Following is the statement of financial position of ABC Partnership before realization of assets on July 1, 2020: Cash 10,000 Liabilities 28,000 A, 50,000 Сapital Accounts 45,000 receivable B, 30,000 Сapital Inventory 27,000 C. Capital Equipment 60,000 50,000 Total 150,000 Total 150,000 The partners share income 30:30:40, respectively. On July 2, the partnership liquidated, 50% of the receivables are collected and that inventory is sold for 15,000. Equipment is sold for 40,000. How much is to be distributed to B?
Q: Following is the statement of financial position of ABC Partnership before realization of assets on…
A: Cash Non Cash Assets Liabilities A, Capital B, Capital C, Capital Balances July 1, 2020…
Q: The assets and capital of QRS Partnership at the end of its fiscal year on October 31, 2021 are as…
A: Amount received by Q = (Amount available for distribution + Loan to R) x Q's capital percentage
Q: The statement of financial position May Partnership on December 31, 2020 is given below: Cash…
A: Partnership is a kind of business entity in which the individuals agree to contribute their…
Q: What is the amount received by partner F on January 31, 2021?
A: Realization account Particulars Amount Particulars Amount To assets 40,000,000 By…
Q: The statement of financial position of A, B, C partnership as of December 31, 2020 is presented…
A: Partnership means where two or more person comes together to do some common business activity and…
Q: Following is the statement of financial position of ABC Partnership before realization of assets on…
A: The partnership comes into existence when two or more persons agree to the business and share the…
Q: R, S and T
A: A profit-sharing arrange provides staff a share in their company's profits supported its quarterly…
Q: On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership. The following…
A: Answer:- Partnership meaning:- A partnership can be defined as the agreement between two or more…
Q: On December 31, 2030, the Statement of Financial Position of ABC Partnership provided the following…
A: In the event of the admission of a partner in the firm bonus is given to existing partners as the…
Q: The condensed balance sheet of the 3M Partnership as of June 30, 2020 with the corresponding profit…
A: A partnership is a form of business organization under which two or more than two persons join…
Q: The statement of financial position of A, B, C partnership as of December 31, 2020 is presented…
A: Partnership means where two or more person comes together to do some common business activity and…
Q: The condensed balance sheet of the 3M Partnership as of June 30, 2020 with the corresponding profit…
A: Partnership characteristics include: Existence of an agreement Existence of business Sharing of…
Q: Capital balances and profit-sharing percentages for the partnership of Manda, Emeril, and Fotenot on…
A: Introduction: Partnership: Its an agreement between two or more partners for forming a a business…
Q: The partners of ABC Partnership decided to liquidate the partnership on January 1, 2021. The…
A: Realization: In closing the affairs of a partnership firm, or other entity, the process of realizing…
Q: On December 31, 2030, the Statement of Financial Position of ABC Partnership provided the following…
A: The question is multiple choice question. Required Choose the Correct Option.
Q: The following balance sheet was prepared for the X, Y and Z partnership on March 31, 2021: Cash –…
A: Sharing ratio is the percentage at which the profit and other distributions are made between the…
Q: The statement of financial position of the JKLM Partnership at July 31, 2021. when the partnership…
A: A Schedule of safe payments is a schedule that shows the amount of cash distributed to the partners…
Q: On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership on installment…
A: ABC Co. Cash + Non Cash Assets = Liabilities + A Capital and Loan & Drawing + B Capital and…
Q: On January 1, 2030, D is admitted to the partnership by investing P1,000,000 to the partnership for…
A: Given: To calculate the share A of the asset impairment as,
Q: The condensed balance sheet of the 3M Partnership as of June 30, 2020 with the corresponding profit…
A: Partnership is form of business in which partners agrees to share profits and losses and carry a…
Q: The statement of financial position of ABC Partnership on May 31,2022 is given below: Cash P25,000…
A: The loss arising from the downward revaluation of inventory is to be distributed between the…
Q: If an existing asset of ABC partnership is not properly valued, what is the capital balance of B…
A: Information Provided: A capital = 2,800,000 B capital = 1,400,000 C capital = 1,800,000 D capital…
Q: ABC Partnership was formed in year 2021. Just before distribution of profit and loss, the following…
A: Definition of partnership:- A partnership is basically the relationship between two or more persons…
Q: The assets and capital of QRS Partnership at the end of its fiscal year on October 31, 2021 are as…
A:
Q: The partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. Profits…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: Following is the statement of financial position of ABC Partnership before realization of assets on…
A: Characteristics of Partnership : Two or More Persons Mutual Agency Earning & Sharing profit…
Q: Capital balances and profit-sharing percentages for the partnership of Man, Eme, and Fot partnership…
A: Partnership Firm:- A partnership firm is defined as the association of more than two persons who…
Q: The following balance sheet accounts were taken from the partnership of MDL Co. on March 31, 2019:…
A: Liquidation means where the business of firm is closed down , assets are sold out and liabilities…
Q: As of December 31, 2020, the books of ABC partnership showed capital balances of: A, P60,000; B,…
A: Total partnership capital = A's capital + B's capital + C's capital = P60,000 + P30,000 + P5,000…
Q: ians, Capital 80,000 Ephesians, Capital 90,000 Philippians, Capital 70,000 The first cash sale…
A: when there is net realization of assets and payment of liability the residual amount that is left…
Q: On December 31, 2020, the statement of financial position of UFC Partnership shows the following…
A: Particular Amount Liquidation expense paid $2,000,000 Add: Liabilities paid (20,000,000…
Q: On December 31, 2020, the Statement of Financial Position of ABC Partnership is presented below:…
A: Partnership is the association of partners where two or more partners joins hand to share profit and…
Q: The following balance sheet accounts for the partnership of A, B and C were taken from the books on…
A: Partnership is the association of two or more persons who have agreed to share profit and losses in…
Q: On December 31, 2030, the Statement of Financial Position of ABC Partnership provided the following…
A: Capitalisation of new partnership=6,000,000 Capital interest = 10% of 6,000,000…
Q: condensed balance sheet of the 3M Partnership as of June 30, 2020 with the corresponding profit and…
A:
Q: On December 31, 2018, the Statement of Financial Position of ABC Partnership provided the following…
A: Total partnership capitalization before admission of new partner as per books = Total assets - Total…
Q: The following balance sheet accounts were taken from the partnership of J&J Co. on March 31, 2020…
A: Liquidation means where the business of firm is closed down , assets are sold out and liabilities…
Q: On December 31, 2030, the Statement of Financial Position of ABC Partnership provided the following…
A: The question is multiple choice question. Required Choose the Correct Option.
