a. The total restricted interest in the month of April amounted to: b. The cash received by Lawrence in the 1st month amounted to:
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a. The total restricted interest in the month of April amounted to:
b. The cash received by Lawrence in the 1st month amounted to:
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- The following balances as at October 31, 2016 for the Partnership of Kathy, Lilia and Minda were as follows: Cash P50,000 Non-cash assets 400,000 Liabilities 15,000 Kathy, Capital 127,500 Lilia, Capital 82,500 Minda, Capital 225,000 Kathy has decided to retire from the partnership on October 31. The estimated profit of October 31 is P100,000. Their profit and loss ratio is 3:3:4 to Kathy, Lilia and Minda, respectively. Required: - Compute for the Total Partners Equity after dissolution. - Compute New Capital Accounts of Remaining partner using Bonus Method and Revaluation Method under the following INDEPENDENT cases: a. Kathy will be paid by the partnership for P170,000 b. Kathy will be paid by the partnership for P100,000Martha Wheaton, Bess Chen, and Sam Smith were partners in an urban Calgary tea shop called Wake and showed the following account balances as of December 31, 2023: Account balances December 31, 2023 Due to difficulties, the partners decided to liquidate the partnership. The land and building were sold for $700,000 on January 1, 2024. The partners share any profit (loss) in the ratio of 2:1:1 for Wheaton, Chen, and Smith, respectively. Required: Complete the schedule. Prepare the entry to distribute the remaining cash to the partners assuming any deficiencies are paid by the partners. (Negative answers should be indicated by a minus sign.) Account balances December 31, 2023 Sale of land and building. Balance Payment of liabilities Balance Martha Accum. Deprec. Building Bess Chen, Wheaton, Accounts Payable Sam Smith, Capital Land Capital Capital Cash Building $191,000 $838,000 $487,000 $215,000 $135,000 $330,000 $(59,000) $351,000 Absorption of deficiency Balance Accum. Building Deprec.…The following balances as at October 31, 2016 for the Partnership of Kathy , Lilia and Minda were as follows : Kathy , Capital 127,500 Lilia , Capital 82,500 Minda , Capital 225,000 Kathy has decided to retire from the partnership on October 31. Their profit and loss ratio is 3:3 :4 to Kathy , Lilia and Minda , respectively. Assumptions : A. The partnership will purchase the interest by paying 168,000 and no goodwill is to be recorded. B. The partnership will purchase the interest by paying 126, 000 and no goodwill is to be recorded C. The partnership will purchase the interest by paying 150, 000 and goodwill is to be recorded . Required: i. Table (like in the discussion ). ii. Entry upon retirement of Kathy. iii.Answers to the following questions: 1. What will be the total capital of the partnership upon Kathy's retirement? 2. What will be the new partnership sharing agreement? 3. What amount of capital will be debited / credited to Kathy upon Kathy's retirement? ( indicate…
- On December 31, 2018, the unadjusted Statement of Financial Position of LAV Partnership shows the following data with profit and loss sharing agreement of 2:3:5. Total Assets 100,000 Total Liabilities 40,000 Lorna 10,000 Amy 20,000 Veronica. 30,000 On December 31, 2018, Lorna decided to retire from the partnership. However, before the distribution of cash to Lorna, the following data errors were discovered during the pre-retirement audit: • During the year, machinery was over depreciated by P15,000. • The net income for the year is overstated by P5,000. After the adjustment, Lorna received P15,000 for her capital interest. What is the capital of Amy after Lorna’s retirement? A. 27,500 B. 23,000 C. 21,875 D. 20,000Adjani, Malcolm, and Shanice have been in partnership for over forty years. They are now ready to retire and have decided to dissolve the partnership on March 31, 2021. The balance sheet at that date stood as follows: iii. iv. ASSETS Non-current assets Buildings Furniture Statement of Financial Position as at 31 March Current assets Inventory Trade receivables Allowance for doubtful accounts A. Bank Total current assets Total assets EQUITY AND LIABILITIES Capital -Adjani Capital - Malcolm Capital - Shanice C. Current a/c - Adjani Current a/c - Malcolm Current a/c - Shanice Additional information: Long-Term Liabilities Loan Current Liabilities Creditors Required: Prepare the following: a. Buildings realized $180,000 b. Debtors $233, 600 c. Inventory $83,000 Realization account B. Partners' capital accounts $ Bank account 2020 i. Adjani took over the furniture at an agreed value of $10,000 ii. Of the remaining assets: 250,000 15,000 $ 50,000 200,000.00 3,000 12,000.00 212,000.00 83,000…On December 31, 2018, the unadjusted Statement of Financial Position of LAV Partnership shows the following data with profit and loss sharing agreement of 2:3:5. Total Assets 100,000 Total Liabilities 40,000 Lorna 10,000 Amy 20,000 Veronica 30,000 On December 31, 2018, Lorna decided to retire from the partnership. However, before the distribution of cash to Lorna, the following data errors were discovered during the pre-retirement audit:• During the year, machinery was over depreciated by $15,000.• The net income for the year is overstated by $5,000.After the adjustment, Lorna received $15,000 for her capital interest.How much is the capital of Amy after Lorna’s retirement? A. 27,500 B. 23,000 C. 21,875 D. 20,000
