A and B share profits and losses equally but they have decided to liquidate their partnership when their net assets amounted to P260,000, and capital balances of P170,000 and P90,000, respectively. If the noncash assets were sold for amount equal to its book value, what amount of cash should A and B receive?

David Oliver and Umar Ansari, with capital balances of $28,000 and $35,000, respectively,decide to liquidate their partnership. After selling the noncash assets and paying the liabilities, there is $67,000 of cash remaining. If the partners share income and losses equally, how should the cash be distributed?

The partnership which is being liquidated by installment method has a final cash balance of P100,000 after selling all the non-cash assets. The Profit and Loss ratio is 5:3:2.  Partners' capital accounts are as follow:  A, Capital  - P70,000; B, Capital - P40,000; C, Capital - (P10,000). C is already insolvent. What is the distribution of cash to all the partners? a.) A - P33,333 B - P33,333 C - P33,333 b.) A - P50,000; B - P30,000; C - P20,000 c.) A - P50,000; B - P50,000; C - None d.) A - P63,750 B - P36,250 C - None   SHOW COMPLETE SOLUTION

David Oliver and Umar Ansari, with capital balances of $47,000 and $63,000, respectively, decide to liquidate their partnership. After selling the noncash assets and paying the liabilities, there is $138,000 of cash remaining. If the partners share income and losses equally, how should the cash be distributed? If an amount is zero, enter in "0". blankOliver and AnsariDistribution of Cash   Oliver Ansari Total Capital balances before realization $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Division of gain on realization fill in the blank 4 fill in the blank 5   Capital balances after realization $fill in the blank 6 $fill in the blank 7   Cash distributed to partners fill in the blank 8 fill in the blank 9   Final balances $fill in the blank 10 $fill in the blank 11

The balance sheet for the Delphine, Xavier, and Olivier partnership follows: Delphine, Xavier, and Olivier share profits and losses in the ratio of 4:4:2, respectively. The partners have agreed to terminate the business and estimate that $12,000 in liquidation expenses will be incurred.   What is the amount of cash that safely can be paid to partners prior to liquidation of noncash assets? How should the safe amount of cash determined in (a) be distributed to the partners?

The partnership of Anderson, Berry, Hammond, and Winwood is being liquidated. It currently holds cash of $20,000 but no other assets. Liabilities amount to $30,000. The capital balances are If both Hammond and Winwood are personally insolvent, how much money must Berry contribute to this partnership? If only Winwood is personally insolvent, how much money must Hammond contribute to the partnership? How will these funds be disbursed? If only Hammond is personally insolvent, how much money should Anderson receive from the liquidation?

The following two independent cases deal with a partnership and/or partners that are insolvent.(attached)Assuming that the partners share profits and losses equally, prepare a response to each of the following independent questions:1. Given Case A, if all of the assets were sold for $165,000, how much of personal assets could Partner B contribute toward their capital balance?2. Given Case A, if all of the assets were sold for $126,000, how much could Partner C contribute toward the remaining partnership liabilities, assuming the unsatisfied partnership creditors first seek recovery against Partner A?3. Given Case B, if all of the assets were sold for $135,000 and all partners with deficit capital balances contributed personal assets toward those deficits, how much, if anything, would Partner A have to contribute toward unsatisfied partnership creditors?4. Given the same facts as item (3) above, what amount could Partner A’s unsatisfied personal creditors receive from A’s interest in…

A and B formed a partnership and agreed to divide initial capital equally even if A contributed P100,000 and B contributed P84,000 in identifiable assets. Under the bonus approach to adjust the capital accounts, what amount should be debited to B's unidentifiable assets?

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