As of Dec 31, 2011, the books of V. G and C partnership showed capital balances of V, 40,000; G. 25.000 and C. 5,000. The partners' P/L ratio was 3:2:1, respectively. The partners decided to dissolve and liquidate. They sold all the non-cash assets for 37,000 cash. After settlement of all liabilities amounting to 12,000, they still have 28,000 cash left for distribution. 19. The loss on realization of the non-cash assets was a. 42.000 b. 40,000 c. 45,000 d. 21,000 20. Assuming that any debit balance of partners' capital is uncollectible, the share of V on 28,000 cash for distribution was: a. 19.000 b. 16.000 c. 18,000 d. 17.800

As of Dec 31, 2011, the books of V. G and C partnership showed capital balances of V, 40,000; G. 25.000 and C. 5,000. The partners' P/L ratio was 3:2:1, respectively. The partners decided to dissolve and liquidate. They sold all the non-cash assets for 37,000 cash. After settlement of all liabilities amounting to 12,000, they still have 28,000 cash left for distribution. 19. The loss on realization of the non-cash assets was a. 42.000 b. 40,000 c. 45,000 d. 21,000 20. Assuming that any debit balance of partners' capital is uncollectible, the share of V on 28,000 cash for distribution was: a. 19.000 b. 16.000 c. 18,000 d. 17.800

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter14: Choice Of Business Entity—operations And Distributions

Section: Chapter Questions

Problem 47P

See similar textbooks

Similar questions

As of December 31, 2012, the books of Vicky, Garci and Cabe Partnership showed capital balances of Vicky P40,000, Garci P25,000 and Cabe P5,000. The partners’ profit and loss ratio was 3:2:1 respectively. The partners decided to dissolve and liquidate. They sold all the non-cash assets for P37,000 cash. After settlement of all liabilities amounting to P12,000, they still have P28,000 cash left for distribution. The loss on realization of the non cash assets was?
As of December 31, 2015, the books of Ton Partnership showed capital balances of: TP40,000; O, P25,000; N, P5,000. The partners' profit and loss ratio was 3:2:1, respectively. The partners decided to liquidate and they sold all non-cash assets for P37,000. After settlement of all liabilities amounting P12,000, they still have cash of P28,000 left for distribution. Assuming that any capital debit balance is uncollectible, the share of T in the distribution of the P28,000 cash would be: A. 17800 B. 18000 O C. 19000 D. 17000 Previous
As of December 31, 2020, the books of Abad, Sison, and Dario Partnership showed capital balances of Abad- 80,000; Sison - 50000 and Dario - 10,000. The partners’ profit and loss ratio was 3:2:1 respectively. The partners decided to dissolve and liquidate. They sold all the non-cash assets for 74,000. After settlement of all liabilities amounting to 34,000, they still have 56,000 cash left for distribution. How much is the loss on realization?
As of July 31, the books of BSA Partnership showed capital balances of $40,000 for Ben, P25,000 for Echo, and P5,000 for Ned. They share profits and losses in the ratio of 3:2:1, respectively. The partners decided to liquidate and they sold all non-cash assets for P37,000. After settlement of all liabilities amounting to P12,000, they still had cash of P28,000 left for distribution. Assuming that any capital debit balance was uncollectible, Ben's share in the distribution of P28,000 cash is
28. As of December 31, 2020, the books of Abad, Sison and Dario Partnership showed capital balances of Abad - P80,000; Sison - P50,000 and Dario - P10,000. The partners' profit and loss ratio was 3:2:1, respectively. The partners decided to dissolve and liquidate. They sold all the non-cash assets for P74,000 cash. After settlement of all liabilities amounting to P34,000, they still have P56,000 cash left for distribution. How much is the loss on realization?
As of December 31, 2021, the books of TWO partnership showed capital balances of: Tim - P 40,000, Wina - P 25,000, and Oca - P 5,000. The partners' profit and loss ratio was 3:2:1, respectively. The partners decided to liquidate and they sold all non-cash assets for P 37,000. After settlement of all liabilities amounting to P 12,000, they still have cash of P 28,000 left for distribution. Assuming that any capital debit balance is uncollectible, the share of Tim in the distribution of P 28,000 cash would be:
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?
As of December 31, 2020, the books of ABC partnership showed capital balances of A 60,000; B 30,000 and C 5,000. The partnership's profit or loss ratio was 5:3:2, respectively. The partners decided to liquidate and they sold all non-cash assets for 40,000. After the settlement of all liabilities amounting to 10,000, they still have cash of 20,000 left for distribution. Assuming that any capital debit balance is uncollectible, determine payment to partners A, B, and C at the end of liquidation.
As of December 31, 2020, the books of ABC partnership showed capital balances of: A, P60,000; B, P30,000 and C, P5,000. The partnership's profit or loss ratio was 5:3:2, respectively. The partners decided to liquidate and they sold all non-cash assets for P40,000. After the settlement of all liabilities amounting to P10,000, they still have cash of P20,000 left for distribution. Assuming that any capital debit balance is uncollectible, determine payment to partner B at the end of the liquidation.
As of December 31, 2020, the books of ABC partnership showed capital balances of: A, P60,000; B, P30,000 and C, P5,000. The partnership's profit or loss ratio was 5:3:2, respectively. The partners decided to liquidate and they sold all non-cash assets for P40,000. After the settlement of all liabilities amounting to P10,000, they still have cash of P20,000 left for distribution. Assuming that any capital debit balance is uncollectible, the share of A in the distribution of P20,000 cash would be:
As of December 31, 2020, the books of ABC partnership showed capital balances of: A, P60,000; B, P30,000 and C, P5,000. The partnership's profit or loss ratio was 5:3:2, respectively. The partners decided to liquidate and they sold all non-cash assets for P40,000. After the settlement of all liabilities amounting to P10,000, they still have cash of P20,000 left for distribution.
1. As of December 31, 2022, the books of AME Partnership showed capital balances of A, P40,000; M, P25,000; E P50,000. The partner’s profit and loss ratio was 3:2:1, respectively. The partners decided to liquidate and they sold all non-cash assets for P37,000. After settlement of all liabilities amounting to P12,000, they still have cash of P28,000 left for distribution. Assuming that any capital debit balance is uncollectible, the share of A in distribution of the P28,000 cash would be: A. P18,000 B. P0 C. P19,000 D. P17,800 2. Cloe, Doe and Lida are partners with capital balances on December 31, 2021 of P300,000, P300,000 and P200,000 respectively. Profits are shared equally. Lida wishes to withdraw and it is agreed that she is to take certain furniture and fixtures with second hand value of P50,000 which are carried on the books at P65,000. Brand new, the furniture and fixtures may cost, P80,000. How much is the value of the note that Lida will get from the…