The following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Gulian, loan Total assets $ 86,000 805,000 52,000 $ 943,000 Accounts payable Zahiri, loan Gulian, capital Singh, capital Zahiri, capital Total liabilities and capital Beginning balances Sold assets Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments Required: The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $185,000. Prepare a proposed schedule of liquidation at this point in time. Note: Amounts to be deducted should be entered with a minus sign. GULIAN, SINGH, AND ZAHIRI Proposed Schedule of Liquidation Cash Other Assets $ 132,000 51,000 310,000 230,000 220,000 $943,000 Accounts Gulian, Loan Payable and Capital Singh, Capital Zahiri, Loan & Capital

The following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Gulian, loan Total assets $ 86,000 805,000 52,000 $ 943,000 Accounts payable Zahiri, loan Gulian, capital Singh, capital Zahiri, capital Total liabilities and capital Beginning balances Sold assets Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments Required: The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $185,000. Prepare a proposed schedule of liquidation at this point in time. Note: Amounts to be deducted should be entered with a minus sign. GULIAN, SINGH, AND ZAHIRI Proposed Schedule of Liquidation Cash Other Assets $ 132,000 51,000 310,000 230,000 220,000 $943,000 Accounts Gulian, Loan Payable and Capital Singh, Capital Zahiri, Loan & Capital

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Gulian, loan Total assets $ 89,000 820,000 55,000 $ 964,000 Accounts payable Zahiri, loan Gulian, capital Singh, capital Zahiri, capital Total liabilities and capital Beginning balances Sold assets Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments Required: The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $115,000. Prepare a proposed schedule of liquidation at this point in time. Note: Amounts to be deducted should be entered with a minus sign. X Answer is complete but not entirely correct. GULIAN, SINGH, AND ZAHIRI Proposed Schedule of Liquidation Cash $ 89,000 115.000 $ 204,000 0 ›› Other Assets (60,000)✔ $ 144,000 $ $ 820,000 $ 60,000 (328,000) ✔ 0 492,000 $ 60,000 (492,000) Accounts Payable 0 0 $ 0 (60,000) 0 Gulian, Loan $…
The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Hardwick, loan Total assets $ 93,000 815,000 44,000 Beginning balances Sold assets $952,000 Accounts payable Ferris, loan Hardwick, capital Saunders, capital Ferris, capital Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments Total liabilities and capital The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $125,000. Prepare a proposed schedule of liquidation at this point in time. (Amounts to be deducted should be entered with a minus sign.) HARDWICK, SAUNDERS, AND FERRIS Proposed Schedule of Liquidation Cash Other Assets $ 48,000 54,000 380,000 240,000 230,000 $952,000 Accounts Payable Hardwick, Loan and Capital Saunders, Capital Ferris, Loan & Capital
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The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share profits and losses in the ratio of 6:2:2, respectively: 50, e00 150,000 Cash Liabilities 42, еее 69,000 $ Miller, capital Tyson, capital Watson, capital Other assets 69, 000 20,000 Total assets $ 200, e00 Total liabilities and capital $ 200,000 For how much money must the other assets be sold so that each partner receives some amount of cash in a liquidation? X Answer is not complete. Other assets must be for an amount over sold
The following condensed statement of financial position is presented for the partnership of Morales, Gamino, and Quito, who share profits and losses in the ratio of 4:3:3, PROFESSOR: NAME: SECTION: Problem #15 Determining a New Partner's Investment Cost respectively. Accounts Payable Morales, Capital Gamino, Capital Quito, Capital Total Liabilities and Capital P150,000 260,000 180,000 160,000 P750,000 P 40,000 710,000 Cash Other Assets Total Assets P750,000 Assume that the partnership decided to admit Abello as a new partner with a one- fourth interest. Required: For each of the following independent cases, determine the amount that Abello must contribute in cash or other assets: 1. No goodwill or bonus will be recorded. 2. A bonus of P24,000 is to be paid by Abello and allocated to the prior partners. 3. The partners agreed that total resulting capital should be P820,000 and no goodwill should be recognized. 4. Other assets are written down by P20,000 and a bonus of P40,000 is paid to…
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Item Nos. 3 to 5 are based on the following information: After the realization of noncash assets, the following account balances appeared in the general ledger of the partnership of See, Chap, and Pwe: P 10,000 Cash 30,000 Liabilities 5,000 Pwe Loan- 15,000 See Capital- 10,000 Chap Capital- 10,000 Pwe Capital- Profits are shared 2:4:4 for See, Chap, and Pwe, respectively. Pwe is insolvent. 3. How much was the loss on realization? C. P 70,000. a. P 50,000. d. P 80,000. b. P 60,000. 4. How much did See receive in the liquidation? C. P 5,000. a. PO. d. P 15,000. b. P 3,000. 5. How much additional investment did Chap make? a. P 10,000. C. P 15,000. b. P 14,000. d. P 20,000.
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