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- Maria, Leonora and Teresa are partners with adjusted capital balances of P165,000, P150,000 and P180,000 respectively and divide profit and loss equally. At the end of the year, Maria decides to withdraw from the partnership. Maria will receive cash settlement of P150,000 Instruction: Give the entry to record the withdrawal of Maria assuming- a. Bonus Method is used b. Revaluation of Asset method is useaPrior to liquidating their partnership, Samuel and Brian had capital accounts of $60,000 and $240,000, respectively .The partnership assets were sold for $120,000. The partnership had no liabilities. Samuel and Brian share income and losses equally.. Required: a. Determine the amount of Samuel's deficiency b. Determine the amount distributed to Brian, assuming Samuel is unable to satisfy the deficiency Show Your Work:.rartners Yacapin, Babaran, and Cuenca share profits and losses in a 5:3:2 ratin Tespectively. Yacapin wishes to leave the partnership, so the assets are revalued and are found to be overvalued by P60,000. If each partner had a capital balance of P200,000 prior to Yacapin's notification of withdrawal, what amount should Yacapin be allowed to withdraw from the partnership? a. P230,000 b. P180,000 c. P170,000 d. P140,000 17 When a partner withdraws from a partnership taking assets that represent less than his capital balance, 1 no bonus results. b. the remaining partners receive a bonus. e the withdrawing partner receives a bonus. d. the remaining partners owe the withdrawing partner the difference. a. perdio paid Tria P600,000 for her P400,000 rtnership books, 16. and and losses in a 5:3:2 ratio, respectively. to the so the are revalued
- . Pete is joining the partnership of Rey, Tan and Val whose capital balances and profit and loss sharing ratio are as follows: Capital Balance Rey Tan P/L Ratio P15,000 20,000 20% 40 Val 18,000 40 Refer to Problem 1: If Pete pays P4,200 for 4 of the interest of Tan, and the deficiency in the consideration due to overstatement of partnership assets, what entries must be made on the partnership books incidental to the admission of Pete? Determine the resulting capital balances of the partners.Wally withdraws from the partnership and accepts P60,000 cash. Assuming the assets have been properly revalued, the entry to withdraw Wally from the partnership would include a debit to: a. Wally, capital for P60,000 b. Willie, capital for P9,214 c.Wally, capital for P81,500 d. Watson, capital for P12,286The 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…
- Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $28,000 and $18,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $35,000. a. What is the amount of a gain or loss on realization? b. How should the gain or loss be divided between Hewitt and Patel? Hewitt Pateluanita contributes property with a fair market value of $154,200 and an adjusted basis of $46,260 to a partnership in exchange for a 25 percent partnership interest. If an amount is zero, enter "0". Question Content Area a. Calculate the amount of gain recognized by Juanita as a result of the transfer of the property to the partnership b. Calculate Juanita's basis in his partnership interest immediately following the contribution to the partnership.The following information is presented for the partnership of Diona, Klee and Qiqi, who share profits and losses in the ratio of 4:3:3, respectively. Diona, Capital P260,000 Klee, Capital 180,000 Qiqi, Capital 160,000 Assume that the partnership decided to admit Yaoyao as a new partner with a one-fourth interest. Required: For each of the following independent cases, determine the amount that Yaoyao must contribute in cash or other assets: No goodwill or bonus will be recorded. A bonus of P24,000 is to be paid by Yaoyao to the prior partners. The partners agreed that the total resulting capital should be P820,000 and no goodwill should be recognized. Other assets are written down by P20,000 and a bonus of P40,000 is paid to Yaoyao at the time of admission.
- Problem: The following information is presented for the partnership of Diona, Klee and Qiqi, who share profits and losses in the ratio of 4:3:3, respectively. Diona, Capital P260,000 Klee, Capital 180,000 Qiqi, Capital 160,000 Assume that the partnership decided to admit Yaoyao as a new partner with a one-fourth interest. Required: For each of the following independent cases, determine the amount that Yaoyao must contribute in cash or other assets: 1. No goodwill or bonus will be recorded. 2. A bonus of P24,000 is to be paid by Yaoyao to the prior partners. 3. The partners agreed that the total resulting capital should be P820,000 and no goodwill should be recognized. 4. Other assets are written down by P20,000 and a bonus of P40,000 is paid to Yaoyao at the time of admissionPartners J, Y, and P share profits and losses in 5:3:2 ratio, respectively. J wishes to leave the partnership, so the assets are revalued and are found to be overvalued by P60,000. If each partner had a capital balance of P200,000 prior to J's notification of withdrawal, what amount should J be allowed to withdraw from the partnership?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…