10) The ABC partnership has the following capital accounts on its books at December 31, 2017: Credit $200,000 120,000 40,000 A, Capital B, Capital C, Capital All liabilities have been liquidated and the cash balance is zero. None of the partners have personal assets in excess of his personal liabilities. The partners share profits and losses in the ratio of 3:2:5. If the noncash assets are sold for $200,000, the partners should receive as a final payment: a) A, $152,000; B, $88,000 C, $40,000 b) A, $128,000, B, $72,000; C, S-0- c) A. $152,000; B, $88,000, C, S-0- d) A, $60,000; B, $40,000; C, $100,000
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- Juan contributes marketable securities to a partnership. The book value of the securities is $7,000 and they have a current market value of $10,000. What amount should the partnership record in Juans Capital account due to this contribution? A. $10,000 B. $7,000 C. $3,000 D. none of the aboveThe ABC partnership has the following capital accounts on its books at December 31, 2017: Credit A, Capital $200,000 B, Capital 120,000 C, Capital 40,000 All liabilities have been liquidated and the cash balance is zero. None of the partners have personal assets in excess of his personal liabilities. The partners share profits and losses in the ratio of 3:2:5. If the noncash assets are sold for $200,000, the partners should receive as a final payment: A) A, $152,000; B, $88,000 C, $40,000 B) A, $128,000; B, $72,000; C, $ - 0 - C) A, $152,000; B, $88,000; C, $ - 0 - D) A, $60,000; B, $40,000; C, $100,000Roberto Orcajada and Ryan Morales are partners who share profits and losses equally. The credit balances of their Capital accounts before liquidation are P700,000 and P900,000, respectively. ... They sold all the noncash assets and paid all the partnership's liabilities, leaving a balance of P1,100,000 in cash. What is the amount of gain/ (loss) on realization?
- 1. As of December 31, 2022, the books of AME Partnership showed capital balances of A, P40,000; M, P25,000; E P50,000. The partner’s profit and loss ratio was 3:2:1, respectively. The partners decided to liquidate and they sold all non-cash assets for P37,000. After settlement of all liabilities amounting to P12,000, they still have cash of P28,000 left for distribution. Assuming that any capital debit balance is uncollectible, the share of A in distribution of the P28,000 cash would be: A. P18,000 B. P0 C. P19,000 D. P17,800 2. Cloe, Doe and Lida are partners with capital balances on December 31, 2021 of P300,000, P300,000 and P200,000 respectively. Profits are shared equally. Lida wishes to withdraw and it is agreed that she is to take certain furniture and fixtures with second hand value of P50,000 which are carried on the books at P65,000. Brand new, the furniture and fixtures may cost, P80,000. How much is the value of the note that Lida will get from the…The following balances as at October 31, 2016 for the Partnership of Kathy , Lilia and Minda were as follows : Kathy , Capital 127,500 Lilia , Capital 82,500 Minda , Capital 225,000 Kathy has decided to retire from the partnership on October 31. Their profit and loss ratio is 3:3 :4 to Kathy , Lilia and Minda , respectively. Assumptions : a. All the remaining partners will purchase the interest of Kathy by paying P120,000 b. Only Minda will purchase the interest of Kathy by paying P100,000. c. A new partner Olan will purchase the interest of Kathy by paying P80,000. d. The partnership will purchase the interest by paying 168,000 and no goodwill is to be recorded. e. The partnership will purchase the interest by paying 126, 000 and no goodwill is to be recorded. f. The partnership will purchase the interest by paying 150, 000 and goodwill is to be recorded . Required: i. Table (like in the discussion ). ii. Entry upon retirement of Kathy. iii.Answers to the following questions:…The following balances as at October 31, 2016 for the Partnership of Kathy , Lilia and Minda were as follows : Kathy , Capital 127,500 Lilia , Capital 82,500 Minda , Capital 