A and B agreed to dissolve their relationship on January 1, 20x1. Their capital balances were P400, 000 and P800, 000, respectively, as of this date. Profits and losses are split 60:40 between the partners. The partnership had P80, 000 in cash and P120, 000 in liabilities prior to dissolution. The partnership suffered a P480, 000 loss on the disposal of non-cash assets. A is a solvent, while B is not. How much money did you make from the selling of non-cash assets?

The Field, Brown & Snow are partners and share income and losses equality. The partner decide to liquidate the partnership when their capital balances are as follows: Field, $131,250; Brown, $165,000; and Snow, $153,750. On May 31, the liquidation resulted in a loss of $405,000. 3. Assume that the partner with a deficit does not reimburse the partnership. Prepare journal entries (a) to transfer the deficit to the other partners and (b) to record the final disbursement of cash to the partners.

A partnership is considering possible liquidation because one of the partners (Bell) is personally insolvent. Profits and losses are divided on a 4:3:2:1 basis, respectively. Capital balances at the current time are         Bell, capital $ 65,000 Hardy, capital   62,000 Dennard, capital   14,000 Suddath, capital   86,000     Bell’s creditors have filed a $27,000 claim against the partnership’s assets. The partnership currently holds assets of $360,000 and liabilities of $133,000. If the assets can be sold for $220,000, what is the minimum amount that Bell’s creditors would receive?

Georgia's Interest in the equal GFH Partnership is liquidated when the GFH Partnership makes a Liquidating Distribution to Georgia and the remaining Partners assume Georgia's share of the Partnership Liabilities. Georgia receives $12,000 in Cash, Accounts Receivable of $21,000 (Fair Market Value) and Equipment worth (Fair Market Value) of $47,000. On the date of the Liquidation, the Partnership's Cash Basis Balance Sheet reflected the following: Cash (Adjusted Basis- $60,000; Fair Market Value - $60,000); Unrealized Receivable (Adjusted Basis-S-0-; Fair Market Value - $63,000); Equipment (Adjusted Basis- $72,000; Fair Market Value - $141,000) (Total Assets: Adjusted Basis- $132,000; Fair Market Value - $264,000); Notes Payable (Adjusted Basis - $24,000; Fair Market Value - $24,000); Capital Accounts: Georgia Capital (Adjusted Basis - $36,000, Fair Market Value - $80,000); Freddie Capital (Adjusted Basis- $36,000; Fair Market Value - $80,000); Helen Capital (Adjusted Basis- $36,000;…