Mr X.,Mr.Y. and Mr. Z went through major partnership losses that forced them to decide on liquidation. They sold all their assets, paid all their liabilities and ended up with net Revenue of
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- Roberto Orcajada and Ryan Morales are partners who share profits and losses equally. The credit balances of their Capital accounts before liquidation are P700,000 and P900,000, respectively. ... They sold all the noncash assets and paid all the partnership's liabilities, leaving a balance of P1,100,000 in cash. What is the amount of gain/ (loss) on realization?During the liquidation of the partnership of three cousins, they realized a gain of $18,000 from the sale of noncash assets. The accounts payable balance at the time of sale was $43,200. The notes payable balance was $38,000. How much will their creditors be paid if the partnership pays in full? 1.$61,200 2.$63,200 3.$81,200 4.$81,20010. Tanya, Ursula and Vanessa are partners sharing profit and losses in the ratio 6:4:2 and with capital balances of P55,000, P40,000 and P18,000, respectively. If Ursula received P8,000 as final settlement of her interest upon liquidation of the partnership, the total amount received by all the partners was: O P17,000 O P32,000 O P113,000 O P96,000
- Answer this please and also how does the salary for the 12thmonth in number 3 is 96000. Explain also thank you Problem #2 Lester and Stephen formed a partnership with capital contributions of P300,000 and P700,000, respectively. During its first year of operations, the partnership suffered a loss of P50,000. Prepare a schedule showing the division of profit between the partners under each of the following independent assumptions: Loss is agreed to be divided equally. There is no profit or loss sharing agreement. A monthly salary of P8,000 will be given to Lester and the balance divided in the ratio of their capital balances. A monthly salary of P8,000 will be given to Lester, 6% interest will be allowed on the capital balances of each partner; and the balance divided equally.Cyril and James formed a partnership on January 1, 20x1 by contributing P1,600,000 and P2,400,000,respectively. As of January 1, 20x2, their partnership capital was P1,800,000, and P2,200,000 respectively.Situations:A. No profit-sharing agreementB. No loss-sharing agreementC. Profit is divided equallyD. Loss is divided 30:70, respectivelyRequired: Compute the share of Cyril and James assuming:P800,000 profit P 4. C and D (Jake desires to invest P 200,000 for X capital and profit and loss interest in the partnership of Kim and Lim, who at that time had capital balances of P 200,000 and P300,000, respectively. Profit and loss ratio of the partners before the admission was 6:4. If a positive asset revaluation is to be recorded, what are the capital balances of Kim, Lim and Jake? Kim Lim Jake
- PROBLEM: John and Paul are partners who share profits and losses in the ratio of 3:2respectively. John’s salary is P180,000 and Paul’s is P140,000. The partners are paid interest on their average capital balances where John received interest of P30,000 and Paul, P 15,000. The profit and loss allocation is determined after deduction for the salary and interest payments. QUESTION: If John received P280,000 from partnership income, what was the total partnership income? (Good Accounting Form)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? Loss $-11000 a. Subtract the sum of the capital accounts from the cash balance. If it is positive, then there is a gain that increases capital. If the amount is negative, then a loss has occurred and this reduces capital. b. How should the gain or loss be divided between Hewitt and Patel? Hewitt Loss $ Patel Loss $Emily, Daniel and Victoria have capital balances of P120,000, P200,000 and P72,000, respectively and they share profits in the respective ratio of 4:2:1. Daniel received P104,000 as a result of the liquidation of the partnership. Loss on asset realization isP 236,000P 336,000P 288,000P 264,000
- DON, BEH and SAD partnership became insolvent and the partnership is being liquidated as soon as feasible. In this respect the following information for the partners has been marshaled: Capital Balances ; Personal Assets ; Personal LiabilitiesDON 70,000 80,000 40,000BEH (60,000) 30,000 50,000SAD (30,000) 70,000 30,000Total (20,000) Assume that residual profits and losses are shared equally among the three partners, based on this information, what is the maximum amount that DON can expect to receive from the partnership liquidation?DON, BEH and SAD partnership became insolvent and the partnership is being liquidated as soon as feasible. In this respect the following information for the partners has been marshaled:Capital BalancesPersonal AssetsPersonal LiabilitiesDON 70,000 80,000 40,000BEH (60,000) 30,000 50,000SAD (30,000) 70,000 30,000Total (20,000Assume that residual profits and losses are shared equally among the three partners, based on this information, what is the maximum amount that DON can expect to receive from the partnership liquidation?A. 20,000 C. 70,000B. 40,000 D. 110,000 Note: Kindly please provide a good accounting form for its solutionS13-5 Allocating profits and losses to the partners Bagwell, McWilliams and Briand have capital balances of $24000, $36000 and $60000, respectively. The partners share profits and losses as follows: a The first $50 000 is divided based on the partners' capital balances. b The next $50 000 is based on service, shared equally by Bagwell and Briand. McWilliams doesn't receive anything. c The remainder is divided equally. Requirements 1. Calculate each partner's share of the $112 000 profit for the year. 2. Journalise the closing entry to allocate the net profit for the year.