- Kim, Nicolas, and Troy are general partners in KNT Partnership sharing profits and losses in the ratio of 2:4:4, respectively. The partnership suffered financial distress and the partners decided to liquidate the partnership in December 2019. Accounts, after revaluation, adjustment, and correction, had the following ledger balances: Cash P 90,000 Accounts Receivable 205,000 Allowance for Doubtful Accounts 5,000 Merchandise Inventory 180,000 Equipment Accumulated Depreciation Equipment Accounts Payable Kim, Loan [Loan Payable - Kim] Troy, Loan [Loan Payable Troy] Kim, Capital Nicolas, Capital Troy, Capital 600,000 102,000 182,000 18,000 90,000 100,000 213,000 365,000 For the independent cases that follow in the course of winding up, prepare a statement of liquidation and necessary journal entries to record the liquidation process: A. The entire net receivable was collected, all inventories were sold at cost, and equipment was sold at its carrying value. B. Only 90% of net receivable was…As of December 31, 2015, the books of Ton Partnership showed capital balances of: TP40,000; O, P25,000; N, P5,000. The partners' profit and loss ratio was 3:2:1, respectively. The partners decided to liquidate and they sold all non-cash assets for P37,000. After settlement of all liabilities amounting P12,000, they still have cash of P28,000 left for distribution. Assuming that any capital debit balance is uncollectible, the share of T in the distribution of the P28,000 cash would be: A. 17800 B. 18000 O C. 19000 D. 17000 PreviousAnnie, Emy and Mary are in the process of liquidating their partnership and their account balance as of August 1, 2015 are as follows: Debit Credit Cash P 15 000 Non – cash assets 35 000 P 7 000 5 000 Emy, Loan Annie, Capital Emy, Capital Mary, Capital 17 500 20 500 The profit and loss sharing ratio has been 4:3:3 between Annie, Emy and Mary respectively. 1. Assuming that the partners hip realized P 15 000 from the sale of non – cash assets and that any deficiency is uncollectible, Emy must receive: а. Р 17000 b. Р 18500 с. Р9 500 d. Not given 2. If Annie had personal assets of P 25 000 and personal liabilities of P 22 500 and that the partnership realized P 12 500 from the sale of its non – cash assets, Mary must receive. а. Р 20 500 b. Р 12 500 с. Р 13 000 d. Not given
- David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2023: Account balances December 31, 2023 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $59,000 on January 1, 2024. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively. David Olena Accum. Deprec. Accounts Danny Notes Wallace, Dunn, Lin, Equipment Equipment Payable Payable Capital Capital Capital $19,300 $161,000 $92,000 $7,300 $15,000 $34,000 $17,000 $15,000 Cash Required: 1. Complete the schedule. (Negative answers should be indicated by a minus sign.) Account balances December 31, 2023 Sale of equipment Balance Payment of liabilities Balance Cash Equipment Accum. Deprec. Equipment $ 19,300 $ 161,000 $ 59,000 161,000 322,000 $ $ 78,300 $ $ 78,300 $ 322,000 $ Accounts Payable 92,000 $ 92,000 184,000 $ 184,000 $ Notes Payable…PROBLEM SOLVING: The following balances were taken from the book of TIWALA-LANG Partnership as of July 1, 2018 when the partnership decided to liquidate: P 20,000 60,000 90,000 185,500 10,000 15,500 3,000 122,000 130,000 40,000 35,000 Cash Accounts Receivable Furniture & Fixtures Equipment Accounts Payable Notes Payable Payable, Lang TIng, Capital WAng, Capital LAy-at, Capital Lang, Capital Profit and loss ratio is 2:2:3:3, respectively, Cash is distributed to partners as it becomes available. Non-cash assets were sold for P200,000 during the liquidation process with liquidation cost amounting to P3,000. Assume that TIng and WAng are solvent and LAY-at and LAng are insolvent. REQUIRED: Prepare the following: A. STATEMENT OF LIQUIDATION B. Corresponding JOURNAL ENTRIESCapital balances in Grouper Co, are Dene S64,000, Aneta $38,200, and Harriet $25,500. The partners share income equally. Harriet receives $31,400 from partnership assets in withdrawing from the firm. Journalize the withdrawal of Harriet. (Credit account titles are automaticàlly indented when the omount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit