The statement of financial position of A, B, C partnership as of December 31, 2020 is presented below: CASH P50,000 LIABILITIES P80,000 OTHER ASSETS 300,000 A, LOAN 20,000 RECEIVABLE 10,000 A, CAPITAL 120,000 FROM B B, CAPITAL 90,000 C, CAPITAL 50,000 TOTAL P360,000 TOTAL P360,000 Profits and loss ratio is 30%, 50% and 20% for A, B and C, respectively. Other assets we realized as follows: CASH DATE BOOK VALUE RECEIVED JAN. 2020 90,000 P120,000 FEB. 2020 100,000 P80,000 MAR. 2020 125,000 P100,000 Liquidation expenses paid are as follows: January - P3,000 February - P5,000 Cash is distributed as assets are realized; how much is the total cash received by partne A at the end of the liquidation?
Q: The assets and equities of the NSW Partnership at the end of its fiscal year, October 31, 2020, are…
A: a) In case 650000 is available for first distribution , it shall be utilized in the following manner…
Q: The assets and capital of QRS Partnership at the end of its fiscal year on October 31, 2021 are as…
A: Amount received by Q = (Amount available for distribution + Loan to R) x Q's capital percentage
Q: Left and Right are partners. Their capital accounts during 2020 were as follows: Left, Capital 8/23…
A: The partnership comes into existence when two or more persons agree to do the business together.
Q: The statement of financial position of A, B, C partnership as of December 31, 2020 is presented…
A: Loss on sale of assets in January = Book value - cash received = 120000 - 90000 = P30000 Profit on…
Q: The statement of financial position of X, Y, Z partnership as of December 31, 2019 is presented…
A: When a partnership firm is undergoing dissolution first third party liabilities are to be settled,…
Q: The statement of financial position May Partnership on December 31, 2020 is given below: Cash…
A: Partnership is a kind of business entity in which the individuals agree to contribute their…
Q: The balance sheet of A on November 30, 2020 before accepting B as his partner to form AB Partnership…
A: The proprietorship firm is a form of business under which one person carry out the business activity…
Q: On April 30, 2021, how much cash will be distributed to the partners?
A: Partnership is the business which has been started by the partners and is terminated or dissolved by…
Q: Following is the statement of financial position of ABC Partnership before realization of assets on…
A: Realization Value of ABC Partnership Cash=…
Q: IV On December 31, 2020, the Statement of Financial Position of ABC Partnership with profit or loss…
A: Liquidation of partnership - It is the process of closing of the partnership firm and distributing…
Q: What is the amount received by partner F on January 31, 2021?
A: Realization account Particulars Amount Particulars Amount To assets 40,000,000 By…
Q: The statement of financial position of A, B, C partnership as of December 31, 2020 is presented…
A: Partnership means where two or more person comes together to do some common business activity and…
Q: Following is the statement of financial position of ABC Partnership before realization of assets on…
A: The partnership comes into existence when two or more persons agree to the business and share the…
Q: rawing (debit balance) (12,000) Jag, Loan 40,000 Guess, Capital 164,000 Jag, Capital 134,000…
A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…
Q: As of July 1, 2020, MM and AA decided to form a partnership. Their balance sheets on this date are:…
A: Partnership is a form of business in which two or two than two persons agree to share profits and…
Q: On December 31, 2030, the Statement of Financial Position of ABC Partnership provided the following…
A: The question is multiple choice question. Required Choose the Correct Option.
Q: IV On December 31, 2020, the Statement of Financial Position of ABC Partnership with profit or loss…
A: Given:
Q: On December 31, 2020, the Statement of Financial Position of ABC Partnership provided the following…
A: Given share of capital of D in total capital =10%
Q: The statement of financial position partnership as of December 31, 2020 is presented belOW: CASH…
A: A's Loan 50000 Profit sharing ratio 3:2:1
Q: The statement of financial position of X, Y, Z partnership as of December 31, 2019 is presented…
A: Total cash received=Jan 2019+Feb 2019+Mar 2019=P 60,000+P 35,000+P 125,000=P 220,000
Q: The following details are related to ABC & Co, a trading partnership entity. Find the good will…
A: Solution:- a)Calculation of goodwill using average profit method as follows:- Goodwill =Average…
Q: If an existing asset of ABC partnership is not properly valued, what is the capital balance of B…
A: Information Provided: A capital = 2,800,000 B capital = 1,400,000 C capital = 1,800,000 D capital…
Q: ABC Partnership was formed in year 2021. Just before distribution of profit and loss, the following…
A: Definition of partnership:- A partnership is basically the relationship between two or more persons…
Q: The assets and capital of QRS Partnership at the end of its fiscal year on October 31, 2021 are as…
A:
Q: If the partnership’s cash is 25,000, the net assets are 250,000 and the total claim of the outside…
A: The net assets is calculated as difference between total assets and liabilities. Net assets = Total…
Q: Alpha, Beta and Gamma were in partnership, sharing profits in the ratio of their fixed capitals. The…
A: Dissolution of partnership can take place either due to the completion of term period for which it…
Q: D, E and F are partners sharing profits and losses in the ratio 5:3:2, respectively. The December…
A: Working note 1:
Q: The statement of financial position of A,B,C partnership as of December 31, 2020 is presented below:…
A: Partnership means where two or more person comes together to do some common business activity and…
Q: On December 31, 2020, the Statement of Financial Position of DEL Partnership shows the following…
A: The capital of partners are restructured after admitting a new partners based on the new…
Q: The assets and equities of the NSW Partnership at the end of its fiscal year, October 31, 2020, are…
A: Profit and loss agreement of NSW = 30 : 50 : 20 NSW partnership at end of its fiscal year 31.10.2020…
Q: On December 31, 2020, the statement of financial position of UFC Partnership shows the following…
A: Particular Amount Liquidation expense paid $2,000,000 Add: Liabilities paid (20,000,000…
Q: On June 30, 2021, the A, B and C partnership had the following fiscal year- end balance sheet (in…
A: Cash Balance 40000
Q: GP Partnership, a calendar-year partnership, is owned by Grant Gilbert (60%) and Peter Paulson…
A: In a partnership, two or more parties agree to operate and manage a business and share the profits…
Q: ela, Capital 200,000 P600,000 P600,000 The partners share profits and losses as follows: Alyza, 20%;…
A: When a partner leaves the partnership, due to death or retirement, books of the partnership are…
Q: On December 31, 2018, the Statement of Financial Position of ABC Partnership provided the following…
A: Total partnership capitalization before admission of new partner as per books = Total assets - Total…
Q: The assets and capital of QRS Partnership at the end of its fiscal year on October 31, 2021 are as…
A: Amount received by Q = (Amount available for distribution + Loan to R) x Q's capital percentage
Q: The assets and equities of the NSW Partnership at the end of its fiscal year, October 31, 2020, are…
A: Introduction: In financial transactions, persons and companies frequently owe money, products, or…
Q: Following is the statement of financial position of ABC Partnership before realization of assets on…
A: Cash Non Cash Assets Liabilities A, Capital B, Capital C, Capital Balances July 1, 2020…
Q: Ledger balances of the OMG partnership as of May 31, 2019 are as follows: Cash P 150,000 Other…
A: Partnership is a form of doing business where one or more person come together to conduct business…
Q: The capital account for the partnership of A and B at March 31, 2020 are as follows: A, Capital -…
A: Partnership is the agreement between two or more partners where all the partners join hands to start…
Q: the capital account for the partnership of A and B at March 31, 2020 are as follows: A, Capital -…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: hat are the account titles and explanations? What is debit? What is credit?
A: Net income is the actual income earned by the business operations, determined by deducting all the…
Q: The following is the statement of financial position of MEC Partnership as of June 30,2020: MEC…
A: Loss is the amount of money that each partner has to recompense in a partnership firm.
