A partnership has gone through liquidation and now reports the following account balances: Cash Loan from Molina. Ashman, capital Molina, capital Pinckney, capital Diaz, capital $ 16,000 3,000 (2,000) (deficit) (5,000) (deficit) 13,000 7,000 Profits and losses are allocated on the following basis: Ashman, 30 percent; Molina, 20 percent; Pinckney, 30 percent; and Diaz, 20 percent. Required: Calculate the safe payments that can be made to individual partners.
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- A partnership has gone through liquidation and now reports the following account balances: Cash Loan from Jones Wayman, capital Jones, capital Fuller, capital Rogers, capital $16,000 3,000 (2,000) (deficit) (5,000) (deficit) 13,000 7,000 Profits and losses are allocated on the following basis: Wayman, 30 percent; Jones, 20 percent; Fuller, 30 percent; and Rogers, 20 percent. Which of the following events should occur now? a. Jones should receive $3,000 cash because of the loan balance. b. Fuller should receive $11,800 and Rogers $4,200. c. Fuller should receive $10,600 and Rogers $5,400. d. Jones should receive $3,000, Fuller $8,800, and Rogers $4,200A partnership has gone through liquidation and now reports the following account balances: Cash $16,000 3,000 Loan from Malina Ashean, capital Molina, capital Pinckney, capital Diaz, capital (2,000) (deficit) (5,000) (deficit! 13,000 7,000 Profits and losses are allocated on the following basis: Ashman, 30 percent Molina, 20 percent, Pinckney, 30 percent and Diaz, 20 percent. Required: Calculate the safe payments that can be made to individual partners. Adjusted balances (sale payments) Molina Finckney Dies 5 2.400 $ 16000 10,000 $ 5,400A partnership has gone through liquidation and now reports the following account balances: $ 16,000 3,000 (2,000) (deficit) (5,000) (deficit) Cash Loan from Molina Ashean, capital Molina, capital Pinckney, capital Diaz, capital 13,000 7,000 Profits and losses are allocated on the following basis: Ashman, 30 percent; Molina, 20 percent, Pinckney, 30 percent; and Diaz, 20 percent. Required: Calculate the safe payments that can be made to individual partners. Adjusted balances (safe payments) Molina Pinckney $ 2.400$ 1.600 $ 10,600 $ Ashman Diaz 5,400
- The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: Cash Noncash assets $ 41,000 229,000 Liabilities Drysdale, loan Drysdale, capital (50%) Koufax, capital (30%) Marichal, capital (20%) $46,500 21,000 77,500 67,500 57,500 a-1. Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine the next maximum loss that can be absorbed in Step 2. a-2. Liquidation expenses are estimated to be $20,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well. b. Assume that assets costing $79,000 are sold for $62,500. How is the available cash to be divided?The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: $ 52,000 284,000 $ 59,000 Cash Liabilities Noncash assets Drysdale, loan Drysdale, capital (50%) Koufax, capital (30%) Marichal, capital (20%) 25,000 94,000 84,000 74,000 a-1. Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine the next maximum loss that can be absorbed in Step 2. a-2. Liquidation expenses are estimated to be $12,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well. b. Assume that assets costing $90,000 are sold for $68,000. How is the available cash to be divided? Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine the next maximum loss that can be absorbed in Step 2.…The ETO Partnership is in the process of liquidation. The account balances prior to liquidation are given below: Debits Credits P 72,000 10,000 15,000 20,000 21,000 Cash Liabilities P 40,000 Aurora, drawing Esteban, drawing Tyro, drawing Operating loss Esteban, loan Tyro, loan Aurora, capital Esteban, capital Tyro, capital 8,000 25,000 49,000 18,000 Loss on realization 12,000 10,000 The partners share profits in the following ratio: Aurora, 1/6; Esteban, 2/6; and Tyro, 3/6. Upon liquidation of the partnership, Aurora should have received:
- After all noncash assets have been converted to cash in the liquidation of MM Partnership, the ledger contains the following account balances: Debit balances: Cash: P 34, 000; Mae, Capital: P 8, 000; Credit balances: A/P: P 25, 000; Mae, Loan: P 9, 000; Mila, Capital: P 8, 000. After paying the A/P of P25, 000, available cash should be distributed toABC partnership has the following account balancesbefore liquidation: Cash, P15,000; Non-cash assets, 225,000; Accounts Payable, P50,000; A Capital, P40,000; B Capital, P100,000; and C Capital,P50,000. The partners have profit and loss ratio: A = 30%; B = 50%; and C = 20%Compute for the amount to be received by each partner after liquidation if the non-cash assets were sold for P75,000. If all partners are solvent, what is the final cash distribution for C?Item No. 24 is based on the following information: A, B, C are partners. On December 31, 200C, their capital balances and profit sharing ratios are: A, P 75,000 (60%) , B, P 150,000 (25%), and C, P 180,000 (15%). C withdrew P 30,000 during the year 200D. Net loss for the year ended December 31, 200D was P 60,000. The partners decided to liquidate. There were unpaid liabilities of P 15,000 and cash on hand of P 2,100. 24. The amount to be realized by the partnership on the sale of its noncash assets so that A will receive a total of P 57,000 in the final settlement of his interest should be: a. P 357,900. C. P 27,900. b. P 309,900. d. P 18,000. Item No. 25 is based on the following information: Christian and Dior are partners, who share profits equally, were incapacitated due to a car accident. A liquidator was appointed to wind up their partnership. The balance sheet accounts are shown below: Cash P 35,000 Liabilities P 19,000 Other Assets 110,000 72,000 Christian Capital ---- Dior…
- The ABC Partnership is to be liquidated. The ledger shows the following: Cash $ 70,000 Noncash Assets 220,000 Liabilities 90,000 A, Capital 85,000 B, Capital 90,000 C, Capital 25,000 A,B, and C's income ratios are 5:3:2, respectively. The non-cash assets are sold for $170,000. Instructions Prepare a schedule of liquidation using the following chart: Cash NC assets Liabilities A, Cap B, Cap C, Cap Beg Balance Sale of assets Balance Pay liabilities Balance Distribute cash End Balance Prepare the 4…A balance sheet for the partnership A, B and C, who share profits 2:1:1 respectively, shows the following balances just before liquidation: Cash - 48,000Other Assets - 238,000Liabilities - 80,000A Capital - 88,000 B Capital - 62,000C Capital - 56,000On the first month of liquidation, certain non-cash assets were sold resulting to a loss of 23,000. Liquidation expense of 4,000 were paid, and additional liquidation expenses of 3,200 are withheld to anticipate payment before liquidation is completed. After creditors were paid, partner B received 13,000 on the initial installment. Determine total payment to partners on the initial installment.The statement of financial position for the partnership of AA, BB and CC who share profits in the ratio of 2:1:1, shows the following balances just before the liquidation: Cash P12,000 Other assets 59,500 Liabilities 49,000 AA, capital 22,000 BB, capital 15,500 CC, capital (15,000) On the first instalment of the liquidation, a gain of P8,525 was realized from the sale of certain assets. Liquidation expenses of P1,000 was paid, and additional liquidation expenses are anticipated. Liabilities paid amounted to P34,000. Remaining book value of other assets is P1,550. On the first payment to partners, AA receives P6,250. How much is the amount of cash withheld for anticipated liquidation expenses and unpaid liabilities?