The balance sheet of Maroon and White was as follows immediately prior to thepartnership's being liquidated: cash, P20,000; other assets, P160,000; liabilities,P40,000; Maroon capital, P60,000; White capital, P80,000. The other assets were soldfor P139,000. Maroon and White share profits and losses in a 2:1 ratio. As a final cashdistribution from the liquidation, how much cash will Maroon receive? Prepare astatement of liquidation. Exercises on Unit 4 Partnership LiquidationExercise 4-1The balance sheet of Maroon and White was as follows immediately prior to thepartnership's being liquidated: cash, P20,000; other assets, P160,000; liabilities,P40,000; Maroon capital, P60,000; White capital, P80,000. The other assets were soldfor P139,000. Maroon and White share profits and losses in a 2:1 ratio. As a final cashdistribution from the liquidation, how much cash will Maroon receive? Prepare astatement of liquidation.

The partnership comes into existence when two or more persons agree to do the business and further…

The balance sheet of Maroon and White was as follows immediately prior to the partnership's being liquidated: cash, P20,000; other assets, P160,000; liabilities, P40,000; Maroon capital, P60,000; White capital, P80,000. The other assets were sold for P139,000. Maroon and White share profits and losses in a 2:1 ratio. As a final cash distribution from the liquidation, how much cash will Maroon receive? Prepare a statement of liquidation.

The balance sheet of Maroon and White was as follows immediately prior to the partnership's being liquidated: cash, P20,000; other assets, P160,000; liabilities, P40,000; Maroon capital, P60,000; White capital, P80,000. The other assets were sold for P139,000. Maroon and White share profits and losses in a 2:1 ratio. As a final cash distribution from the liquidation, how much cash will Maroon receive? Prepare a statement of liquidation.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter19: Accounting For Partnerships

Section: Chapter Questions

Problem 5SEA: ENTRIES: PARTNERSHIP LIQUIDATION On liquidation of the partnership of J. Hui and K. Cline, as of...

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ENTRIES: PARTNERSHIP LIQUIDATION On liquidation of the partnership of J. Hui and K. Cline, as of November 1, 20--, inventory with a book value of 180,000 is sold for 230,000. Given that Hui and Cline share profits and losses equally, prepare the entries for the sale and the allocation of gain.
Problem 1: SCA Partnership has the following account balances before liquidation: Cash P350,000 Liabilities P1,125,000 Noncash assets 7,375,000 Loan from A 50,000 S, Capital (40%) C, Capital (40%) A, Capital (20%) Loan to C 150,000 1,250,000 Receivable from s 20,000 1,900,000 Expenses 2,230,000 1,000,000 Revenues 4,800,000 During June, some noncash assets were sold that resulted to a loss of P46,125. Liquidation expenses of P175,000 were paid and additional expenses armounting to P90,000 were expected to be incurred through the following months of liquidation of the partnership. Liabilities to outsiders amounting to P875,000 were paid. What is the book value of the noncash assets which were sold for C to receive P555,550?
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