225,000 Kathy has decided to retire from the partnership on October 31. Their profit and loss ratio is 3:3 :4 to Kathy , Lilia and Minda , respectively. Assumptions : A. The partnership will purchase the interest by paying 168,000 and no goodwill is to be recorded. B. The partnership will purchase the interest by paying 126, 000 and no goodwill is to be recorded C. The partnership will purchase the interest by paying 150, 000 and goodwill is to be recorded . Required: i. Table (like in the discussion ). ii. Entry upon retirement of Kathy. iii.Answers to the following questions: 1. What will be the total capital of the partnership upon Kathy's retirement? 2. What will be the new partnership sharing agreement? 3. What amount of capital will be debited / credited to Kathy upon Kathy's retirement? ( indicate…
- Hewitt 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? Loss $-11000 a. Subtract the sum of the capital accounts from the cash balance. If it is positive, then there is a gain that increases capital. If the amount is negative, then a loss has occurred and this reduces capital. b. How should the gain or loss be divided between Hewitt and Patel? Hewitt Loss $ Patel Loss $Julie, Liza and Emma are partners who share profits and losses in the ratio of 2:3:5. The partners have decided to liquidate the partnership.Their capital accounts show the following balances: Julie - P60,000 credit; Liza - P90,000 credit; Emma - P20,000 debit after the sale of non-cash assets and the payment of all liabilities. What is the amount of cash available for distribution: a.) P130,000 b.) P120,000 c.) P60,000 d.) P90,000 SHOW COMPLETE SOLUTIONalpha and beta are partners who share income in the ratio 1:2 and have capital balances of $40,000 and S70,000 at the time they decide to terminate teh partnership. after all non cash assets are sold and all liabilities are paid, there is a cash balance of $50,000. what amount of loss on realization should be allocated to alpha? 60000 20000 30000 50000
- Annie, Emy and Mary are in the process of liquidating their partnership and their account balance as of August 1, 2015 are as follows: Debit Credit Cash P 15 000 Non – cash assets 35 000 P 7 000 5 000 Emy, Loan Annie, Capital Emy, Capital Mary, Capital 17 500 20 500 The profit and loss sharing ratio has been 4:3:3 between Annie, Emy and Mary respectively. 1. Assuming that the partners hip realized P 15 000 from the sale of non – cash assets and that any deficiency is uncollectible, Emy must receive: а. Р 17000 b. Р 18500 с. Р9 500 d. Not given 2. If Annie had personal assets of P 25 000 and personal liabilities of P 22 500 and that the partnership realized P 12 500 from the sale of its non – cash assets, Mary must receive. а. Р 20 500 b. Р 12 500 с. Р 13 000 d. Not givenHewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $6,000 and $4,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $8,000. Question Content Area a. What is the amount of a gain or loss on realization? $fill in the blank a082cef9b012fe9_2 Question Content Area b. How should the gain or loss be divided between Hewitt and Patel? Hewitt $fill in the blank fe57f5f50043050_2 Patel $fill in the blank fe57f5f50043050_4 Question Content Area c. How should the cash be divided between Hewitt and Patel? If an amount is zero, enter "0". blankHewitt and PatelDistribution of Cash Hewitt Patel Capital balances before realization $fill in the blank 2e3dfe08df82014_1 $fill in the blank 2e3dfe08df82014_2 Division of gain or loss on realization fill in the blank…Partners Y and Z receive a salary of P15,000 and P30,000, respectively, and share income and losses in a 2:1 ratio, respectively. If the partnership suffers a P15,000 net loss in 2010, the entry to close the income or loss into their capital accounts is: a. Y, Capital Z, Capital b. Y, Capital Income Summary c. Y, Capital Z, Capital O O O O O A Z, Capital Income Summary d. Y, Capital B Income Summary Z, Capital Income Summary 15,000 30,000 25,000 10,000 5,000 20,000 45,000 10,000 15,000 15,000 10,000 10,000