In January 2019, the events took place during the process of liquidating the partnership: Jan. 6 Accounts receivable of P151,500 are collected, and the allowance for uncollectible accounts is written off the books. Merchandise inventory is sold for P160,500. A refund on the prepaid insurance is expected totaling P3,000. Property and equipment were sold lump sum to Sibug Company for P111,000. The mortgage on the building was also transferred to Sibug. The remaining creditors were paid in full. The deficit in Masinsin's capital account was absorbed by Tugade and Biore. The deficit in Tugade's capital account was absorbed by Biore. The remaining partnership cash is distributed to Biore. 9. 11 14 20 20 20 24 Required: Prenare the journal entries to record the transactions. Allocate any gain or

In January 2019, the events took place during the process of liquidating the partnership: Jan. 6 Accounts receivable of P151,500 are collected, and the allowance for uncollectible accounts is written off the books. Merchandise inventory is sold for P160,500. A refund on the prepaid insurance is expected totaling P3,000. Property and equipment were sold lump sum to Sibug Company for P111,000. The mortgage on the building was also transferred to Sibug. The remaining creditors were paid in full. The deficit in Masinsin's capital account was absorbed by Tugade and Biore. The deficit in Tugade's capital account was absorbed by Biore. The remaining partnership cash is distributed to Biore. 9. 11 14 20 20 20 24 Required: Prenare the journal entries to record the transactions. Allocate any gain or

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter20: Corporations And Parterships

Section: Chapter Questions

Problem 58P

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On December 31, 2019, the balance sheet for the XYZ Partnership follows: The percentages shown are for the residual profit and loss sharing ratios. The partners dissolved the partnership on January 1, 2020 and began the liquidation process. During January the following events occurred: Receivables of P7,500 were collected. All inventory was sold for P10,000. All available cash was distributed on January 31, 2020, except for P5,000 that was set aside for contingent expenses. How much cash would Xander receive from the cash that is available for distribution on January 31?
October 1, 2019, Deku and Dabi decided to pool their assets and form a partnership. The firm is to take over the business assets and assume business liabilities; equities are to be based on net assets transferred after the following adjustments: a. Dabi's inventory is to be valued at P350,000 b. An allowance for uncollectible accounts of P9,000 and P7,500, respectively should be set up. c. Accrued expenses of P21,000 are to be recognized on Deku's books. d. Dabi is to contribute sufficient cash to give him 60% interest in the new firm Statements of financial position for Deku and Dabi in October 1 before adjustments are presented below: Cash Accounts receivable Merchandise inventory Equipment Accum. Depr. - Equip. Total assets Accounts payable Capital Total liabilities and capital Instructions: Dabi Deku 187,500 112,500 450,000 375,000 400,000 300,000 250,000 300,000 (112,500) (37,500) 1,175,000 1,050,000 345,000 830,000 1,175,000 250,000 800,000 1,050,000 1. Give the entries to adjust…
On January 1, 2021, the partners decided to wind up the partnership affairs. During the winding up, liquidation expenses amounted to P2,000,000 were paid. Non-cash assets with book value of P30,000,000 were sold during January. 40% of total liabilities were also paid during January. P3,000,000 cash was withheld during January for future liquidation expenses. On January 31, 2021, partner U received P10,000,000. What is the amount received by partner F on January 31, 2021?
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On March 1, 2020, P and Q decided to combine their business and form a partnership. Their balance sheets on March 1 before adjustments showed the following: They agreed to have the following items recorded in their books: 1. Provide 2% allowance for doubtful accounts. 2. P’s furniture and fixtures should be P31,000, while Q’s office equipment is underdepreciated by P250. 3. Rent expense incurred previously by P was not yet recorded amounting to P1000, while salary expenses incurred by Q amounting to P800 was also not recorded. 4. The fair value of P’s anf Q’s inventory amounted to P29,500 and P21,000 each respectively Requirements: Compute for net debit or credit adjustment for P and Q
After several years of operations, the partnership of Arenas, Dulay and Laurente is to be liquidated. After making the closing entries on June 30, 2018, the following accounts remained open: Account Title Debit Credit Cash P 50,000 Non-cash Assets 2,350,000 Liabilities P 400,000 Arenas, Capital 900,000 Dulay, Capital 500,000 Laurente, Capital 600,000 The non-cash assets are sold for P2,650,000. Profits and losses are shared equally. Prepare a Statement of Partnership Liquidation and the entries to record the following: 1. Sale of all non-cash assets 2. Distribution of gain on realization to the partners 3. Payment of the liabilities
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What will i do for the liquidation expense stated in the problem related to parnership liquidation installment - cash priority program? Problem: On January 1, 2022, partners Kho, Lagman and Magno decided to liquidate their partnership. Prior to the liquidation, the partnersip had cash of P12,000, non-cash assets of P146,000, liabilities to outsiders of P36,000 and a note payable to Partner Magno of P14,000. The capital balances of the partners were: Kho - P36,000; Lagman-P54,000; Magno-P18,000. The partners share profits and losses in the ratio of 3:3:4,respectively.During January 2022, the partnership received cash of P30,000 from the sale of assets with a book value of P38,000 and paid P3,600 of liquidation expenses. During February, the partnership realized P44,000-from the sale of assets with a book value of P35,000 and paid liquidation expenses of P8,400. During March, the remaining assets were sold for P36,000. The partners agreed to distribute cash at the end of each…
After years of operations, the partnership of De Vera, Dela Cruz, De Jesus is to be liquidated. After making the closing entries on February 28, 2022, the following accounts were left: Account Debit Credit Cash Non-cash Assets Liabilities De Vera, Capital Dela Cruz, Capital De Jesus, Capital 50,000 2,350,000 400,000 900,000 500,000 600,000 All the non-cash assets were sold for P2,650,000. Profits and losses are shared equally. Required: a. Prepare the statement of partnership liquidation b. Prepare the journal entries for the following: Sale of all non-cash assets and distribution of loss on realization to the partners • Payment of liabilities • Distribution of cash to the partners
On January 1, 2020, ACJ Partnership entered into liquidation. The partners capital balances on this date were as follows: A (25%) P2,500,000 ; C (35%) P5,400,000 ; J (40%) P3,700,000. The partnership has liabilities amounting to P4,400,000, including a loan from C P600,000. Cash on hand before the start of liquidation is P800,000. With the information given, answer the following independent situations: Noncash assets amounting to P7,400,000 were sold at book value and the rest of the noncash assets were sold at a loss of P4,200,000. How much cash will be distributed to the partners?A. 8,000,000B. 4,400,000C. 7,400,000D. 11,800,000 After exhausting the noncash assets of the partnership, assuming all partners has personal assets more than their personal liabilities. How much cash must be invested by the partners to satisfy the claims of the outside creditors and to pay the amount due to the partner/s? A.3,680,000B. 4,480,000C. 4,360,000D. 3,800,000 If C received P2,255,000, How much was…