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- Partners ABC, DEF and GHI share profits and losses in the ratio of 2:3:5, respectively. At the end of a very unprofitable year, they decided to liquidate the firm. The partner's capital account balances at this time are as follows: ABC - P22,000; DEF -P24,900 and GHI - P15,000. The liabilities accumulate to P30,000, including a loan of P5,000 from ABC. The cash balance is P6,000. All the partners are personally solvent. The partners plan to sell the assets in installment. If ABC received a total of P50,000 as a result of the liquidation, compute for the cash distributed to DEF. EDIFICIS 1911 Reminder from the Student Handbook: Code of Ethics- 24. Cheating during examinations, quizzes or plagiarism in connection with any academic work, abetting of the same: 1st violation- warning with invalidation of grade; 2nd violation, censure to suspension with invalidation of grade; 3rd violation- suspension to dismissal/ non-readmission with invalidation of grade CMPW 131Partners ABC, DEF and GHI share profits and losses in the ratio of 2:3:5, respectively. At the end of a very unprofitable year, they decided to liquidate the firm. The partner's capital account balances at this time are as follows: ABC - P22,000; DEF -P24,900 and GHI - P15,000. The liabilities accumulate to P30,000, including a loan of P5,000 from ABC. The cash balance is P6,000. All the partners are personally solvent. The partners plan to sell the assets in installment. If ABC received a total of P50,000 as a result of the liquidation, compute for the cash distributed to DEF. ÆDIFICA SultPartners ABC, DEF and GHI share profits and losses in the ratio of 2:3:5, respectively. At the end of a very unprofitable year, they decided to liquidate the firm. The partner's capital account balances at this time are as follows: ABC - P22,000; DEF -P24,900 and GHI - P15,000. The liabilities accumulate to P30,000, including a loan of P5,000 from ABC. The cash balance is P6,000. All the partners are personally solvent. The partners plan to sell the assets in installment. If ABC received a total of P50,000 as a result of the liquidation, compute for the cash distributed to DEF. DIFICES
- The capital balances of the partners are presented to you before the retirement of X: X, P50,000; Y, P45,000; Z, P35,000. P/L ratio, equally. After the retirement of X, the capital balance of Z was P34,000. How much is the total capital after the retirement of X? A. P48,000 B. P80,000 C. P78,000 D. P52,000 The capital balances of the partners are presented to you before the retirement of Z: X, P60,000; Y, P55,000; Z, P45,000. P/L ratio, equally. After the retirement of Z, the capital balance of X was P57,500. How much is the capital of Y after the retirement of Z? A. P55,000 B. P57,500 C. P52,500 D. P115,000Partners ABC, DEF and GHI share profits and losses in the ratio of share 2:3:5, respectively. At the end of a very unprofitable year, they decided to liquidate the firm. The partner's capital account balances at this time are as follows: ABC - P22,000; DEF -P24,900 and GHI - P15,000. The liabilities accumulate to P30,000, including a loan of P5,000 from ABC. The cash balance is P6,000. All the partners are personally solvent. The partners plan to sell the assets in installment. If ABC received a total of P50,000 as a result of the liquidation, what was the total amount realized from the sale of the non-cash assets?On December 31, 2020, the Statement of Financial Position of DTS Co. has the following balances: Total Assets Php225,000; VM Loan Php12,500; VM Capital P51,875; MR Capital Php48,125 and LP Capital Php112,500. The partners share profits and losses in the ratio of 25% to VM, 25% to MR, and 50% to LP. It was agreed among the partners that VM retires from the partnership and the partnership assets be adjusted to their fair value of Php255,000 as of December 31, 2020. The partnership also suffered net loss of Php75,000. The partnership would pay VM Php54,250 cash for his total interest in the partnership. What is the total capital of MR after retirement of VM?
- Partners ABC, DEF and GHI share profits and losses in the ratio of # Share met I 2:3:5, respectively. At the end of a very unprofitable year, they decided to liquidate the firm. The partner's capital account balances at this time are as follows: ABC - P22,000; DEF -P24,900 and GHI - P15,000. The liabilities accumulate to P30,000, including a loan of P5,000 from ABC. The cash balance is P6,000. All the partners are personally solvent. The partners plan to sell the assets in installment. If ABC received a total of P50,000 as a result of the liquidation, what was the total amount realized from the sale of the non-cash assets?The capital balances of the partners are presented to you before the retirement of Y: X, P40,000; Y, P35,000; Z, P25,000. P/L ratio, equally. After the retirement of Y, the capital balance of X was P42,000. How much was the cash settlement to Y? A. P31,000 B. P33,000 C. P37,000 D. P39,000d. 6. Partners Manalo and Capuno receive an interest allowance of P100,000 and P150,000, respectively, and divide the remaining profits and losses in a 3:1 ratio. If the company sustained a loss of P110,000 during the year, what is the effect on Manalo's capital? a. P82,500 decrease b. P120,000 decrease C. P170,000 decrease d. P105,000 decrease
- W and X are partners who have agreed to admit Y, who will invest P15,000 for a 20 percent interest. The previous capital balances were P15,000 and P30,000 for W and X, respectively. W and X had shared profits and losses equally. What amount will be recorded in Y's Capital account? a. P6,000 credit b. P12,000 credit c. P15,000 credit d. P9,000 creditCapital balances of partners Q,R, S are the following before liquidation: P87,000, P95,500, P106,250 respectively. The partnership has a loan from partner Q in the amount of P8,000; loan to partner R in the amount of P4,500; advances to partner S in the amount of P6,500. The partners’ profit and loss ratio is 25:40:35 respectively. If in the first installment the total cash paid to partners is P57,000, how much did partner S receive?Partners Adan and Eba have capital balances of Paradise partnership of P400,000 and P600,000, respectively. They agree to share profits and losses as follows: Adan Eba As salaries P100,000 P120,000 As interest on capital at the beginning of the year 10% 10% Remaining profits or losses 50% 50% Based on the information above, answer the following: If income for the year was P300,000, what will be the distribution of income to Adan? If net loss for the year was P20,000, what will be the distribution to Eba?
