Calculate the amount of cash withheld for anticipated liquidation expenses.
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- A balance sheet for the partnership of A, B, and C, who share profits 2:1:1, shows the following balances just before liquidation: Cash: P48,000Other assets: 238,000Liabilities: 80,000A, Capital: 88,000B, Capital: 62,000C, Capital: 56,000 4. On the first month of liquidation, certain non-cash assets were sold resulting to a loss of P23,000. Liquidation expenses of P4,000 were paid, and additional liquidation expenses of P3,200 are withheld to anticipate payment before liquidation is completed. After creditors were paid, partner B received P13,000 on the initial installment. Determine the total book value of the non-cash assets on the first month.A balance sheet for the partnership of A, B, and C, who share profits 2:1:1, shows the following balances just before liquidation: Cash: P48,000 Other assets: 238,000 Liabilities: 80,000 A, Capital: 88,000 B, Capital: 62,000 C, Capital: 56,000 On the first month of liquidation, certain non-cash assets were sold resulting to a loss of P23,000. Liquidation expenses of P4,000 were paid, and additional liquidation expenses of P3,200 are withheld to anticipate payment before liquidation is completed. After creditors were paid, partner B received P13,000 on the initial installment. Determine the total book value of the non-cash assets on the first month.A balance sheet for the partnership A, B and C, who share profits 2:1:1 respectively, shows the following balances just before liquidation: Cash - 48,000Other Assets - 238,000Liabilities - 80,000A Capital - 88,000 B Capital - 62,000C Capital - 56,000On the first month of liquidation, certain non-cash assets were sold resulting to a loss of 23,000. Liquidation expense of 4,000 were paid, and additional liquidation expenses of 3,200 are withheld to anticipate payment before liquidation is completed. After creditors were paid, partner B received 13,000 on the initial installment. Determine total payment to partners on the initial installment.
- A balance sheet for the partnership A, B and C, who share profits 2:1:1 respectively, shows the following balances just before liquidation: Cash - 48,000Other Assets - 238,000Liabilities - 80,000A Capital - 88,000 B Capital - 62,000C Capital - 56,000On the first month of liquidation, certain non-cash assets were sold resulting to a loss of 23,000. Liquidation expense of 4,000 were paid, and additional liquidation expenses of 3,200 are withheld to anticipate payment before liquidation is completed. After creditors were paid, partner B received 13,000 on the initial installment. Determine the total book value of the non-cash assets on the first month.A balance sheet for the partnership of A, B, and C, who share profits 2:1:1, shows the following balances just before liquidation: Cash: 48,000 Other Assets: 238,000 Liabilities: 80,000 B, Capital: 62,000 C, Capital: 56,000 On the first month of liquidation, certain non-cash assets were sold resulting to a loss of 23,000. Liquidation expenses of 4,000 were paid, and additionsl liquidation expenses of 3,200 were withheld to anticipate payment before liquidation is completed. After creditors were paid, partner B received 13,000 on the initial installment. Determine the total book value of the non-cash assets on the first month.A balance sheet for the partnership of A, B, and C, who share profits 2:1:1, shows the following balances just before liquidation: Cash: P48,000Other assets: 238,000Liabilities: 80,000A, Capital: 88,000B, Capital: 62,000C, Capital: 56,000 On the first month of liquidation, certain non-cash assets were sold resulting to a loss of P23,000. Liquidation expenses of P4,000 were paid, and additional liquidation expenses of P3,200 are withheld to anticipate payment before liquidation is completed. After creditors were paid, partner B received P13,000 on the initial installment. Determine total payment to partners on the initial installment.
- Show the compleete solution. A balance sheet for the JPM Partnership, who shares profits in the ratio of 50:25:25 for partners shows the following balances just before liquidation: Cash P113,000 Other Assets 562,275 Liabilities 188,825 J Capital 207,900 P Capital 146,650 M, Capital 132,300 ON the first month of liquidation, certain assets with a book value of 500,000 were sold for 375,000. Liquidation expenses of P9450 are paid and additional liquidation expenses are anticipated. Liabilities are paid amounting to P51,500 and sufficient cash is retained to ensure the payment to creditors before making payment to partners. On the first payment to partners J receives 99537.50. 1. What is the balance of cash account after the first payment? 2. Calculate the amount of cash withheld for anticipated liquidation expenses. 3. How much cash were received by P?Show the compleete solution. A balance sheet for the JPM Partnership, who shares profits in the ratio of 50:25:25 for partners shows the following balances just before liquidation: Cash P113,000 Other Assets 562,275 Liabilities 188,825 J Capital 207,900 P Capital 146,650 M, Capital 132,300 ON the first month of liquidation, certain assets with a book value of 500,000 were sold for 375,000. Liquidation expenses of P9450 are paid and additional liquidation expenses are anticipated. Liabilities are paid amounting to P51,500 and sufficient cash is retained to ensure the payment to creditors before making payment to partners. On the first payment to partners J receives 99537.50. 1. Calculate the amount of cash withheld for anticipated liquidation expenses. 2. How much cash were received by P?4. A balance sheet for the partnership of A, B, and C, who share profits 2:1:1, shows the following balances just before liquidation: Cash: P48,000 Other assets: 238,000 Liabilities: 80,000 A, Capital: 88,000 B, Capital: 62,000 C, Capital: 56,000 On the first month of liquidation, certain non-cash assets were sold resulting to a loss of P23,000. Liquidation expenses of P4,000 were paid, and additional liquidation expenses of P3,200 are withheld to anticipate payment before liquidation is completed. After creditors were paid, partner B received P13,000 on the initial installment. Determine the total book value of the non-cash assets on the first month. Determine total payment to partners on the initial installment.
- The balance sheet accounts of partners Pacman, Marquez and Mayweather before liquidation are the following: Cash, P360,000; Non-Cash Assets, P1,785,000; Liabilities, P1,000,000; Pacman, Capital (50%), P460,000; Marquez, Capital (30%), P365,000 and Mayweather, Capital (20%), P320,000. On the first month of liquidation, certain assets with a book value of P1,200,000 are sold for P960,000. Liquidation expenses of P30,000 are paid and additional expenses are anticipated. Liabilities are paid amounting to P362,000, and sufficient cash is retained to insure the payment to creditors before making payment to partners. In the first payment of cash to partners, Marquez received P107,000.The statement of financial position of the firm AA, BB and CC immediately before liquidation shows the following: Assets 640,000 Liabilities 240,000 AA, Loan 64,000 AA, Capital 168,000 BB, Capital 120,000 CC, Capital 48,000 Total 640,000 AA, BB and CC share profits 5:3:2 respectively. Certain assets are sold for P440,000. Creditors are paid in full, partners are paid P140,000 and cash of P60,000 is withheld for contingencies. How much cash is to be distributed to AA?the statement of financial position for paraiso and ligeralde partnership on june 1, 2019 before the liquidation is as follows: cash 50,000, other asset 550,000, liabilities 200,000, paraiso capital 225,000, ligeralde capital 175,000. paraiso and ligeralde share profits and losses 60:40 respectively. in june asset with a book value of 220 were sold for 180,000 creditors were paid in full and 20,000 was paid to partners. in july asset with a boook value of 100,000 were sold for 120,000, liquidation expense of 5,000 were paid and cash of 125,000 was paid to to partners. in august, the remaining assets were sold for 225,000. required: 1. how much cash should ligaralde received in june? 2. how much cash should paraiso received in july? how much cash should ligaralde and paraiso received in august?
