How much cash will be distributed to the partners?
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On September 15, 2021, LCM
L 25% 2,500,000.00
C 35% 5,400,000.00
M 40% 3,700,000.00
Total 11,600,000.00
The partnership has liabilities amounting to P 4,400,000, including a loan from C in the amount of P600,000.
Cash on hand before starting the liquidation process is P 800,000.
Non-cash assets amounting to P 7,400,000 were sold at book value and the remainder of the non-cash assets were sold at a loss of P 4,200,000.
How much cash will be distributed to the partners?
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- On September 15, 2021, LCM Partnership entered into liquidation. The partners' profit and loss ratios and capital balances on this date were as follows: L 25% 2,500,000.00 C 35% 5,400,000.00 M 40% 3,700,000.00 Total 11,600,000.00 The partnership has liabilities amounting to P 4,400,000, including a loan from C in the amount of P600,000. Cash on hand before starting the liquidation process is P 800,000. Non-cash assets amounting to P 7,400,000 were sold at book value and the remainder of the non-cash assets were sold at a loss of P 4,200,000. How much cash will be distributed to the partners?On January 1, 2020, ACJ Partnership entered into liquidation. The partners capital balances on this date were as follows: A (25%) P2,500,000 ; C (35%) P5,400,000 ; J (40%) P3,700,000. The partnership has liabilities amounting to P4,400,000, including a loan from C P600,000. Cash on hand before the start of liquidation is P800,000. With the information given, answer the following independent situations: Noncash assets amounting to P7,400,000 were sold at book value and the rest of the noncash assets were sold at a loss of P4,200,000. How much cash will be distributed to the partners?A. 8,000,000B. 4,400,000C. 7,400,000D. 11,800,000 After exhausting the noncash assets of the partnership, assuming all partners has personal assets more than their personal liabilities. How much cash must be invested by the partners to satisfy the claims of the outside creditors and to pay the amount due to the partner/s? A.3,680,000B. 4,480,000C. 4,360,000D. 3,800,000 If C received P2,255,000, How much was…On January 1, 2022, GCQ Partnership entered into liquidation. The partner's capital balances on this date were as follows: G (25%) P250,000; C (35%) P540,000; and Q (40%) P370,000. The partnership has liabilities amounting to P440,000, including a loan from C in the amount of P60,000 Cash on hand prior to the liquidation process is P80,000. C received P225,000 in full settlement of her interest How much was the gain (loss) from the realization of the non-cash assets, assuming all partners are personally solvent?
- On December 31, 2020, the Statement of Financial Position of ABC partnership with profit or loss ratio of 4:1:5 is presented below: Cash 2,100,000 Liability to third person 5,600,000 Noncash asset 11,200,000 Alucard, capital 4,900,000 Baxia, capital 2,100,000 Claude, capital 700,000 On January 1, 2021, ABC partnership has been subjected to installment liquidation. As of January 31, 2021, the following data concerning liquidation are provided: o Noncash asset with book value of P8,700,000 has been sold at a loss of P2,800,000. o Liquidation expense amounting to P560,000 has been incurred for the month of January. o P840,000 cash has been withheld for future liquidation expense. o P4,200,000 liability has been paid. What is C’s share in the maximum possible loss on January 31, 2021? a. P1,050,000 b. P1,680,000 c. P1,820,000 d. P2,100,000 What is the amount received by B on January 31, 2021? a. P700,000 b. P840,000 c. P1,540,000 d. P2,240,000 What is the cash balance on January 31,…On January 1, 2018, RRR Partnership entered into liquidation. The partners’ capital balances on this date were as follows: Rowena (25%) P2,500,000; Roxanne (35%) P5,400,000; and Rodora (40%) P3,700,000. The partnership has liabilities amounting to P4,400,000 including a loan from Roxanne in the amount of P600,000. Cash on hand prior to the liquidation process is P800,000. Roxanne received P2,255,000 in full settlement of his interest. How much was the loss from the realization of noncash assets? 5,255,000 9,945,000 10,525,000 10,700,000On January 1. 20x20, ACJ Partnership entered into liquidation. The partners' capital balances on this date were as follows: A (25%) P2.500,000: C (35%) P5.400.000; J (40%) P3,700,000. The partnership has liabilities amounting to P4.400.000, including a loan from C P600.000. Cash on hand before the start of liquidation is P800,000. If C received P2.255.000. How much was the loss from the realization ol the noncash assets?
- On January 1, 20x20, ACJ Partnership entered into liquidation. The partners' capital balances on this date were as follows: A (25%) P2,500,000; C (35%) P5,400,000; J (40%) P3,700,000. The partnership has liabilities amounting to P4,400,000, including a loan from C P600,000. Cash on hand before the start of liquidation is P800,000. Noncash assets amounting to P7,400,000 were sold at book value and the rest of the noncash assets were sold at a loss of P4,200,000. ow much cash will be distributed to the partners?On January 1, 20x20, ACJ Partnership entered into liquidation. The partners' capital balances on this date were as follows: A (25%) P2,500,000 ; C (35%) P5,400,000; J (40%) P3,700,000. The partnership has liabilities amounting to P4,400,000, including a loan from C P600,000. Cash on hand before the start of liquiation is P800,000. If C received P2,255,000. How much was the loss from the realization of the noncash assets?AA, BB and CC decided to liquidate the partnership on July 31, 2022. Their capital balances and profit ratio on this date follow: Capital Balances Profit Ratio AA P56,000 45% BB 72,000 25% CC 32,000 30% The net income from January 1to July 31, 2022 is P12,000. Also, on this date, cash and liabilities are P42,000 and P58,000 respectively. CC received P41,600 in full settlement of his interest in the firm. How much did AA receive?
- A, B and C decided to dissolve their partnership on May 31, 2020. On this date their capital balances and profit sharing percent were as follows: A P150,000 40% B 180,000 30% C 60,000 30% The net income form January 1 to May 31, 2020 was P132,000. Also on May 31, 2020, the partnership cash and liabilities, respectively were P120,000 and P270,000. For A to receive P165,600 in full settlement of his interest in then partnership, how much must be realized from the sale of the partnership's non cash assets?As of January 1, 2021, the partnership of Carlin, Yearly, and Granite had the following account balances and percentages for the sharing of profits and losses: Cash $160,000 Noncash assets 410,000 Liabilities 94,000 Carlin, capital (30%) Yearly, capital (40%) Granite, capital (30%) 276,000 239,500 (39,500) The partnership incurred losses in recent years and decided to liquidate. The liquidation expenses were expected to be $20,000. How much of the existing cash balance could be distributed safely to partners at this time? Short Answer Toolbar navigation. B I U S E : = E E E >On December 31, 2020, the Statement of Financial Position of DTS Co. has the following balances: Total Assets Php225,000; VM Loan Php12,500; VM Capital P51,875; MR Capital Php48,125 and LP Capital Php112,500. The partners share profits and losses in the ratio of 25% to VM, 25% to MR, and 50% to LP. It was agreed among the partners that VM retires from the partnership and the partnership assets be adjusted to their fair value of Php255,000 as of December 31, 2020. The partnership also suffered net loss of Php75,000. The partnership would pay VM Php54,250 cash for his total interest in the partnership. What is the total capital of MR after retirement of VM?
