) 236,250 B, Capital (50%) 157,500 C, capital (20%) 78,750 8. If P90,000 is available for distribution to partners after all non-partner liabilities are paid, how much should A receive? 9. If in the first distribution, B received 6,250, how much should C have received at this point? 10. If in the first distribution, A received 172,500, how much should B have received? 11. If in the first distribution, C received 37,500, how much is the total cash distributed? 12. If in the first distribution, A…The assets and capital of QRS Partnership at the end of its fiscal year on October 31, 2021 are as follçavs: ASSETS LIABILITIES AND CAPITAL 30,000 Liabilities 40,000 Loan from S 80,000 Q, Capital (30%) 140,000 R, Capital (50%) 10,000 S, Capital (20%) 100,000 20,000 90,000 60,000 Cash Receivable, net Merchandise Inventory Non-current Asset 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?
- The assets and capital of QRS Partnership at the end of its fiscal year on October 31, 2021 are as follçys: ASSETS LIABILITIES AND CAPITAL Cash 30,000 Liabilities Receivable, net Merchandise Inventory 100,000 20,000 90,000 40,000 Loan from S 80,000 Q, Capital (30%) 140,000 R, Capital (50%) 10,000 s, Capital (20%) 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?D. The accounts of the partnership of E, R and M at the end of its fiscal year on September 30, 2023 are as follows: P 360,000 Loan from M P 240,000 1,080,000 3,120,000 E, capital (30%) 120,000 R, capital (50%) 720,000 Liabilities 1,200,000 M, capital (20%) 360,000 Partner M received P216,000 on the first distribution of cash and liquidation expenses of P48,000 were expected to be incurred up to December 31, 2023. 5. What was the cash realised from the initial sale of assets? Cash Other assets Loan to RThe capital accounts of Scott and Tucker at the end of the fiscal year 2019 are as follows: Scott, Capital January 1 Balance P210,000 Мay 1 Investment 90,000 October 1 Withdrawal Р60,000 Tucker, Capital January 1 Balance P150,000 April 1 Withdrawal P30,000 The partnership profit for the year ended December 31, 2019 was P300,000. Instruction: Prepare schedule of profit allocation and journal entries to record transfer to profit to the capital accounts under each of the following independent assumptions: 1. Profit is divided 60% to Scott and 40% to Tucker. 2. Profit is divided into ratio of capital balances at the beginning of the period. 3. Profit is divided in the ratio of average capital balance. Interest of 8% is allowed on the average capital and the balance of profit is divided equally. 4. Salaries of P60,000 and P48,000 are allowed to Scott and Tucker, respectively, and the balance of the profit is divided in the ratio of capital balances at the end of the period. 5. 6. Scott is…
- The following balance sheet accounts for the partnership of A, B and C were taken from the books on December 31, 2021. Cash P 40,000 P 74,000 A, Capital (40%) B, Capital (40%) C, Capital (20%) Other Assets 360,000 100,000 130,000 Liabilities 96,000 If the firm is dissolved and liquidates on the basis of a payment priority program and A receives a total of P3,000 in full settlement of his interest, determine the amount received by C.The following is the financial position of RST Partnership on December 31 2020 Assets P60,000.00 Other Noncash Assets 70,000.00 Total P130,000.00 Liabilties and Equity Accounts Payable P20,000.00 R, Capital 50,000.00 S, Capital T. Capital (Limited Partner) 35,000.00 25,000.00 P130,000.00 0.00 The Partners' share profit and loss ratio is 2:3:5 respectively. The following are liquidation transactions: February March April Cash Proceeds P10,000.00 P10,000.00 P13,000.00 Books Value of the asset Sold 35,000.00 20,000.00 15,000 00 Liquidation Expenses 5,000.00 6,000.00 3,000.00 Liabilties Paid 10.000.00 5,000.00 5,000.00 Reserve for Future Liquidation Expense 13,000.00 4,000.00 Compute the cash distribution on February S Compute the cash distribution on March f Compute the cash distribution on April R ISNumbers 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 assets and equities of the A, B and C Partnership at the end of its fiscal year on October 31, 2019 are as follows: Assets: Liabilities and capital Liabilities – creditors P50,000 Loan from C Cash P15,000 Receivable – net 20,000 10,000 Inventory Plant assets – net 40,000 70,000 5,000 A, Capital B, Capital C, Capital 45,000 30,000 15,000 Loan to B The partners decide to liquidate the partnership. They estimate that the noncash assets, other than the loan to B, can be converted into P100,000 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. Assuming P65,000 is available for first distribution, it should be paid to (and how much)On December 31, 2020, the Statement of Financial Position of ABC Partnership is presented below: Assets Liabilities and Capital Payable to A A, Capital B. Capital C. Capital Total Liabilities & Capital P 90,000 Assets P 90,000 5,000 20,750 19,250 45.000 Total Assets P 90,000 A, B, and C share profits and losses in the ratio of 25%, 25% and 50%, respectively. It was agreed among the partners that A retires from the partnership and the partnership assets to be adjusted to their fair market value of P102.000 as of December 31, 2015. The partnership would pay A P30,250 cash for his total interest in the partnership. What is the capital balance of B after the retirement of A?The assets and capital of QRS Partnership at the end of its fiscal year on October 31, 2021 are as follows: ASSETS LIABILITIES AND CAPITAL Cash 30,000 Liabilities 100,000 Receivable, net 40,000 Loan from S 20,000 Merchandise Inventory 80,000 Q, Capital (30%) 90,000 Non-current Asset 140,000 R, Capital (50%) 60,000 Loan to R 10,000 S, Capital (20%) 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?