What was the cash realised from the initial sale of assets?
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- The accounts of the partnership of A, B and C at the end of its fiscal year 011 October 31, 2021 are as follows: Cash 78,750 Other Non-Cash Assets 682,500 Liabilities P262,500 Loan to B 26,250 Loan from C 52,500 A, Capital (30%) 236,250 B, Capital (50%) 157,500 C, capital (20%) 78,750 8. If P90,000 is available for distribution to partners after all non-partner liabilities are paid, how much should A receive? 9. If in the first distribution, B received 6,250, how much should C have received at this point? 10. If in the first distribution, A received 172,500, how much should B have received? 11. If in the first distribution, C received 37,500, how much is the total cash distributed? 12. If in the first distribution, A…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.…The accounts of the partnership of TJ, SR and MD at the end of its fiscal year on October 31, 2021 are as follows: Liabilities P150,OOO Cash 45,000 MD, Loan 30,000 Non-Cash Assets 390,000 TJ, Capital (30%) 135,000 Loan to SR 15,000 SR, capital (50%) 90,000 MD, capital (20%) 45,000 3. If MD received 27,000 on the first distribution of cash, what was the amount of cash realized from the initial sale of assets? 4. If 55,000 is available for distribution to partners after all non-partner liabilities are paid, how much should TJ have received? 5. If in the first distribution, SR received 11,250, how much should MD have received at that point? 6. If in the first distribution, MD received P52,500, how much is the total cash distributed to partners?
- B. The accounts of the partnership of TJ, SR and MD at the end of its fiscal year on October 31, 2021 are as follows: Liabilities P150,000 Cash 45,000 MD, Loan 30,000 Non-Cash Assets 390,000 TJ, Capital (30%) 135,000 Loan to SR 15,000 SR, capital (50%) 90,000 MD, capital (20%) 45,000 3. If MD received 27,000 on the first distribution of cash, what was the amount of cash realized from the initial sale of assets?The accounts of the partnership of A, B and C at the end of its fiscal year on October 31, 2018 are as follows: P 78,750 Liabilities Loan from C Cash P262,500 Other Non-Cash Assets 682,500 26,250 52,500 Loan to B A, Capital (30%) B, Capital (50%) C, Capital (20%) 236,250 157,500 78,750 If P90,000 is available for distribution to partners after all non-partner liabilities are paid, how much should A receive? _8. D.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?
- The statement of financial position of A, B, C partnership as of December 31, 2020 is presented below: CASH P50,000 OTHER ASSETS 300,000 RECEIVABLE FROM B 10,000 TOTAL P360,000 LIABILITIES P80,000 A, LOAN 20,000 A, CAPITAL 120,000 B, CAPITAL 90,000 C, CAPITAL 50,000 TOTAL P360,000 Profits and loss ratio is 30%, 50% and 20% for A, B and C, respectively. Other assets were realized as follows: DATE CASH RECEIVED BOOK VALUE JAN. 2020 90,000 P120,000 FEB. 2020 P100,000 P80,000 MAR. 2020 125,000 P100,000 Liquidation expenses paid are as follows: January - P3,000 February - P5,000 Cash is distributed as assets are realized; how much is the total cash received by partner A at the end of the liquidation?The accounts of the partnership of R, S and T at the end of its fiscal year on November 30, 2021 are as follows:Cash 103,750 Loan from S 20,000Other Non cash assets 707,500 R, Capital (30%) 266,250Loan to R 15,000 S, Capital (50%) 136,250Liabilities 262,500 T, Capital (20%) 141,250S received P50,000 in settlement of his equity. 13. Which of the following statements is incorrect?a. Total amount distributed to partners is P336,250.b. Total amount paid to creditors is P262,500.c. Total amount realized from the non-cash assets is P598,750.d. R received an amount equal to P187,500 Choose your answer based on the choices only and show solutions.3. The following are shown in the capital accounts of partners AA, BB, and CC in a year: AA BB CC Capital, January 1 Investment, June 1 Investment, October 1 P200,000 100,000 P300,000 P250,000 50,000 If the partnership has a net income of P500,000 for the year, distribute the net income on the basis of ending capital balances. Solution:
- The following balance sheet accounts for the partnership of A, B and C were taken from the books on December 31, 2021. Cash P 40,000 P 74,000 A, Capital (40%) B, Capital (40%) C, Capital (20%) Other Assets 360,000 100,000 130,000 Liabilities 96,000 If the firm is dissolved and liquidates on the basis of a payment priority program and A receives a total of P3,000 in full settlement of his interest, determine the amount received by C.19 AA and BB are partners with capital accounts that had the following transactions during 2022: AA BB Debit Credit Debit Credit Beginning balance, January 1 P270,000 P280,000 February 28 P80,000 March 1 120,000 April 30 160,000 June 1 P100,000 August 1 140,000 September 30 40,000 October 31 40,000 The partnership agreement provides for the following: Interest of 9% is to be provided to AA Salaries of P4,000 is to be given to BB per quarter A bonus of 25% is to be given to AA based on net income after interest and salaries Remaining balance is to be allocated on a ratio of 40:60. The income summary account has a credit balance of P1,050,000 before profit distribution. BB has a Drawing account amounting to P40,000 which is a withdrawal made by BB in anticipation of future profits on July 1, 2022. How much is the…A. The assets and equities of the NSW Partnership at the end of its fiscal year, October 31, 2020, are as follows: Profit and loss agreement is 30:50:20. Cash P 150,000 Accounts receivable -net 200,000 Inventory 400,000 Plant Assets - net 700,000 Loan to South 50,000 Liabilities P 500,000 West, Loan 100,000 North, Capital 450,000 South, Capital 300,000 West, Capital 150,000 The partners decide to liquidate the partnership. They estimate that the non-cash assets other than the loan to South can be realized into P 1,000,000 over the two-month period ending December 31, 2020. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process. Required: a) Assuming that P…