Partners Grace, Paul, and Trisha share profits and losses equally. On December 31, Grace, Paul, and Trisha had capital balances of P30,000, P50,000, and $20,000, respectively. On the same date, they decided to dissolve and liquidate. Non-cash assets amounting to P18,000 were sold for P12,000. The loss on realization of non-cash assets and share of Grace on the said loss amounted to
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- Joan, Joey, and Justin share profits and losses in the ratio of 3:2:1. As of June 30, the capital balances of Joan, Joey, and Justin were P100,000, P80,000, and P70,000, respectively. The partners decided to liquidate. They sold non-cash assets for P130,000. After settlement of all liabilities amounting to P30,000, they still had P184,000 cash left for distribution. Justin's share in final cash left for distribution would beK, L, and M are partners of KLM Partnership. They decided to liquidate on March 31, of the current year. On this date, they have non-cash assets of 530,000 and liabilities of 250,000, including loan from M of 50,000. K, L, and M have capital balances of 80,000, 130,000, and 90,000, respectively. Profits and losses are 3:3:4 for K, L, and M. All partners are solvent. Determine the total loss on realization if M received 25,000 in the final settlement.Anna, Ben, and Carl's partnership did not go well so the partners decided to liquidate on March 31, 2022. Capital balances of the partners after closing the loss incurred for the first quarter showed: Anna P170,000; Ben, P120,000; Carl, P105,000. Liabilities to outside creditors amounted to P150,000. All are sharing profits and losses equally. The non-cash assets were sold for P160,000 and the creditors were paid. Remaining cash for distribution to partners after the liabilities were paid amounted to P26,000. Deficient partners are solvent. How much is the carrying amount of the non-cash assets prior to realization?
- Hershey, Inigo, Jessa and Kyle are partners who share profits and losses in the ratio of 3:2:1:4. As of the current date, the partners become insolvent so they decide to liquidate their business. The capital balance of each partner amount to P30,000, P35,000, P20,000 and P50,000 to Hershey, Inigo, Jessa and Kyle respectively. At this time, total liabilities of the partnership amount to P180,000. From the data above, answer the following independent questions: 14. If the partnership received P185,000 from the sale of all non-cash assets of the partnership, determine the amount of cash that Hershey is to receive assuming there is no cash balance before realization and all partners are insolvent at the time of liquidation. A. P9,000 C. PO B. P2,000 D. P1,500 15. If Kyle receives P12,000 as settlement of his interest, how much were the non-cash assets sold assuming there is no cash balance before realization? A. P220,000 B. P95,000 C. P315,000 D. P180,000Mar, Tee, Nee, and Kho, sharing profits in the ratio of 3/21, 4/21, 6/21, and 8/21, respectively, decided to liquidate. Their capital balances on June 30, 200D were as follows: Mar, P 10,000, Tee, P 250,000, Nee, P 250,000, and Kho, P 90,000. The noncash assets were converted into P 232,000 cash. After paying the liabilities amounting to P 30,000, the balance of cash was P 222,000. 23. The carrying amount of the noncash assets sold amounted to: a. P 252,000. C. P 610,000. b. P 454,000. d. P 630,000.Ole Low, Arnt Olson, and Stig Lokum decided to liquidate the CRANE partnership on December 31 of the current year, and go their separate ways. The partners share profit and losses equally. As at December 31, the partnership had cash of $14,000, noncash assets of $119,000, and liabilities of $18,000. Before selling their noncash assets, the partners had capital balances of $44,700, $62,300, and $8,000, respectively. The noncash assets were sold for $80,000 and the creditors were paid. Calculate the loss on the sale of the noncash assets and the amount of cash remaining after paying the liabilities. Loss on sale of noncash assets Cash balance after paying the liabilities$
- The partnership of Able, Bower, and Cramer was liquidated. The partners have shared profits and losses in the ratio of 2:4:4. Prior to liquidation, their capital balances were the following*: Able Bower Cramer $10,000 $(5,000) $(15,000) * Deficit shown in parentheses Cash totaled $20,000, with liabilities amounting to $30,000. A review of the individual partners' personal financial status reveals the following: Assets Liabilities Able $ 5,000 $20,000 Bower 6,000 4,000 Cramer 30,000 20,000 Required: Prepare a worksheet to liquidate the partnership.Julie, Olga, and Yen were partners in JOY textile distribution business sharing profits and losses equally. On June 30, 2020, the capital and drawings accounts of the partners were as follows: Partner Capital Drawings Julie P 100,000 P 60,000 Olga 80,000 40,000 Yen 300,000 20,000 The partnership was unable to collect trade receivables and was forced to liquidate on November 30, 2020. Operating profit from July 1 to November 30 amounted to P72,000 which was all exhausted, including the partnership assets. Unsettled creditors' claims totaled P84,000. Olga and Yen had substantial private resources but Julie had no personal assets. The final cash distribution to Yen would beGarachico, Dugan, Pascua and Cerda are partners, sharing profits in the ratio of 3/21, 4/21, 6/21 and 8/21, respectively. The balances of their capital accounts on Dec. 31, 2019 are as follows: Garachico P 1,000 Dugan 25,000 Pascua 25,000 Cerda 9,000 P60,000 The partners decided to liquidate, and they accordingly converted the non-cash assets into P23,200 of cash. After paying the liabilities amounting to P3,000, they have P22,000 to divide. Assume that a debit balance of any partner's capital is uncollectible. The share of Garachico in the loss on realization was:
- The partnership of Able, Bower, and Cramer was liquidated. The partners have shared profits and losses in the ratio of 2:4:4. Prior to liquidation, their capital balances were the following*: Able Bower Cramer $10,000 $(5,000) $(15,000) * Deficit shown in parentheses Cash totaled $20,000, with liabilities amounting to $30,000. A review of the individual partners' personal financial status reveals the following: Assets Liabilities Able $ 5,000 $20,000 Bower 6,000 4,000 Cramer 30,000 20,000 Prepare a worksheet to liquidate the partnership.During the liquidation of the partnership of three cousins, they realized a gain of $18,000 from the sale of noncash assets. The accounts payable balance at the time of sale was $43,200. The notes payable balance was $38,000. How much will their creditors be paid if the partnership pays in full? 1.$61,200 2.$63,200 3.$81,200 4.$81,200Nettles, King, and Tanaka are partners sharing income 3:2:1. After the firm’s loss from liquidation is distributed, the capital account balances were as follows: Nettles, $15,000 Dr.; King, $46,000 Cr.; and Tanaka, $71,000 Cr. If Nettles is personally bankrupt and unable to pay any of the $15,000, what will be the amount of cash received by King and Tanaka upon liquidation?