The financial position of the partnership Marie, Shey, Allan and Roi, just prior to liquidation shows: Marie, Loan 25,000 Marie, Capital 137,500 Shey, capital 128,750 Allan, capital 171,250 Roi, Capital 112,500 The partners share profits and losses on a 4:3:2:1 ratio, respectively. Certain assets are sold for P150,000 and is distributed to partners. How much cash should Allan receive?
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The financial position of the
Marie, Loan |
25,000 |
Marie, Capital |
137,500 |
Shey, capital |
128,750 |
Allan, capital |
171,250 |
Roi, Capital |
112,500 |
The partners share
How much cash should Allan receive?
a) 150,000
b) 82,083
c) 0
d) 67,917
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- The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $40,000 B. $25,000 C. ($5,000) In addition, show the resulting entries to each partners capital account. Tatums capital account balance is $50,000 and Brooks is $60,000.The partnership of Arun, Margot, and Tammy has been doing well. Arun wants to retire and move to another state for a once-in-a-lifetime opportunity. The partners capital balances prior to Aruns retirement are $60,000 each. Prepare a schedule showing how Aruns withdrawal should be divided assuming his buyout is: A. $70,000 B. $45,000 C. $60,000. In addition, show the resulting entries to the capital accounts of each of the three.Arun and Margot want to admit Tammy as a third partner for their partnership. Their capital balances prior to Tammys admission are $50,000 each. Prepare a schedule showing how the bonus should be divided among the three, assuming the profit or loss agreement will be 1:3 once Tammy has been admitted and her contribution is: A. $20,000 B. $80,000 C. $50,000. In addition, show the resulting journal entries to each of the three partners capital accounts.
- The financial position of the partnership Marie, Shey, Allan and Roi, just prior to liquidation shows: Marie, Loan 25,000 Marie, Capital 137,500 Shey, capital 128,750 Allan, capital 171,250 Roi, Capital 112,500 The partners share profits and losses on a 4:3:2:1 ratio, respectively. Certain assets are sold for P150,000 and is distributed to partners. How much cash should Allan receive? a. 0 b. 50,000 c. 67,917 d. 82,083The financial position of the partnership Marie, Shey, Allan and Roi, just prior to liquidation shows: Marie, Loan 25,000 Marie, Capital 137,500 Shey, capital 128,750 Allan, capital 171,250 Roi, Capital 112,500 The partners share profits and losses on a 4:3:2:1 ratio, respectively. Certain assets are sold for P150,000 and is distributed to partners. How much cash should Allan receive?Before liquidation, the following is the financial position of the partnership W, X, Y and Z: W, capital 275,000 W, loan 50,000 X, capital 225,000 Y, capital 257,500 Z, capital 342,500 P&L ratio is 4:3:2:1, respectively. 300,000 was received from certain assets are sold and are distributed to partners. What cash amount should Z receive? a. 300,000 b. 0 c. 135,834 d. 166,166
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- The partnership which is being liquidated by installment method has a final cash balance of P100,000 after selling all the non-cash assets. The Profit and Loss ratio is 5:3:2. Partners' capital accounts are as follow: A, Capital - P70,000; B, Capital - P40,000; C, Capital - (P10,000). C is already insolvent. What is the distribution of cash to all the partners? a.) A - P33,333 B - P33,333 C - P33,333 b.) A - P50,000; B - P30,000; C - P20,000 c.) A - P50,000; B - P50,000; C - None d.) A - P63,750 B - P36,250 C - None SHOW COMPLETE SOLUTIONThe following balances as at October 31, 2016 for the Partnership of Kathy , Lilia and Minda were as follows : Kathy , Capital 127,500 Lilia , Capital 82,500 Minda , Capital 225,000 Kathy has decided to retire from the partnership on October 31. Their profit and loss ratio is 3:3 :4 to Kathy , Lilia and Minda , respectively. Assumptions : a. All the remaining partners will purchase the interest of Kathy by paying P120,000 b. Only Minda will purchase the interest of Kathy by paying P100,000. c. A new partner Olan will purchase the interest of Kathy by paying P80,000. d. The partnership will purchase the interest by paying 168,000 and no goodwill is to be recorded. e. The partnership will purchase the interest by paying 126, 000 and no goodwill is to be recorded. f. The partnership will purchase the interest by paying 150, 000 and goodwill is to be recorded . Required: i. Table (like in the discussion ). ii. Entry upon retirement of Kathy. iii.Answers to the following questions:…Partners Soul and Mate who have been dividing profits and losses in 2 points the ratio of 3:2. respectively, decided to liquidate their partnership. Capital balances before liquidation were: Soul-P40,000: Mate-P 30,000. After paying in full liabilities of P 30,000, they have P 49,000 cash to divide. How much is the total loss on realization? in the settlement to partners. how much did Soul receive? in the settlement to partners, how much did Mate receive?