Partner A took out a loan on behalf of the partnership that is not secured by collateral. Partner A was the only signer. There are 3 partners. The loan was in the amount of $150,000. What is the share of liability for each partner?
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Partner A took out a loan on behalf of the
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- What is the adjusted balance of your capital account if there are unpaid real property taxes on the properties contributed by Partner 1 amountingto P40,000? The partners agreed that the partnership shall assume those obligations. Also, provide the entry to record the contribution in the partnership books.A is a managing partner of A and B partnership. X is indebted to A for P25,000 and the partnership for P75,000. When both debts mature, X pays A P10,000 and the latter issues a receipt for his personal credit. The payment for P10,000 shall be applied. a. To the whole debt owing to A. b. 1/4 in favor of A and 3/4 in favor of partnership. c. Debt owing to the partnership. d.1/2 in favour of A and 1/2 in favour of the partnershipA, B and C formed a commercial partnership. D represented himself as a partner in the partnership to E who, on the belief of such representation, extended credit of P50,000 to the partnership. Assuming only B and C consented to such representation, who shall be liable to E? a. B, C and D are partners by estoppels and thus, are liable to E? b. Only partners A, B and C are liable to E for the benefit extended to them. c. Only D who made the representation is liable to E. d. All of A, B, C and D are liable because of partnership liability for the credit extended to the partnership by E.
- What is the adjusted balance of your capital account if attached to the building is an unpaid mortgage of P800,000. Partner 1 agrees to settle thismortgage immediately using his/her personal funds. Also, provide the entry to record the contribution in the partnership books.John, Sal and Pam form a partnership to operate an accounting business. For each of the situations given below, indicate the amounts requested. a. John contributes property with a basis of $45,000 and subject to a $75,000 liability to the partnership for a one-third partnership interest, worth $105,000. The partnership assumes the liability. the amount of income or gain recognized by the partner the partner’s basis in the partnership immediately after the contribution including the allocation of liabilities. b. Sal contributes property with a basis of $25,000 and a fair market value of $105,000 to the partnership for a one-third partnership interest. the amount of income or gain recognized by the partner the partner’s basis in the partnership immediately after the contribution including the allocation of liabilities. c. Pam performs services valued at $105,000 for the partnership for a one=third interest in the partnership. the amount of income or gain recognized by the…Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $296,000 based on the terms of the original partnership agreement. If the goodwill method is used, what is the capital balance of the remaining three partners? Assume that the partners share profits and losses 4:3:2:1, respectively. Pineda retires and is paid $350,000 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital balance of the remaining three partners? (Do not round your intermediate calculations. Round your final answers to the nearest dollar amounts.)
- A partner invested into a partnership a building with a P250,000 carrying value and P400,000 fair market value. The related mortgage payable of P125,000 was assumed by the partnership. As a result of the investment, the partner's capital account will be credited forHewitt 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?c. How should the cash be divided between Hewitt and Patel?A partner invested into a partnership a building with a P250,000 carrying value and P400,000 fair market value. The related mortgage of P125,000 was assumed by the partnership. As a result of the investment, the partner’s capital account will be credited for
- Partner T is personally insolvent , owing P400,000 . Personal assets will only bring P150,000 when liquidated . At the same time , T has a credit capital balance in the partnership of P85,000 . The capital amounts of the other partners total a ( credit ) balance of . Under the doctrine of marshaling of assets , the personal creditors of T can collect up to a . P150,000 b . P235,000P400,000 d . P435,000Beck and Nilo are equal partners in B & N Associates, a general partnership. B & N has the following liabilities at the end of the current year: Accounts payable Unsecured bank loan Note payable secured by collateral What amount of the debt is included in Beck's at-risk amount in the partnership? A. $2,000 B. $7,000 C. $13,000 D. $15,000 $4,000 10,000 16,000Farah , Marwah, and Waseem are partners in a firm. They have capital balances of $80,000, $60,000, and $40,000, respectively. The partners share income in the ratio of 3: 2: 1, respectively. Marwah withdraws from the partnership. Marwah get $86,000 cash from partnership assets Journalize the withdrawal of Marwah under each of the following assumptions. 1) Bonus Method 2) Goodwill Method (a. Full value of Goodwill b. Partially Goodwill Value)