How much cash Bea should receive?
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- Aloha, Brooke and Cole are partners who share profits in the ratio 35.35.30 Capital balance of the partners are P200,000, P250,000 and P225,000 respectively. The partnership decided to dissolve the partnership and liquidate their assets. Assuming Cash Available for distribution amounted to P200,000 the partners Aloha, Brooke and Cole will received the following:Daggett, Lamppin, and Pendergast are partners who share profits and losses 50%, 30%, and 20%, respectively. Their capital balances are $143,000, $89,000, and $58,000, respectively. Assume instead that Daggett leaves the partnership. Daggett is paid $177,000 with a bonus to the retiring partner.Prepare the journal entry to record Daggett’s withdrawal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit select an account title enter a debit amount enter a credit amount select an account title enter a debit amount enter a credit amount select an account title enter a debit amount enter a credit amount…R.Patel, D. Amo, and S. Adams have operated their partnership for several years, sharing income and loss equally. The partners decide to liquidate. Immediately prior to the final distribution of cash, the account balances are: Cash, $21,000; R. Patel, Capital, $12,000; D Arno, Capital, $23,000; S. Adams, Capital, $(14,000). Assume that Adams cannot pay any capital deficiency owed to the partnership. In the final distribution of cash, Patel and Arno will each receive: ITEMS Item #1 Item #2 R. Patel D. Amo
- Alma, Tina and Carla are partners. They divide profits and losses 30%, 40% and 30%, respectively. On June 30, 2019, they decided to liquidate their partnership because of continuous losses in operation. The following balances of selected accounts were taken from the books of the partnership on this date: Accounts Receivable - Tina Loans Payable - Carla Loans Payable - Alma Alma, Capital Tina, Capital Carla, Capital P24,000 9,600 28,800 118,800 88,800 78,000 On this date, the partnership's assets were P534,400 excluding the receivables from partners and cash of P28,000. The non-cash assets assets were sold at 70% of book value. After the realization, the partnership paid all outside creditors and liquidation expenses of P12,000 and distributed the remaining cash to the partners. 23. How much was cash was distributed to the partners? a. C. b. d. P98,400 P132,000 P178,400 P78,000 000,049 000 214Hershey, Inigo, Jessa and Kyle are partners who share profits and losses in the ratio of 3:2:1:4. As of the current date, the partners become insolvent so they decide to liquidate their business. The capital balance of each partner amount to P30,000, P35,000, P20,000 and P50,000 to Hershey, Inigo, Jessa and Kyle respectively. At this time, total liabilities of the partnership amount to P180,000. From the data above, answer the following independent questions: 14. If the partnership received P185,000 from the sale of all non-cash assets of the partnership, determine the amount of cash that Hershey is to receive assuming there is no cash balance before realization and all partners are insolvent at the time of liquidation. A. P9,000 C. PO B. P2,000 D. P1,500 15. If Kyle receives P12,000 as settlement of his interest, how much were the non-cash assets sold assuming there is no cash balance before realization? A. P220,000 B. P95,000 C. P315,000 D. P180,000Roberto and Sangeeta have been in partnership for many years sharing profits and losses in the ratio 3:2. They decide to dissolve the partnership on 31 August 2021. Their summarized statement of financial position at that date was as follows: The following information is also available: Furniture and equipment were sold for $690,000. Roberto took over one of the vehicles at an agreed value of $90,000; the other was sold for $120,000. The firm paid $148,000 in full settlement of accounts payable Inventory realized $210,000. Accounts receivable were settled after allowing a 10% discount Dissolution expenses amounted to $4,000 Required: Prepare the following accounts: a. Realization b. Bank c. Capital accounts d. State two reasons why a partnership might be disolved
- Faith, Hope, and Love are partners sharing profits and losses in the ratio 22 1 and have capital balances of P800,000, P800,000, and P400,000, respectively. Grace purchases half of Faith's interest by paying her directly for an amount that earned her a profit of P60,000. The entry to record the admission of Grace in the partnership includes a Select the correct response debit to Cash, P460,000 credit to Grace, Capital, P400,000 credit to Grace, Capital, P460,000 debit to Faith, Capital, P460,000Luke, Lando and Leia decide to start a partnership called LLL Consulting on January 1, 2023. Each of them contribute a number of items to the partnership, which are listed below. Luke contributed $6,700 cash and a building he had purchased for $239,000. The building now has a market value of $262,900. Lando contributed $3,100 cash, equipment he had purchased for $32,300 and a note payable worth $23,000. The equipment has a market value of $29,070. Leia contributed $7,500 cash, furniture she has purchased for $11,900 and accounts payable worth $6,600. The furniture has a market value of $9,520. Prepare the journal entries to record the contributions of each partner. Do not enter dollar signs or commas in the input boxes. For transactions with more than one debit or credit, enter the accounts in alphabetical order. Date Account Title and Explanation Jan 1 Jan 1 Jan 1 Investment by Luke Investment by Lando Investment by Leia + ♦ → Debit CreditJulie, Liza and Emma are partners who share profits and losses in the ratio of 2:3:5. The partners have decided to liquidate the partnership.Their capital accounts show the following balances: Julie - P60,000 credit; Liza - P90,000 credit; Emma - P20,000 debit after the sale of non-cash assets and the payment of all liabilities. What is the amount of cash available for distribution: a.) P130,000 b.) P120,000 c.) P60,000 d.) P90,000 SHOW COMPLETE SOLUTION
- As of December 31, 2020, the books of Abad, Sison, and Dario Partnership showed capital balances of Abad- 80,000; Sison - 50000 and Dario - 10,000. The partners’ profit and loss ratio was 3:2:1 respectively. The partners decided to dissolve and liquidate. They sold all the non-cash assets for 74,000. After settlement of all liabilities amounting to 34,000, they still have 56,000 cash left for distribution. How much is the loss on realization?Fitzee, Chesher and Klotia have a partnership. They share income on the basis of the following ratio: 2:3:5. Each partner has the following capital balances respectively $220,000, $250,000, and $145,000. They decided to liquidate their business on July 3 because they wanted to pursue other interests. They had a big liquidation sale and they sold all non-cash assets for $445,000. They have the following accounts: Cash $200,000 Supplies $50,000 Equipment $150,000 Truck $65,000 Building $300,000 AP $200,000 Prepare all of the journal entries to close this business General Journal Page Date Particulars PR Debits CreditsBau and Robi are partners who share profits and losses in the ratio of 6:4, respectively. On May 1, 2020, their respective capital accounts were as follows: Bau -P 60,000; Robi – P 50,000 On that date, Linda purchases a 1/3 share of Bau’s capital interest for a cash payment of P 30,000. Immediately after Linda’s admission, Bau’s and Linda’s capital accounts should be: Select one: a. Bau – ₱ 60,000; Linda – ₱ 30,000 b. Bau – ₱ 30,000; Linda – ₱ 30,000 c. Bau – ₱ 90,000; Linda – ₱ 30,000 d. Bau – ₱ 40,000; Linda – ₱ 20,000