Q: Following is the statement of financial position of ABC Partnership before realization of assets on…
A: Cash Non Cash Assets Liabilities A, Capital B, Capital C, Capital Balances July 1, 2020…
Q: Ledger balances of the OMG partnership as of May 31, 2019 are as follows: Cash P 150,000 Other…
A: Partnership is a form of doing business where one or more person come together to conduct business…
Q: On December 31, 2020, the Statement of Financial Position of ABC Partnership with profit or loss…
A: (1) Cash Received from sale of Non-Cash Assets : (a) Book Value of Non Cash Assets sold = P…
Q: The following is the statement of financial position of MEC Partnership as of June 30,2020: MEC…
A: Loss is the amount of money that each partner has to recompense in a partnership firm.
Q: The following balance sheet accounts were taken from the partnership of ABC Co. on March 31, 2015:…
A: Liquidation means where the business of firm is closed down , assets are sold out and liabilities…
Q: On December 31, 2030, the Statement of Financial Position of ABC Partnership provided the following…
A:
Q: Prepare the journal entries in the books of the corporation with P 1 par ordinary share.
A: The dissolution of partnership firm may be defined as the change in the business relationship…
Q: Capital balances and profit-sharing percentages for the partnership of Manda, Emeril, and Fotenot on…
A: Partnership: Its an agreement between two or more partners for forming a a business and sharing the…
Q: How much should A and C receive upon liquidation of the partnership?
A: Partnership is the legal form of business organization which is established by multiple individuals…
Q: The assets and capital of QRS Partnership at the end of its fiscal year on October 31, 2021 are as…
A: Amount received by Q = (Amount available for distribution - Liabilities - Loan from S) x Q's…
Step by step
Solved in 2 steps
- Following is the statement of financial position of ABC Partnership before realization of assets on July 1, 2020: Cash 10,000 Liabilities 28,000 Accounts 50,000 A, Capital 45,000 receivable Inventory 30,000 B, Capital 27,000 Equipment 60,000 C, Capital 50,000 Total 150,000 Total 150,000 The partners share income 30:30:40, respectively. On July 2, the partnership liquidated, 50% of the receivables are collected and that inventory is fully written-off. Equipment is sold for 55,000. Determine payment to partner B.The condensed statement of financial position of Ricablanca, Tac-an and Dimalanta partnership as of March 31, 2019 follows: Assets Cash P 28,000 Non-cash Assets 265,000 Total P293,000 Liabilities P 48,000 Ricablanca, Capital 95,000 Tac-an, Capital 80,000 Dimalanta, Capital 70,000 Total P293,000 Profit and loss ratio is 50:25:25, respectively. The partners voted to dissolve the partnership and liquidate by selling assets in installments. P70,000 was realized on the first cash sale of other non-cash assets which has a book value of P150,000.…The Statement of Financial Position of the XY partnership on December 31, 2018, appears below. $ 60,000 LIABILITIES $ 60,000 CASH OTHER ASSETS TOTAL ASSETS 200,000 a. $260,000 X, CAPITAL Y, CAPITAL TOTAL LIABILITIES AND CAPITAL 90,000 110,000 $260,000 X and Y share profits and losses in the ratio 50:50. Each of the following questions is independent of the others. Prepare journal entries for each of the following: Use bonus method where appropriate and show all computations. Refer to the above information. Assume that Z purchases a one-fourth proportionate capital interest directly from Y for a total of $60,000. (Direct purchase) b. Refer to the above information. Assume Z invests $60,000 cash into the XY partnership for a one-fourth interest in partnership capital and profits. c. Refer to the above information. Assume that Z invests $80,000 cash into the XY partnership for a one-fifth interest in partnership capital and profits.
