he balance sheet of Adel, Basel, and Yousef partnership on January 1, 2021 (the date of artnership liquidation) was as follows: Assets Cash Other assets Total assets a. $5,800 b. $4,200 C. $0 x $4,000 26,000 d. $2,500 $30,000 Liabilities & Equity In January 2021 other assets with a book value of $16,000 were sold for $10,000 in cash. Using the safe payment schedule, how much cash did Basel receive? Liabilities Adel, Capital (20%) Basel, Capital (40%) Yousef, Capital (40%) Total liabilities & equity $8,000 3,000 9,000 10,000 $30,000 to
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- he balance sheet of Adel, Basel, and Yousef partnership on January 1, 2021 (the date of partnership liquidation) was as follows: Assets Cash Other assets Total assets a. $5,800 b. $4,200 C. $0 x Liabilities & Equity d. $2,500 $4,000 Liabilities 26,000 Adel, Capital (20%) Basel, Capital (40%) In January 2021 other assets with a book value of $16,000 were sold for $10,000 in cash. Using the safe payment schedule, how much cash did Basel receive? Yousef, Capital (40%) $30,000 Total liabilities & equity $8,000 3,000 9,000 10,000 $30,000 4The partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. Profits and losses are shared 50%; 30%; and 20%, respectively. C. Guess, Drawing (debit balance) Levis, Drawing (debit balance) Jag, Loan Guess, Capital Jag, Capital Levis, Capital P (32,000) (12,000) 40,000 164,000 134,000 144,000 Total assets amounted to P 638,000, including cash of P 70,000, and P 200,000 worth of liabilities. On January 2019, the partnership was liquidated, and Jag received P 111,000 cash as final settlement. Required: 1. The total loss from the liquidation of the partnership Prepare the statement of liquidation. Journal entries to record the liquidation. 2. 3.The partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. Profits and losses are shared 50%; 30%; and 20%, respectively. Guess, Drawing (debit balance)P (32,000)Levis, Drawing (debit balance)(12,000)Jag, Loan40,000Guess, Capital164,000Jag, Capital134,000Levis, Capital144,000 Total assets amounted to P 638,000, including cash of P 70,000, and P 200,000 worth of liabilities. On January 2019, the partnership was liquidated, and Jag received P 111,000 cash as final settlement.Required:1.The total loss from the liquidation of the partnership2.Prepare the statement of liquidation.3.Journal entries to record the liquidation.
- 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 partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. Profits and losses are shared 50%; 30%; and 20%, respectively. Guess, Drawing (debit balance)P(32,000) Levis, Drawing (debit balance) (12,000) Jag, Loan 40,000 Guess, Capital 164,000 Jag, Capital 134,000 LevisCapital 144,000 Total assets amounted to P 638,000, including cash of P 70,000, and P 200,000 worth of liabilities. On January 2019, the partnership was liquidated, and Jag received P 111,000 cash as final settlement. Required: SHOW THE FOLLOWING 1.The total loss from the liquidation of the partnership 2. Prepare the statement of liquidation. 3. Journal entries to record the liquidation.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. P600,000
- The partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. Profits and losses are shared 50%; 30%; and 20%, respectively. Guess, Drawing (debit balance)P(32,000) Levis, Drawing (debit balance) (12,000) Jag, Loan 40,000 Guess, Capital 164,000 Jag, Capital 134,000 LevisCapital 144,000 Total assets amounted to P 638,000, including cash of P 70,000, and P 200,000 worth of liabilities. On January 2019, the partnership was liquidated, and Jag received P 111,000 cash as final settlement. What is the loss of the partnershipThe information given below was extracted from the accounting records of Total Limited, a partnership business with Glen and Murry as partners. Information:Extract from the ledger of Total Limited on 30 June 2021 R Capital: Glen 400 000 Capital: Murry 300 000 Current a/c: Glen (01 July 2020) 45 000 CR Current a/c: Murry (01 July 2020) 42 000 DR Drawings: Glen 95 000 Drawings: Murry 110 000 The following must be taken into account:1. On 30 June 2021 the Profit and Loss account reflected a net profit of R940 000.2. Partners are entitled to interest at 14% p.a. on their capital balances.Note: Glen decreased his capital contribution by R90 000 on 01 July 2020.This capital decrease has been recorded.3. Partners are entitled to the following monthly salaries:• Glen R13 000 for the first ten months of the financial year and R15 000• for the next two months.• Murry R10 000 per month throughout the year.4. Partner Murry is entitled to a bonus equal to 10% of the…The information given below was extracted from the accounting records of Total Limited, a partnership business with Glen and Murry as partners. Information: Extract from the ledger of Total Limited on 30 June 2021 R Capital : Glen 400 000 Capital: Murry 300 000 Current a/c: Glen (01 July 2020) 45 000 CR Current a/c: Murry (01 July 2020) 42 000 DR Drawings: Glen 95 000 Drawings: Murry 110 000 The following must be taken into account: On 30 June 2021 the Profit and Loss account reflected a net profit of R940 000. 1. 2. Partners are entitled to interest at 14% p.a. on their capital balances. Note: Glen decreased his capital contribution by R90 000 on 01 July 2020. This capital decrease has been recorded. 3. Partners are entitled to the following monthly salaries: • Glen R13 000 for the first ten months of the financial year and R15 000 • for the next two months. • Murry R10 000 per month throughout the year. Partner Murry is entitled to a bonus equal to 10% of the net profit before any of…
- The information given below was extracted from the accounting records of Total Limited, a partnership business with Glen and Murry as partners. Information: Extract from the ledger of Total Limited on 30 June 2021 R Capital : Glen 400 000 Capital: Murry 300 000 Current a/c: Glen (01 July 2020) 45 000 CR Current a/c: Murry (01 July 2020) 42 000 DR Drawings: Glen 95 000 Drawings: Murry 110 000 The following must be taken into account: 1. On 30 June 2021 the Profit and Loss account reflected a net profit of R940 000. 2. Partners are entitled to interest at 14% p.a. on their capital balances. Note: Glen decreased his capital contribution by R90 000 on 01 July 2020. This capital decrease has been recorded. 3. Partners are entitled to the following monthly salaries: Glen R13 000 for the first ten months of the financial year and R15 000 for the next two months. • Murry R10 000 per month throughout the year. 4. Partner Murry is entitled to a bonus equal to 10% of the net profit before any of…C. The partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. Profits and losses are shared 50%; 30%; and 20%, respectively. Guess, Drawing (debit balance) Levis, Drawing (debit balance) Jag, Loan Guess, Capital Jag, Capital Levis, Capital P (32,000) (12,000) 40,000 164,000 134,000 144,000 18 ACCO 20043 Financial Accounting and Reporting Part 2 Total assets amounted to P 638,000, including cash of P 70,000, and P 200,000 worth of liabilities. On January 2019, the partnership was liquidated, and Jag received P 111,000 cash as final settlement. Required: The total loss from the liquidation of the partnership Prepare the statement of liquidation. Journal entries to record the liquidation. 1. 2. 3.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. P500,000