IV On December 31, 2020, the Statement of Financial Position of ABC Partnership with profit or loss ratio of 6:1:3 of partners A, B and C respectively, revealed the following data: Cash 1,000,000 Other Liabilities 2,000,000 Receivable from A S00,000 Payable to B 1,000,000 Other non cash assets 2,000,000 Payable to C 100,000 A, Capital 700,000 B, Capital (650,000) c, Capital 350,000 a January 1, 2021, the partners decided to liquidate the partnership. All partners are legally declared to be personally insolvent. The other non cash assets were sold for P1,500,000. Liquidation expenses amounting to P100,000 were incurred.
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1. How much cash was received by A at the end of
2. How much cash was received by B at the end of partnership liquidation?
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- 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 the following data with profit or loss ratio of 1:6:3:Current Assets P2,600,000 , Total Liabilities P 600,000Noncurrent 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 all the assets of the existing partnership are properly valued, what is the capital balance of C after the admission of D?a. P1,920,000b. P1,800,000c. P1,620,000d. P2,400,000On 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. P600,000
- 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. P1,560,000PROBLEM G: On December 31, 2019, the statement of financial position of BRY Partnership shows the following data with profit or loss sharing ratio of 2:3:5: Cash P1,500,000 Liabilities to outside creditors В, Сарital R, Capital Y, Capital P2,000,000 1,500,000 1,250,000 750,000 Non-cash asset 4,000,000 On January 1, 2020, the partners decided to wind up the partnership affairs. During January, non-cash assets with book value of P3,000,000 were sold for P2,000,000 and liquidation expenses amounting to P200,000 were paid. 40% of total liabilities were also paid during January. P300,000 cash was withheld during January for future liquidation expenses. 8. What is the amount received by partner R on January 31, 2020? A. 200,000 B. 380,000 C. 500,000 D. 890,000The statement of financial position of A, B, C partnership as of December 31, 2020 is presented below: P20,000 280,000 LIABILITIES A, LOAN 50,000 25,000 125,000 CASH OTHER ASSETS A, CAPITAL 70,000 30,000 300,000 B, CAPITAL C, CAPITAL TOTAL 300,000 |ТОTAL Profits and loss ratio is 3:2:1 for A, B and C, respectively. Other assets were realized as follows: DATE CASH RECEIVED BOOK VALUE JAN. 2020 60,000 35,000 90,000 FEB. 2020 77,000 MAR. 2020 125,000 113,000 Liquidation expenses paid are as follows: January - P500 February - P700 Cash is distributed as assets are realized, how much is the total cash received by partner A?
- The 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, 2030, the Statement of Financial Position of ABC Partnership provided thefollowing data with profit or loss ratio of 5:1:4:Current Assets P 3,000,000 Total Liabilities P 1,000,000 Noncurrent Assets 4,000,000 A, Capital 2,200,000B, Capital 2,400,000C, Capital 1,400,000 On January 1, 2030, D is admitted to the partnership by investing P1,000,000 to the partnership for 10% capital interest. The total agreed capitalization of the new partnership is P6,000,000. What is the share of A in the asset impairment?a. P240,000b. P160,000c. P300,000d. P500,000On December 31, 2030, the Statement of Financial Position of ABC Partnership provided the following data with profit or loss ratio of 5:1:4:Current Assets P 3,000,000 Total Liabilities P 1,000,000 Noncurrent Assets 4,000,000 A, Capital 2,200,000B, Capital 2,400,000C, Capital 1,400,000 On January 1, 2030, D is admitted to the partnership by investing P1,000,000 to the partnership for 10% capital interest. The total agreed capitalization of the new partnership is P6,000,000. What is the capital balance of C after the admission of D to the partnership?a. P1,160,000b. P1,6400,000c. P1,000,000d. P1,560,000
- On December 31, 2030, the Statement of Financial Position of ABC Partnership provided the following data with profit or loss ratio of 5:1:4:Current Assets P 3,000,000 Total Liabilities P 1,000,000 Noncurrent Assets 4,000,000 A, Capital 2,200,000B, Capital 2,400,000C, Capital 1,400,000 On January 1, 2030, D is admitted to the partnership by investing P1,000,000 to the partnership for 10% capital interest. The total agreed capitalization of the new partnership is P6,000,000. What is the capital balance of D after his admission to the partnership?a. P1,000,000b. P600,000c. P700,000d. P800,000The 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?The 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 10,000 A, CAPITAL 120,000 FROM B 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: CASH DATE BOOK VALUE RECEIVED 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 - P3,000 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?