Q: If all the assets of the existing partnership are properly valued, what is the capital balance of C…
A: Given: A, Capital 2,800,000B, Capital 1,400,000C, Capital 1,800,000 Profit or loss ratio of 1:6:3: D…
Q: The assets and equities of the Perdales, Ceballus and Bandonell partnership at the end of its fiscal…
A: Through a proper formal agreement, two or more parties agree to operate and manage a business and…
Q: The assets and equities of the Perdales, Ceballus and Bandonell partnership at the end of its fiscal…
A: SOLUTION- EXPLANATION- PERDALES (7500 *30%) 2250 CERBALLUES (7500 * 50%) 3750 BANDONELL…
Q: On June 30, 2021, the A, B and C partnership had the following fiscal year- end balance sheet (in…
A: Answer: P2000 The cash available for distribution to the partners on July 31, 2011 = Avaliable…
Q: The assets and capital of QRS Partnership at the end of its fiscal year on October 31, 2021 are as…
A: Amount received by Q = (Amount available for distribution - Liabilities - Loan from S) x Q's…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The statement of financial position of A, B, C partnership as of December 31, 2020 is presented below: CASH P50,000 OTHER ASSETS 300,000 RECEIVABLE FROM B 10,000 TOTAL P360,000 LIABILITIES P80,000 A, LOAN 20,000 A, CAPITAL 120,000 B, CAPITAL 90,000 C, CAPITAL 50,000 TOTAL P360,000 Profits and loss ratio is 30%, 50% and 20% for A, B and C, respectively. Other assets were realized as follows: DATE CASH RECEIVED BOOK VALUE JAN. 2020 90,000 P120,000 FEB. 2020 P100,000 P80,000 MAR. 2020 125,000 P100,000 Liquidation expenses paid are as follows: January - P3,000 February - P5,000 Cash is distributed as assets are realized; how much is the total cash received by partner A at the end of the liquidation?The statement of financial position of A, B, C partnership as of December 31, 2020 is presented below: P20,000 280,000 LIABILITIES A, LOAN 50,000 25,000 125,000 CASH OTHER ASSETS A, CAPITAL 70,000 30,000 300,000 B, CAPITAL C, CAPITAL TOTAL 300,000 |ТОTAL Profits and loss ratio is 3:2:1 for A, B and C, respectively. Other assets were realized as follows: DATE CASH RECEIVED BOOK VALUE JAN. 2020 60,000 35,000 90,000 FEB. 2020 77,000 MAR. 2020 125,000 113,000 Liquidation expenses paid are as follows: January - P500 February - P700 Cash is distributed as assets are realized, how much is the total cash received by partner A?Use the following information for numbers 29 and 30. On June 30, 2018, the balance sheet for the partnership of D, E and F, together with their respective profit and loss ratios, is summarized as follows: Assets 300,000 D, Loan 15,000 D, Capital (20%) 70,000 E, Capital (20%) F, Capital (60%) Total Liabilit ies and Capital 65,000 150,000 Total Assets 300,000 300,000 D has decided to retire from the partnership, and by mutual agreement the assets are to be adjusted to their fair values of P260,000 at June 30, 2018. It is agreed that the partnership will pay D, P102,000 cash for his interest exclusive of his loan which is to be repaid in full. After D's retirement, what are the capital balances of each partner? 29. Partner E. 30. Partner F.
- The statement of financial position of A,B,C partnership as of December 31, 2020 is presented below: CASH P20,000 LIABILITIES 50,000 OTHER ASSETS 280,000 A, LOAN 25,000 A, CAPITAL 125,000 B, CAPITAL 70,000 C, CAPITAL 30,000 TOTAL 300,00 TOTAL 300,000 Profit and loss ratio is 3:2:1 for A, B and C respectively. Other assets were realized as follows: DATE CASH RECEIVED BOOK VALUE JAN 2020 60,000 90,000 FEB 2020 35,000 77,000 MAR 20220 125,000 113,000 Liquidation expenses paid are as follows: January - P500 February - P700 Cash is distributed as assets are realized, how much is the total cash received by partner A?On December 31, 2020, the Statement of Financial Position of ABC Partnership provided the following data with profit or loss ratio of 5:1:4: 1,500,000 Noncurrent Assets 2,000,000 Total Liabilities A, Capital В, Сарital С, Сарital Current Assets 500,000 1,100,000 1,200,000 700,000 On January 1, 2021, D is admitted to the partnership by investing P500,000 to the partnership for 10% capital interest. The total agreed capitalization of the new partnership is P3,000,000. 1. What is the capital balance of D after his admission to the partnership?The condensed statement of financial position of Ricablanca, Tac-an and Dimalanta partnership as of March 31, 2019 follows: Assets Cash P 28,000 Non-cash Assets 265,000 Total P293,000 Liabilities P 48,000 Ricablanca, Capital 95,000 Tac-an, Capital 80,000 Dimalanta, Capital 70,000 Total P293,000 Profit and loss ratio is 50:25:25, respectively. The partners voted to dissolve the partnership and liquidate by selling assets in installments. P70,000 was realized on the first cash sale of other non-cash assets which has a book value of P150,000.…
