The balance sheet of Joy, Berry, Jaz as of December 31, 2010 and the profit and loss sharing ratio is as follows Cash $240,000,000 Joy's Capital (30%) $200,000,000 Other assets 360,000,000 Berry Capital (30%) 170.000.000 Jazz Capital (40%) 230,000,000 Total 600,000,000 600,000,000 Berry resigns from the partnership and the partners agree that he must receive $200 million in cash as payment for his interest in the assets of the partnership. If the goodwill arising from the settlement of Berry is recorded in the partnership books, the total assets of the partnership after Berry's exit are: a). 430.000.000 b). 566,666,667 c).400,000,000 d). 500,000,000
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- The statement of financial position of the firm of Wanda, Wendy and Wilma j Numbers 19- 20 are based on the following: Name: before liquidation shows the following: Program- P240,000 Multiple C Assets 1. Sharc acco ovors ods P100,000 Liabilities muous i Wanda, Loan no 0 20,000 Wanda, Capital Wendy, Capital Wilma, Capital 44,000 60,000 000,0010 The 16,000 P240,000 120 000 00 0,001 Total acc rec Wanda, Wendy and Wilma share profits 5: 3: 2 respectively. Certain assets worth P160,000 are sold at book value. Creditors are paid in full, partners paid P40,000 and cash of P20,000 is withheld pending future developments norh 0ONT 19. How much cash is to be distributed to the partners? to oadn Wanda Wendy Wilma a. P14,000 b. P11,500 c. P10,500 d. P15,100 P26,000 0) 30,of 1 2. P28,500 P29,500 P24,900 e. None of the above. ve de do sno oa ors 000.00 orHoe stes deso-on sti 20. How much cash is to be distributed to the partners if they share profits at a tan of 3:6:1 respectively? Wanda Wendy Wilma…The balance sheet below is presented below. X, Y, and Z share profits at a ratio of 30%, 20%, 50% Created in April 2000 when allies started their liquidation. Cash $90,000 Liabilities $40,000 Inventory $60,000 Payable to Y $5,000 Accounts receivable $40,000 Capital X $40,000 Net fixed assets $150,000 Capital Y $150,000 Receivable X $5,000 Capital Z $110,000 Total Aktiva $345,000 Total Passiva $345,000 if the available cash except for the contingent fund $3.000 is distributed Immediately how much will each partner get??45. ABCD's balance sheet before liquidation shows the following figures: In $ Activities 90,000 Liabilities 20,000 Loans A = 5,000 Capital A = 20,000 Capital B = 20,000 Capital C = 20,000 Capital D= 5,000 A, B, C, D share their respective profits in a 2:1:1:1 ratio Certain assets are sold for $35,000 The creditors were paid in full, the partners were paid $10,000, and a cash sum of $5,000 was withheld pending future developments. Prepare the journal entries needed to record the above tra of cash to partners. tions Includes the distribution
- The following balance sheet summary, together with residual profit-sharing ratios, was developed on April 1, 2011, when the Dazzle, Enigma, and Faceless partnership began its liquidation: Cash P140,000 Liabilities P 60,000 Accounts receivable 60,000 Loan from Enigma 20,000 Inventories 85,000 Dazzle capital (20%) 75,000 Plant assets—net 200,000 Enigma capital (40%) 200,000 Loan to Dazzle 25,000 Faceless capital (40%) 155,000 P510,000 P510,000 If available cash except for a $5,000 contingency fund is distributed immediately, Dazzle, Enigma, and Faceless, respectively, should receive: a. P10,000, P60,000, and P15,000b. P0, P70,000, and P5,000The following is the statement of financial position of PQR sharing profits and losses in the ratio of 3:2:1 as on 31st Dec 2010 Liabilities RO Assets RO 25,800 | Cash 200 Debtor and Stock 6,000| Furniture Creditors 8,000 Outstanding Expenses Bills Payable 42,000 15,000 Сapitals: Computer Building 78,000 | Patents 10,000 28,000 Q P 30,000 20,000 5,000 R 30,000 110,000 110,000 They admit S into the partnership on the following terms: - 1. The value of computer reduced by 10% 2. A part of value of Patents for RO 1000 became useless and it has to be reduced. 