Jo, Joy, and Joyce have capital balances of P40,000; P25,000 and P5,000 respectively on December 31, 2019. The partners’ profit and loss ratio is 3:2:1 respectively. The partners decided to liquidate the partnership and 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 deficiency is uncollectible, the share of Joy in the distribution of cash should be? 11. Jo, Joy, and Joyce have capital balances of P40,000; P25,000 and2 pointsP5,000 respectively on December 31, 2019. The partners' profit and lossratio is 3:2:1 respectively. The partners decided to liquidate the partnershipand sold all non-cash assets for P37,000. After settlement of all liabilitiesamounting to P12,000, they still have cash of P28,000 left for distribution.Assuming that any capital deficiency is uncollectible, the share of Joy inthe distribution of cash should be:A. P10,200B. P11,000C. P17,000D. P17,800

Joy share is 11,000. Working is as follows: Particular Jo Joy Joyce Total Capital…

Jo, Joy, and Joyce have capital balances of P40,000; P25,000 and P5,000 respectively on December 31, 2019. The partners’ profit and loss ratio is 3:2:1 respectively. The partners decided to liquidate the partnership and 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 deficiency is uncollectible, the share of Joy in the distribution of cash should be

Jo, Joy, and Joyce have capital balances of P40,000; P25,000 and P5,000 respectively on December 31, 2019. The partners’ profit and loss ratio is 3:2:1 respectively. The partners decided to liquidate the partnership and 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 deficiency is uncollectible, the share of Joy in the distribution of cash should be

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 12DQ

See similar textbooks

Similar questions

Chani contributes equipment to a partnership that she purchased 2 years ago for $10,000. The current book value is $7,500 and the market value is $9,000. At what value should the partnership record the equipment? A. $10,000 B. $9,000 C. $7,500 D. none of the above
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…
2. 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 liquidation.
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?
On August 20, 2030, T, U and V form a partnership investing cash of P105,000; P94,500 and P29,400, respectively. The partners share profits 3:2:2 and on November 30, 2030, they have cash of P7,000, and other assets of P332,500; liabilities are P1 79,200. On this date they decided to go out of business and sell all the assets for P210,000. V has personal assets of P10,500 that may, if necessary be used to meet partnership obligations.What is the amount received by partner U at the end of liquidation?
Dasal, Kho, Papasa, and Akho are partners sharing earnings in the ratio of 4:5:4:7. The balance of their capital accounts on December 31, 2019 are as follows: Dasal, P4,000; Kho, P20,000; Papasa, P20,000; and Akho, P8,000. The partners decided to liquidate, and they accordingly convert all non-cash assets into P24,000 cash. After paying the liabilities amounting toP4,000, they have P22,000 to divide. Assume that a debit balance in any partner's capital is uncollectible. How much did Kho receive in the final distribution ofcash?
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?
G. Bench, Mark, Spencer, and Lee are partners, sharing earnings in the ratio of 3:4:6:8, respectively. The balances of their capital accounts on December 31, 2019 are as follows: Bench - P 1,000 Mark - P 25,000 Spencer - P 25,000 Lee - P 9,000 The partners decide to liquidate, and they accordingly convert the non-cash assets into P 23,200 of cash. After paying the liabilities amounting to P 3,000, they have P 22,200 cash to divide. Assume that a debit balance of any partners' capital is uncollectible. 1. How much is the cash balance before realization? 2. How much is the share of Bench in the loss upon conversion of the non-cash assets into cash?
A, B, C and D are partners, sharing earnings in the ration of 3:4:6:8. The balance of their capital accounts on December 21,2020 are as follows: A- P25,000; B- P625,000; C- P625,000 and D- P225,000. The partners decided to liquidate, and they accordingly convert the non-cash assets into P580,000 of cash. After paying the liabilities amounting to P75,000, they have P555,000 cash available for payment to partners. Assume that a debit balance in any of partner’s capital account is uncollectible. The book value of non-cash assets amounted to: ___
Bench, Mark, Spencer, and Lee are partners, sharing earnings in the ratio of 3:4:6:8, respectively. The balances of their capital accounts on December 31, 2019 are as follows: Bench – P 1,000 Mark – P 25,000 Spencer – P 25,000 Lee – P 9,000 The partners decide to liquidate, and they accordingly convert the non-cash assets into P 23,200 of cash. After paying the liabilities amounting to P 3,000, they have P 22,200 cash to divide. Assume that a debit balance of any partners’ capital is uncollectible. How much is the cash balance before realization? How much is the share of Bench in the loss upon conversion of the non-cash assets into cash?
On June 11, 2020, A, B, and C form a partnership investing cash of P 15,000, P 13,500, and P 4,200, respectively. The partners share profits 3:2:2 and on August 30, 2020, they have cash of P 1,000, and other assets of P 47,500; liabilities are P 25,600. On this date they decide to go out of business and sell all the assets for P 30,000. C has personal assets of P 1,500 that may, if necessary, be used to meet partnership obligations. How much should be distributed to B upon liquidation of the partnership? On December 31, 2020, the accounting records of the ABC partnership included the following information: A, drawing (debit balance) P 24,000 A, capital P 123,000 B, drawing (debit balance) 9,000 B, capital 100,500 C, loan 30,000 C, capital 108,000 Total assets amounted to P 478,500, including P 52,500 cash, and liabilities totaled P 150,000. The partnership…
On September 2, 2020, Nino, Olan, and Pete formed a partnership investing cash of P945,000,P850,000, and P264,600. The partners share profits and losses in the ratio of 3:2:2 and on October 31,2020the firm has cash of P63,000, other assets of P2,992,500, and liabilities of P1,612,800. On this date theydecided to go out of busines and sell all the assets for P1,890,000. Pete has personal assets of P94,500thatmay, if necessary, be used to meet partnership obligations. Loss from operations was P617,400. Howmuchshould be distributed to Olan upon liquidation of the partnership? a. P128,520b. P306,180c. P0d. P268,380