- A. The assets and equities of the NSW Partnership at the end of its fiscal year, October 31, 2020, are as follows: Profit and loss agreement is 30:50:20. Cash P 150,000 Accounts receivable -net 200,000 Inventory 400,000 Plant Assets - net 700,000 Loan to South 50,000 Liabilities P 500,000 West, Loan 100,000 North, Capital 450,000 South, Capital 300,000 West, Capital 150,000 The partners decide to liquidate the partnership. They estimate that the non-cash assets other than the loan to South can be realized into P 1,000,000 over the two-month period ending December 31, 2020. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process. Required: a) Assuming that P…PROBLEM G: On December 31, 2019, the statement of financial position of BRY Partnership shows the following data with profit or loss sharing ratio of 2:3:5: Cash P1,500,000 Liabilities to outside creditors В, Сарital R, Capital Y, Capital P2,000,000 1,500,000 1,250,000 750,000 Non-cash asset 4,000,000 On January 1, 2020, the partners decided to wind up the partnership affairs. During January, non-cash assets with book value of P3,000,000 were sold for P2,000,000 and liquidation expenses amounting to P200,000 were paid. 40% of total liabilities were also paid during January. P300,000 cash was withheld during January for future liquidation expenses. 8. What is the amount received by partner R on January 31, 2020? A. 200,000 B. 380,000 C. 500,000 D. 890,000Problem 15. On December 31, 2020, the Statement of Financial Position of ABC Partnershipwith profit or loss ratio of 5:3:2 is presented below: CashP1,600,000Total LiabilitiesP2,000,000 Non Cash Assets1,400,000A, capital100,000 B, capital500,000 C, Capital400,000 On January 1, 2021, the partners decided to liquidate the partnership ininstallment. All partners are legally declared to be personally insolvent. As of January 31, 2021, the following transactions occurred: - Noncash Assets with book value of P1,000,000 were sold at a gain ofP100,000.00 - Liquidation expenses for the month of January amounting to P50,000 werepaid. - It is estimated that liquidation expenses amounting to P150,000 will be incurred For the month of February, 2021. - 20% of the liabilities to third person were settled. - Available cash were distributed to partners As of February 28, 2021, the following transactions occurred: - Remaining noncash assets were sold at a loss of P100,000 - The remaining liabilities to…
- Problem 15. On December 31, 2020, the Statement of Financial Position of ABC Partnershipwith profit or loss ratio of 5:3:2 is presented below: CashP1,600,000Total LiabilitiesP2,000,000 Non Cash Assets1,400,000A, capital100,000 B, capital500,000 C, Capital400,000 On January 1, 2021, the partners decided to liquidate the partnership ininstallment. All partners are legally declared to be personally insolvent. As of January 31, 2021, the following transactions occurred: - Noncash Assets with book value of P1,000,000 were sold at a gain ofP100,000.00 - Liquidation expenses for the month of January amounting to P50,000 werepaid. - It is estimated that liquidation expenses amounting to P150,000 will be incurred For the month of February, 2021. - 20% of the liabilities to third person were settled. - Available cash were distributed to partners As of February 28, 2021, the following transactions occurred: - Remaining noncash assets were sold at a loss of P100,000 - The remaining liabilities to…On the December 31, 2020, the Statement of Financial Position of LOVE Partnership shows the following data with profit or loss sharing of 5:3:2.CashP10,000,000Noncash Asset40,000,000Total LiabilitiesP20,000,000Ona10,000,000Vina15,000,000Ena5,000,000On January 01, 2021, Lina is admitted to the new partnership named LOVE by investing P20,000,000 for 50% capital interest in the new partnership. What is the new capital balance of Ena after Lina’s admission in LOVE Partnership?Problem 15. On December 31, 2020, the Statement of Financial Position of ABC Partnershipwith profit or loss ratio of 5:3:2 is presented below: CashP1,600,000Total LiabilitiesP2,000,000 Non Cash Assets1,400,000A, capital100,000 B, capital500,000 C, Capital400,000 On January 1, 2021, the partners decided to liquidate the partnership ininstallment. All partners are legally declared to be personally insolvent. As of January 31, 2021, the following transactions occurred: - Noncash Assets with book value of P1,000,000 were sold at a gain ofP100,000.00 - Liquidation expenses for the month of January amounting to P50,000 werepaid. - It is estimated that liquidation expenses amounting to P150,000 will be incurred For the month of February, 2021. - 20% of the liabilities to third person were settled. - Available cash were distributed to partners As of February 28, 2021, the following transactions occurred: - Remaining noncash assets were sold at a loss of P100,000 - The remaining liabilities to…