3. Buildings to be revalued at RO 55,000 4. Furniture was depreciated by 10% 5. S shall bring RO 25,000 as capital for 4 share of future profits a) Calculate New Profit Sharing Ratio and Sacrificing Ratio b) Prepare Revaluation Account, Partner's Capital Account and redraft the Statement of financial position after the admission.The following balance sheet summary, together with residual profit-sharing ratios, was developed on April 1, 2011, when the Dazzle, Enigma, and Faceless partnership began its liquidation: Cash P140,000 Liabilities P 60,000 Accounts receivable 60,000 Loan from Enigma 20,000 Inventories 85,000 Dazzle capital (20%) 75,000 Plant assets—net 200,000 Enigma capital (40%) 200,000 Loan to Dazzle 25,000 Faceless capital (40%) 155,000 P510,000 P510,000 If available cash except for a $5,000 contingency fund is distributed immediately, Dazzle, Enigma, and Faceless, respectively, should receive:PLEASE DON'T COPY SOLUTION FROM CHEGG a. P10,000, P60,000, and P15,000b. P0, P70,000, and P5,000
- The statement of financial position of the firm AA, BB and CC immediately before liquidation shows the following: Assets 640,000 Liabilities 240,000 AA, Loan 64,000 AA, Capital 168,000 BB, Capital 120,000 CC, Capital 48,000 Total 640,000 AA, BB and CC share profits 5:3:2 respectively. Certain assets are sold for P440,000. Creditors are paid in full, partners are paid P140,000 and cash of P60,000 is withheld for contingencies. How much cash is to be distributed to AA?The balance sheet of Ana, Eva and Nora partnership, just before liquidation on June 4, is as follows: Cash P6,000 Liabilities P70,000 Non-cash assets 94,000 Eva, loan 4,000 Ana capital (40%) Eva capital(40%) Nora, capital (20%) 27,000 39,000 10,000 Total P100,000 Total P100,000 On June 4,2012, other assets were sold for P30,700 and P20,500 had to be paid to liquidate the liabilities because of unrecorded claims amounting to P500. Ana and Eva are personally solvent, but Nora's personal liabilities exceed personal assets by P6,000. How much cash should be distributed to partners? Ana Eva Nora а. Р1,480 P17,480 PO b. 100 16,100 2,760 C. 100 16,100 d. 1,480 16,100 е. None of the aboveThe following balance sheet summary, together with residual profit-sharing ratios, was developed on April 1, 2011, when the Doc, Fae, and Hal partnership began its liquidation: Cash $140,000 Liabilities $ 60,000 Accounts receivable 60,000 Loan from Fae 20,000 Inventories 85,000 Doc capital (20%) 75,000 Plant assets—net 200,000 Fae capital (40%) 200,000 Loan to Doc 25,000 Hal capital (40%) 155,000 $510,000 $510,000 If available cash except for a $5,000 contingency fund is distributed immediately, Doc, Fae, and Hal, respectively, should receive: a. $0, $60,000, and $15,000 b. $11,000, $22,000, and $22,000 c. $0, $70,000, and $5,000 d. $0, $27,500, and $27,500
- 15. On January 1, 20x5, Paz acquired 80% of Shey outstanding ordinary shares for P950,000. Paz uses the cost method to record the investment account. The statement of financial position of Paz and Shey on December 31, 20x1 are as follows: Paz Shey Cash 2,500,000 1,000,000 Accounts Receivable 500,000 250,000 Inventory 800,000 200,000 Investment in Shey 950,000 - Land 2,000,000 - Building – net…16. On January 1, 20x5, Paz acquired 80% of Shey outstanding ordinary shares for P950,000. Paz uses the cost method to record the investment account. The statement of financial position of Paz and Shey on December 31, 20x1 are as follows: Paz Shey Cash 2,500,000 1,000,000 Accounts Receivable 500,000 250,000 Inventory 800,000 200,000 Investment in Shey 950,000 - Land 2,000,000 - Building – net…Problem1. Assume the following data for ABC Partnership had the following condensed balance sheet just before the liquidation on November 1, 2020: Assets Liabilities and Capital P 24,000 P 12,000 Cash Liabilities Non-cash assets 84,000 A, Loans A, Capital (30%) 2,400 9,600 B, Capital (50%) 48,000 36.000 C. Capital (20%) Total P108,000 P108.000 Liquidation expenses paid amounted to P1,000. Required: Compute for the total payment for each partner (including loans) using different assumptions: 1. Non-cash assets were realized at P 96,000. 2. Non-cash assets were realized at P36,000. The personal assets and liabilities of the partners on this date are as follows: Personal assets Personal liabilities A P288,000 216,000 108,000 P240,000 228,000 108,000 В