Orange and Lemon share profits and losses equally.
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- Orange and Lemon share profits and losses equally. They decided to liquidate their partnershipwhen their net assets amounted to P 260,000. Capital balances were P 170,000 and P 90,000,respectively. If the non-cash assets were sold for an amount equal to book value, what amount ofcash should Orange and Lemon respectively received?E. Orange and Lemon share profits and losses equally. They decided to liquidate their partnership when their net assets amounted to P 260,000. Capital balances were P 170,000 and P 90,000, respectively. If the non-cash assets were sold for an amount equal to book value, what amount of cash should Orange and Lemon respectively received?Orange and Lemon share profits and losses equally. They decided to liquidate their partnership when their net assets amounted to P 260,000. Capital balances were P170,000 and P 90,000, respectively. If the non-cash assets were sold for an amount equal to book value, what amount of cash should Orange and Lemon respectively received?
- ASAP P and Q share profits and losses equally. They decided to liquidate their partnership when their net assets amounted to P300,000. Capital balances were P 120,000 and P 80,000, respectively. If the non-cash assets were sold for an amount equal to book value, what amount of cash should Orange and Lemon respectively received?A and B share profits and losses equally but they have decided to liquidate their partnership when their net assets amounted to P260,000, and capital balances of P170,000 and P90,000, respectively. If the noncash assets were sold for amount equal to its book value, what amount of cash should A and B receive?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?b. How should the gain or loss be divided between Hewitt and Patel?c. How should the cash be divided between Hewitt and Patel?
- 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? b. How should the gain or loss be divided between Hewitt and Patel? Hewitt PatelJack and Beans, who share in profits and losses in the ratio of 3:7, decided to liquidate their Talk Partnership. The partners' capital balances were P300,000 and P190,000, respectively.Matthews, Williams, and Shen share equally in net income and net losses. After the partnership sells all assets for cash, divides the losses on realization, and pays the liabilities, the balances in the capital accounts are as follows: Matthews, $28,000 Cr.; Williams, $62,500 Cr.; Shen, $18,000 Dr. a. What term is applied to the debit balance in Shen’s capital account? b. What is the amount of cash on hand? c. Journalize the transaction that must take place for Matthews and Williams to receive cash in the liquidation process equal to their capital account balances. Liquidating partnerships— capital deficiency
- Cyril and James formed a partnership on January 1, 20x1 by contributing P1,600,000 and P2,400,000, respectively. As of January 1, 20x2, their partnership capital was P1,800,000, and P2,200,000 respectively. Situations: A. No profit-sharing agreement B. No loss-sharing agreement C. Profit is divided equally D. Loss is divided 30:70, respectively Required: Compute the share of Cyril and James assuming: P800,000 profit Cyril P800,000 loss Cyril Situational Cases James James 1. A and B (1) (2) (3) (4) (5) (6) (7) (8) 2. B and C 3. A and D 4. C and DHewitt 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. What is the amount of a gain or loss on realization? How should the gain or loss be divided between Hewitt and Patel? How should the cash be divided between Hewitt and Patel? If an amount is zero, enter "0".Cyril and James formed a partnership on January 1, 20x1 by contributing P1,600,000 and P2,400,000,respectively. As of January 1, 20x2, their partnership capital was P1,800,000, and P2,200,000 respectively.Situations:A. No profit-sharing agreementB. No loss-sharing agreementC. Profit is divided equallyD. Loss is divided 30:70, respectivelyRequired: Compute the share of Cyril and James assuming:P800,000 profit P 4. C and D (
