Item No. 22 is based on the following information: sand on IS 03 Q5 2011 matAfter operating for eight years, the books of the partnership of Jack andJill showed the following balances:P 260,000Net AssetsJack Capital-P 170,00090,000Jill CapitalTotal Capital --P 260,00022. If liquidation takes place at this point and the assets were sold at carryingamounts, the cash settlement between the partners would be:a. Jack will receive P 130,000 and Jill will receive P 130,000.b. Jack will receive P 170,000 and Jill will receive P 90,000.c. Jack will receive P 180,000 and Jill will receive P 80,000.d. Jack will receive P 195,000 and Jill will receive P 65,000.Item No.23 is based on the following information:Mar, Tee, Nee, and Kho, sharing profits in the ratio of 3/21, 4/21, 6/21,and 8/21, respectively, decided to liquidate. Their capital balances on June 30,200D were as follows: Mar, P 10,000, Tee, P 250,000, Nee, P 250,000, and Kho,P 90,000. The noncash assets were converted into P 232,000 cash. After payingthe liabilities amounting to P 30,000, the balance of cash was P 222,000.23. The carrying amount of the noncash assets sold amounted to:C.P 610,000.P 252,000.a.b. P 454,000.d.P 630,000.

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Item No. 22 is based on the following information: sand and IS 03 95 2011 mat After operating for eight years, the books of the partnership of Jack and Jill showed the following balances: Net Assets P 260,000 P 170,000 Jack Capital 90,000 Jill Capital P 260,000 Total Capital- 22. If liquidation takes place at this point and the assets were sold at carrying amounts, the cash settlement between the partners would be: a. Jack will receive P 130,000 and Jill will receive P 130,000. b. Jack will receive P 170,000 and Jill will receive P 90,000.50 c. Jack will receive P 180,000 and Jill will receive P 80,000. Jack will receive P 195,000 and Jill will receive P 65,000. d.

Item No. 22 is based on the following information: sand and IS 03 95 2011 mat After operating for eight years, the books of the partnership of Jack and Jill showed the following balances: Net Assets P 260,000 P 170,000 Jack Capital 90,000 Jill Capital P 260,000 Total Capital- 22. If liquidation takes place at this point and the assets were sold at carrying amounts, the cash settlement between the partners would be: a. Jack will receive P 130,000 and Jill will receive P 130,000. b. Jack will receive P 170,000 and Jill will receive P 90,000.50 c. Jack will receive P 180,000 and Jill will receive P 80,000. Jack will receive P 195,000 and Jill will receive P 65,000. d.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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As of December 31. 2021, the books ot ALTHEA Partnership showed capital balances of: AL. P40.000; Te, P25.000. Hea, P5.000. The partners' proht and loss ratio was 3:2:1. respectively. The partners decided to liquidate and they sald 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 uncolectible, the share of Al in the distribution of the P28.000 cash would be: O 17.000 18.000 O 19.000 O P17800
On February 28, 2023, the partners Anna, Juan. Berto authorized the liquidation of their partnership. The statement of financial position is as follows: AAA Statement of Financial Position February 28, 2023 Cash Non-cash assets Total Assets P10,000 Accounts Payable 290,000 Ana, Capital Required: a. Prepare the Cash Priority Program b. Prepare the journal entries for March 1, and March 4, 2023 P300,000 Juau, Capital Berto, Capital Total Liabilities and Capital P100,000 100,000 20,000 80,000 P300,000 Additional Informatic 1. The partner's profit and loss ratio were Amma, 40%; Juan, 40% and Berto 20% 2. On March 1, 2023, non-cash assets with a book value of P200,000 realized P150,000, and all available cash was paid to creditors and to partners. 3. On March 4, 2023. non-cash assets with a book value of P90,000 realized P70,000, and that amount was paid to partners.
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?
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After operating for 5 years, the books of A and B showed the following balances with equal distribution in profit: Assets (Cash and Non-cash assets) 130,000 A, Capital B, Capital If liquidation takes place at this point and the net assets are realized at P150,000. Profits and losses are shared equally. Compute the amount of cash distributed to partner B in the final settlement of their capital account. 60,000 70,000
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