- The assets and equities of the A, B and C Partnership at the end of its fiscal year on October 31, 2019 are as follows: Assets: Liabilities and capital Liabilities – creditors P50,000 Loan from C Cash P15,000 Receivable – net 20,000 10,000 Inventory Plant assets – net 40,000 70,000 5,000 A, Capital B, Capital C, Capital 45,000 30,000 15,000 Loan to B The partners decide to liquidate the partnership. They estimate that the noncash assets, other than the loan to B, can be converted into P100,000 cash over the two months period ending December 31, 2021. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process. Assuming P65,000 is available for first distribution, it should be paid to (and how much)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 ISFollowing is the statement of financial position of ABC Partnership before realization of assets on July 1, 2020: Cash 10,000 Liabilities. 28,000 Accounts receivable 50,000 A, Capital 45,000 Inventory 30,000 B, Capital 27,000 Equipment 60,000 C, Capital 50,000 Total 150,000 Total 150,000 The partners share income 30:30:40, respectively. On July 2, the partnership liquidated, 50% of the receivables are collected and that inventory is fully written-off. Equipment is sold for 55.000. Determine payment to partners
- On December 31, 2030, the Statement of Financial Position of ABC Partnership provided thefollowing data with profit or loss ratio of 1:6:3:Current Assets P2,000,000 Total Liabilities P1,200,000Noncurrent Assets 24,000,000 A, Capital 1,800,000B, Capital 1,600,000C, Capital 1,400,000 On January 1, 2031, D is admitted to the partnership by purchasing 40% of the capital interest ofB at a price of P1,000,000. What is the capital balance of B after the admission of D on January 1, 2031? a. P1,180,000b. P960,000c. P840,000d. P600,000The statement of financial position of A, B, C partnership as of December 31, 2020 is presented below: CASH P50,000 OTHER ASSETS 300,000 RECEIVABLE FROM B 10,000 TOTAL P360,000 LIABILITIES P80,000 A, LOAN 20,000 A, CAPITAL 120,000 B, CAPITAL 90,000 C, CAPITAL 50,000 TOTAL P360,000 Profits and loss ratio is 30%, 50% and 20% for A, B and C, respectively. Other assets were realized as follows: DATE CASH RECEIVED BOOK VALUE JAN. 2020 90,000 P120,000 FEB. 2020 P100,000 P80,000 MAR. 2020 125,000 P100,000 Liquidation expenses paid are as follows: January - P3,000 February - P5,000 Cash is distributed as assets are realized; how much is the total cash received by partner A at the end of the liquidation?On December 31, 2020, the Statement of Financial Position of ABC Partnership provided the following data with profit or loss ratio of 5:1:4: 1,500,000 Noncurrent Assets 2,000,000 Total Liabilities A, Capital В, Сарital С, Сарital Current Assets 500,000 1,100,000 1,200,000 700,000 On January 1, 2021, D is admitted to the partnership by investing P500,000 to the partnership for 10% capital interest. The total agreed capitalization of the new partnership is P3,000,000. 1. What is the capital balance of D after his admission to the partnership?
- On December 31, 2030, the Statement of Financial Position of ABC Partnership provided thefollowing data with profit or loss ratio of 1:6:3:Current Assets P2,600,000 Total Liabilities P600,000Noncurrent Assets 4,000,000 A, Capital 2,800,000B, Capital 1,400,000C, Capital 1,800,000 On January 1, 2031, D is admitted to the partnership by investing P2,000,000 to the partnership for 20% capital interest. If an existing asset of ABC partnership is not properly valued, what is the capital balanceof B after the admission of D?a. P1,640,000b. P2,600,000c. P1,920,000d. P1,560,000The statement of financial position of A, B, C partnership as of December 31, 2020 is presented below: CASH P50,000 LIABILITIES P80,000 OTHER ASSETS 300,000 A, LOAN 20,000 RECEIVABLE FROM B 10,000 A, CAPITAL 120,000 B, CAPITAL 90,000 C, CAPITAL 50,000 TOTAL P360,000 TOTAL P360,000 Profits and loss ratio is 30%, 50% and 20% for A, B and C, respectively. Other assets were realized as follows: DATE CASH RECEIVED BOOK VALUE JAN. 2020 90,000 P120,000 FEB. 2020 100,000 P80,000 MAR. 2020 125,000 P100,000 Liquidation expenses paid are as follows: January – P3,000February – P5,000 Cash is distributed as assets are realized; how much is the total cash received by partner A at the end of the liquidation?Following is the statement of financial position of ABC Partnership before realization of assets on July 1, 2020: CASH 10,000 LIABILITIES 28,000 ACCOUNTS RECEIVABLE 50,000 A, CAPITAL 45,000 INVENTORY 30,000 B, CAPITAL 27,000 EQUIPMENT 60,000 C, CAPITAL 50,000 TOTAL 150,000 TOTAL 150,000 The partners share income 30:30:40, respectively. On Jyuly 2, the partnership liquidated. 50% of the receivables are collected and that inventory is sold for 15,000. Equipment is sold for 40,000. How much is to be distributed to B?