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- As of December 31, 2015, D, E and F has adjusted capital balances of P100,000, P250,000 and P150,000, respectively, and shares profit equally. At the start of 2016, the partners admitted G for a 10% interest in profit and capital by contributing P100,000. The partnership earned P120,000 net income in 2009. How much is E's share in the partnership profit? Show your solution a. P24,000 b. P36,000 c. P40,000 d.P54,000On June 30, 2030, the statement of financial position for the partnership of XYZ, togetherwith their respective profit and loss ratio, were as follows:Assets, at carrying value P 360,000XXX, loan 18,000XXX, capital (20%) 84,000YYY, capital (20%) 78,000ZZZ, capital (60%) 180,000360,000 XXX had decided to retire from the partnership. By mutual agreement, the assets are to be adjusted to their fair value of P432,000 at June 30, 2030. It was agreed that the partnership would pay XXX P122,400 cash for his interest in the partnership, including XXX’ loan which is to be repaid in full. After XXX’ retirement, what is the balance of YYY capital account? A. 78,000 B. 90,900 C. 92,400 D. 72,900On June 30, 2009, the balance sheets of the partnership of AAA, BBB and CCC, together with their respective profit and loss ratios, were as follows: Assets, at cost P 180,000 AAA, loan P 9,000 AAA, capital (20%) 42,000 BBB. Capital (20%) 39,000 CCC , capital (60%) 90,000 Total P 180,000 AAA has decided to retire from the partnership. By mutual agreement, the…
- On December 31 2021, the statement of financial position of ABC Partnership shows the following data with profit or loss sharing ratio of 2.3:5 Cash P15,000,000 Liabilities to others P20,000,000 Other non-cash asset 40,000,000 AA, Capital 15,000,000 BB, Capital 12,500,000 CC, Capital 7,500,000 On January 1, 2022, the partners decided to wind up the partnership affairs. During the winding up, liquidation expenses amounted to P2,000,000 were paid. Non-cash assets with book value of P30,000,000 were sold during January. 40% of total liabilities were also paid during January, P3,000,000 cash was withheld during January for future liquidation expenses. On January 31, 2022, partner AA received P10,000,000. How much is the proceeds from the sale of non-cash assets in January 2022?The following capital balances as of October 31, 2016 for the Partnership of Shell, Joke and No were as follows : Shell , Capital 204,000 Joke, Capital 132,000 No, Capital 360,000 No has decided to retire from the partnership on October 31. Their profit and loss ratio is 2/1 / 7 respectively . On October 31, the following assets should be appraised : Balance as of October 31 Appraised value Land 250,000 300,000 Machinery 120,000 100,000 Questions: 1. What is the share of Shell in the gain/ (loss) in the revaluations of Assets ? 2. What is the share of No in the gain/ (loss) in the revaluation of Assets?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?
- On January 1, 2009, partners AAA, BBB and CCC, who share profits and losses in the ratio of 5:3:2, respectively, decided to liquidate their partnership. On this date, the partnership’s condensed balance sheet was as follows:Cash P 50,000Other assets 250,000P 300,000Liabilities P 60,000AAA, capital 80,000CCC, capital 90,000BBB, capital 70,000Total P 300,000 On June 15, 2009, the first cash sale of other assets with a carrying amount of P150,000 realized P120,000. Safe installment payments to the partners were made the same date. How much cash should be distributed to each partner?AAA BBB CCC P 15,000 P 51,000 P 44,00040,000 45,000 35,00055,000 33,000 22,00060,000 36,000 24,0007. The partnership agreement of Hi and Rap provides that interest at 14% per year is to be credited to each partner on the basis of weighted average capital balances. A summaryof Rap capital account for the year ended December 31, 2015, is as follows:Balance, January 1 P210,000Additional investment, July 1 60,000Withdrawal, August 1 (22,500)Balance, December 31 P247,500What amount of interest should be credited to Rap’s capital account for 2015?For the year 2021, the partnership of AMMAR and BANU realized a net profit of P240,000. The capital accounts of the partners show the following postings: Jan. 1 May 1 July 1 Aug. 1 Oct. 1 AMMAR Debit Credit Debit Credit 20,000 10,000 120,000 BANU 10,000 10,000 5,000 80,000 20,000 Question 5 If the profits are to be divided based on average capital, how much will be the share of AMMAR?
- X, Y, and Z are partners sharing profits and losses in the ratio of 5:3:2. During the year, their investments and withdrawals are as follows: Investment of X, Y, and Z for P200,000, P175,000 and P375,000 respectively. Withdrawals of X, Y, and Z amounting to P125,000, P62500 and P62,500 respectively. On December 31, 2021, the partners decided to liquidate their business. After exhausting partnership assets, liabilities of P125,000 remain unpaid. X is personally insolvent. The gain or loss on realization is:Alpha, Beta and Gamma were in partnership, sharing profits in the ratio of their fixed capitals On July 1, 2020 the partnership was dissolved, and Gamma took over a vehicle valued at $45,000. Creditors were paid $288,000 in full settlement, while debtors were allowed a discount of $15,000. The loan was repaid in full. Legal and accounting costs associated with the dissolution amounted to $55,000. $ $ Non-Current Assets Equipment 925,000 Motor vehicles 162,500 Current assets 1,087,500 Inventory 465,000 Receivables 232,500 Bank 60,000 Total current assets 757,500 Total assets 1,845,000 Financed by: Capital accounts Alpha 765,000 Beta 255,000 Gamma 255,000 1,275,000 Current accounts Alpha 60,000 Beta 40,000 Gamma 20,000 120,000 Long-term liability…GWS and BCP organized the GB Partnership on January 1, 2018. The following entries were made in their capital accounts during 2018. Debit Credit GWS, Capital: January 1 April 1 October 1 P315,000 P105,000 175,000 Debit Credit ВСР, Саpital: January 1 March P413,000 1 September 1 November 1 52,500 105,000 94,500 Required: А. If the partnership profit for the year 2018 computed before salaries or interest is P217,000, determine its distribution between the partners under each of the following independent profit-sharing agreements: (1) Interest at 6% is allowed on average capital investments and the remainder of the profit is divided equally. (2) A salary of P126,000 is to be credited to BCP, 6% interest is allowed on each partner on his ending capital balance and the remainder of the profit in the ratio of 3:2. Salaries are allowed GWS and BCP in amounts of P119,000 and P133,000, respectively, and the remaining profit or resulting loss is divided in the ratio of average capital balance.…
