May, Jun, and Julie share profits in the ratio of 2:3:5. January 20, Julie opted to retire from the partnership capital balances on this date follow: May P43,750 Jun 70,000 Julie 61,250
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- The partnership of Michelle, Amal, and Maureen has done well. The three partners have shared profits and losses in a 1:3 ratio, with capital balances of $60,000 each. Maureen wants to retire and withdraw. Prepare a schedule showing how the cost should be divided if Amal and Michelle decide to pay Maureen $70,000 for retirement of her capital account and the new agreement will share profits and losses 50:50.Moe, Larry and Curley are partners in a partnership. The partners have always shared losses and Gains in a 3: 2: 1 ratio and on the date of Curley's retirement they have the following equities in the partnership: Moe 24,000 Larry : 30,000 Curley 18,000 Using Today's Date Give in General Journal Form the entry showing the retirement of Curley under the following unrelated assumptions: 1. Curley retires taking $18,000 of cash with him for his equity 2. Curley retires taking 20,000 of partnership cash with himAntonio and Barbara are partners who share income in the ratio of 1:2 and have capital balances of $40,000 and $70,000, respectively, at the time they decide to terminate the partnership. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $80,000. What amount of loss on realization should be allocated to Barbara? a.$30,000 b.$10,000 c.$80,000 d.$20,000
- H. Marc, Jacobs and Benetton share profits in the ratio 2:3:5. On September 30O, Partner Benetton opted to retire from the partnership. The capital balances on this date are the following: Marc-P50,000; Jacobs-P 80,000; Benetton-P 70,000. How much Marc assuming Benetton is paid P 78,000 in full settlement of his interest? Use Bonus method. to be debited fromMarc, Jacobs and Benetton share profits in the ratio 2:3:5. On September 30, Partner Benetton opted to retire from the partnership. The capital balances on this date are the following: Marc-P50,000; Jacobs-P 80,000; Benetton-P 70,000. How much is to be debited from Marc assuming Benetton is paid P 78,000 in full settlement of his interest? Use Bonus method.Antonio and Barbara are partners who share income in the ratio of 1.2 and have capital balances of $40,000 and $70,000, respectively, at the time they decide to terminate the partnership. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $80.000 What amount of loss on realization should be allocated to Barbara? a. $30.000 O b. sso 000 C. S10,000 d. s20.000-
- Ada, Bea, Cindy and Diane are partners, sharing earnings in the ratio of 3/21, 4/21, 6/21 and 8/21. The balances of their capital accounts on December 31, 2020 are: Ada, P10,000, Bea P250,000; Cindy, P250,000; and Diane, P90,000. The partners decide to liquidate and they accordingly convert the noncash assets into cash. After paying the liabilities amounting to P60,000, they have P222,000 to divide. How much cash Bea should receive?On December 1, 2020, Louie and Kaye Ann formed a partnership, agreeing to share for profits and losses in the ratio of 2:3, respectively. Louie invested a parcel of land that cost him P25,000. Kaye Ann invested P30,000 cash. The land was sold for P50,000 on the same date, three hours after formation of the partnership. How much should be the capital balance of Louie right after formation?a. P25,000 c. P60,000b. 30,000 d. 50,000Elizabeth, Arden and Hugo are partners sharing profits in the ratio 3:2:1, respectively. Capital accounts are P 500,000, P 300,000 and P 200,000 for Elizabeth, Arden and Hugo, respectively on December 31, 2019, when Hugo decided to withdraw. It is agreed to pay P 300,000 for Hugo's interest. Profits after the retirement of Hugo are to shared equally. Assuming the use of bonus method, how much is the capital balance of Elizabeth after the retirement of Hugo?
- Judy, Jenelle, and Vanessa shared profit and losses based on 5:3:2. Vanessa was allowed to withdrew from the partnership on 31 December 2020 with P600,000 cash as full settlement. The condensed balance sheet of the partnership as of that date was as follows:AssetsDue from Vanessa P 250,000Goodwill 2,000,000Other Assets 4,750,000Total Assets P 7,000,000Liabilities and CapitalLiabilities P 2,000,000Due to Jenelle 750,000Judy, Capital 1,750,000 Jenelle, Capital 1,500,000Vanessa, Capital 1,000,000Total Liabilities and Capital P 7,000,000Using the partial adjustment of goodwill method, the new capital balances of the remaining partners after Vanessa’s withdrawal are:a. Judy, P1,842,750 and Jenelle, P1,556,250b. Judy, P1,375,000 and Jenelle, P1,275,000c. Judy, P2,000,000 and Jenelle, P1,650,000d. Judy, P1,750,000 and Jenelle, P1,500,000Katy, Perry and Lacoste are partners sharing profits equally and with capital balances of P 80,000, P 120,000 and P 160,000 respectively. Perry decides to withdraw from the partnership and he received P 160,000 in settlement of his interest. If the bonus method is used, what is the capital balance of Lacoste after the retirement of Perry?Sadie and Sam share income equally. For the current year, the partnership net income is $40,000. Sadie made withdrawals of $14,000 and Sam made withdrawals of $15,000. At the beginning of the year, the capital account balances were: Sadie, Capital, $42,000; Sam, Capital, $58,000. Sam's capital account balance at the end of the year is Question 7 options: $78,000 $43,000 $63,000 $93,000