The partners' proht and loss sharing ratio is 2:35, respectively8, V. AND S PARTNERSHIP Balance Sheet December 31, 2021Liabilties and PartnersEauityAssetsCash$34200Liabilities$40800Equioment90600B. Capital30400Accum.dep-equipment (15600v.Capital25500S. Capital12500Total$109200Total$109200the B. V. and S Partrership is liquidated by seling the eqipment for $124400, and ereditors are paid in ful whut is the total ancuntof cash that Partner B will recelve in the distribution of cash to partners$25500$45300$40280Attempts: Oof 1 usedSutme AnwSavet LatrMacBook Pro

The partnership comes into existence when two or more persons agree to do the business and further…

The partners' proht and los sharing ratio is 2:35, respectively 8, V. AND S PARTNERSHIP Balance Sheet December 31, 2021 Liabilties and Partoers tauity Assets Cash $34200 Labilities Equioment 90600 B. Capital 20400 Accum dep-euiement (15600 v.Capital 25s00 S. Capital 12500 Total $109200 Total $10200 I the B. V. and S Partnership is quidated by seling the eipment for $124400, and creditors are paid in full what is the total aneunt of cash that Partner will recelve in the distribution of cash to partrers $25500 $45300 $40280 Attempts: 0of1sed S A

The partners' proht and los sharing ratio is 2:35, respectively 8, V. AND S PARTNERSHIP Balance Sheet December 31, 2021 Liabilties and Partoers tauity Assets Cash $34200 Labilities Equioment 90600 B. Capital 20400 Accum dep-euiement (15600 v.Capital 25s00 S. Capital 12500 Total $109200 Total $10200 I the B. V. and S Partnership is quidated by seling the eipment for $124400, and creditors are paid in full what is the total aneunt of cash that Partner will recelve in the distribution of cash to partrers $25500 $45300 $40280 Attempts: 0of1sed S A

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...

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The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have capital balances of $45,000 each. Prepare a schedule showing how the bonus should be divided if Ashanti joins the partnership with a $60,000 investment. The partners new agreement will share profit and loss in a 1:3 ratio.
The following is the financial position of RST Partnership on December 31 2020 Assets P60,000.00 Other Noncash Assets 70,000.00 Total P130,000.00 Liabilties and Equity Accounts Payable P20,000.00 R, Capital 50,000.00 S, Capital T. Capital (Limited Partner) 35,000.00 25,000.00 P130,000.00 0.00 The Partners' share profit and loss ratio is 2:3:5 respectively. The following are liquidation transactions: February March April Cash Proceeds P10,000.00 P10,000.00 P13,000.00 Books Value of the asset Sold 35,000.00 20,000.00 15,000 00 Liquidation Expenses 5,000.00 6,000.00 3,000.00 Liabilties Paid 10.000.00 5,000.00 5,000.00 Reserve for Future Liquidation Expense 13,000.00 4,000.00 Compute the cash distribution on February S Compute the cash distribution on March f Compute the cash distribution on April R IS
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The partners' income and loss sharing ratio is 2:3:5, respectively. The partners' income and loss sharing ratio is 2:3:5, respectively. D, E, AND F PARTNERSHIP Balance Sheet December 31, 2008 Assets Liabilities $300,000 Cash Noncash assets $ 90,000 570,000 D, Capital 120,000 E, Capital 180,000 60,000 F, Capital Total Total $660,000 $660.000 2 If the D, E, and F Partnership is liquidated by selling the noncash assets for $390,000 and creditors are paid in full, what is the amount of cash that can be safely distributed to partner E? 3 If the D, E, and F Partnership is liquidated by selling the noncash assets for $750,000, and creditors are paid in full, what is the total amount of cash that Partner D will receive in the distribution of cash to partners? 4 If the D, E, and F Partnership is liquidated and the noncash assets are worthless, the creditors will look to what partner's personal assets for settlement of the creditors' claims? O a. The personal assets of Partner E. b. The personal…
2. The capital balances of partners Po and Gi are as follows:Po GiJanuary 1, Beginning P100,000 P200,000June 30, investment 50,000 -September 30, withdrawal - (100,000)Balance P150,000 P100,000Their agreement is to share profit and loss based on average capital balance. How muchis the share of Gi in the partnership’s income of P450,000?
Problem 15. On December 31, 2020, the Statement of Financial Position of ABC Partnershipwith profit or loss ratio of 5:3:2 is presented below: CashP1,600,000Total LiabilitiesP2,000,000 Non Cash Assets1,400,000A, capital100,000 B, capital500,000 C, Capital400,000 On January 1, 2021, the partners decided to liquidate the partnership ininstallment. All partners are legally declared to be personally insolvent. As of January 31, 2021, the following transactions occurred: - Noncash Assets with book value of P1,000,000 were sold at a gain ofP100,000.00 - Liquidation expenses for the month of January amounting to P50,000 werepaid. - It is estimated that liquidation expenses amounting to P150,000 will be incurred For the month of February, 2021. - 20% of the liabilities to third person were settled. - Available cash were distributed to partners As of February 28, 2021, the following transactions occurred: - Remaining noncash assets were sold at a loss of P100,000 - The remaining liabilities to…
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Problem 15. On December 31, 2020, the Statement of Financial Position of ABC Partnershipwith profit or loss ratio of 5:3:2 is presented below: CashP1,600,000Total LiabilitiesP2,000,000 Non Cash Assets1,400,000A, capital100,000 B, capital500,000 C, Capital400,000 On January 1, 2021, the partners decided to liquidate the partnership ininstallment. All partners are legally declared to be personally insolvent. As of January 31, 2021, the following transactions occurred: - Noncash Assets with book value of P1,000,000 were sold at a gain ofP100,000.00 - Liquidation expenses for the month of January amounting to P50,000 werepaid. - It is estimated that liquidation expenses amounting to P150,000 will be incurred For the month of February, 2021. - 20% of the liabilities to third person were settled. - Available cash were distributed to partners As of February 28, 2021, the following transactions occurred: - Remaining noncash assets were sold at a loss of P100,000 - The remaining liabilities to…
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15. The PQR Partnership is being dissolved. All liabilities have been paid and the remaining assets are being realized gradually. The equity of the partners is as follows: Loans to (from) Partnership P6,000 Profit and Partners' Accounts P24,000 P36,000 P60,000 The first cash payment to any Partner(s) under a program of priorities shall be made Loss Ratio 3 4 R (P10,000) thus: A. To R P2,000 B. To Q P6,000 &R P8,000 C. To P, Q and R based on their profit and loss sharing ratio D. All of the above
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On the December 31, 2020, the Statement of Financial Position of LOVE Partnership shows the following data with profit or loss sharing of 5:3:2.CashP10,000,000Noncash Asset40,000,000Total LiabilitiesP20,000,000Ona10,000,000Vina15,000,000Ena5,000,000On January 01, 2021, Lina is admitted to the new partnership named LOVE by investing P20,000,000 for 50% capital interest in the new partnership. What is the new capital balance of Ena after Lina’s admission in LOVE Partnership?