6. What is the net income / (net loss) of the partnership for the year ended December 31, 2019? A. 24,000 B. (239,856) C. 1,704,000 D. 1,488,000 7. What is the capital balance of C on December 31, 2019? A. 4,836,000 B. 10,728,000 C. 2,424,000 D. 5,736,000
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Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
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- On January 1, 2018, TQS, JNV and KPH formed a partnership with TQS as an industrial partner, JNV and KPH contributing cash of P700,000 and P1,050,000, respectively. They agree to divide profits in the ratio of 2:4:3 to TQS, JNV, and KPH, respectively. The operations of the partnership for the year 2018 resulted in a loss of P420,000. Required: Give the entry to divide the net loss атоng the partners. 2.On July 1, 2021, X, Y and Z formed a partnership with X as an industrial partner, Y and Z contributed cash of P80,000 and P120,000 respectively. They agree to divide profits in the ratio of 2:53 to X Y and Z respectively. If operations for the year 2021 resulted to a loss of P140,000 How much is the share of Z?⚫Item No. 24 is based on the following information: A, B, C are partners. On December 31, 200C, their capital balances and profit sharing ratios are: A, P 75,000 (60%) , B, P 150,000 (25%), and C, P 180,000 (15%). C withdrew P 30,000 during the year 200D. Net loss for the year ended December 31, 200D was P 60,000. The partners decided to liquidate. There were unpaid liabilities of P 15,000 and cash on hand of P 2,100. 24. The amount to be realized by the partnership on the sale of its noncash assets so that A will receive a total of P 57,000 in the final settlement of his interest should be: a. P 357,900. C. P 27,900. b. P 309,900. d. P 18,000. Item No. 25 is based on the following information: Christian and Dior are partners, who share profits equally, were incapacitated due to a car accident. A liquidator was appointed to wind up their partnership. The balance sheet accounts are shown below: Cash P 35,000 Liabilities P 19,000 Other Assets 110,000 72,000 Christian Capital ---- Dior…
- On Oct. 31, 2019, Apalisoc and Tuddao agreed to combine their proprietorships as a 3 partnership. Their statements of financial position are as follows: Apalisoc's Business Tuddao's Business Вok Current Вook Current Assets Value Market Value Value Market Value P 37,000 P 37,000 P 80,000 P 80,000 80,000 340,000 535,000 Cash Accounts Receivable (net) Inventory Property and Equipment (net) 220,000 510,000 202,000 460,000 1,235,000 63,000 351,000 1,218,000 574,000 P1,985,000 P1,934,000 P1,035,000 P1,068,000 Total Assets Liabilities and Capital P 236,000 P 91,000 P 236,000 22,000 P 91,000 Accounts Payable Accrued Expenses Notes Payable Apalisoc, Capital Tuddao, Capital Total Liabilities & Capital 22,000 750,000 14,000 14,000 750,000 977,000 930,000 P1,985,000 P1,934,000 P1,035,000 P1,068,000 Required: 1. Record the partnership formation. 2. Prepare the partnership's statement of financial position as at Oct. 31, 2019.Alpha, Beta and Gamma were in partnership, sharing profits in the ratio of their fixed capitals On July 1, 2020 the partnership was dissolved, and Gamma took over a vehicle valued at $45,000. Creditors were paid $288,000 in full settlement, while debtors were allowed a discount of $15,000. The loan was repaid in full. Legal and accounting costs associated with the dissolution amounted to $55,000. $ $ Non-Current Assets Equipment 925,000 Motor vehicles 162,500 Current assets 1,087,500 Inventory 465,000 Receivables 232,500 Bank 60,000 Total current assets 757,500 Total assets 1,845,000 Financed by: Capital accounts Alpha 765,000 Beta 255,000 Gamma 255,000 1,275,000 Current accounts Alpha 60,000 Beta 40,000 Gamma 20,000 120,000 Long-term liability…On January 1, 2018, ACJ Partnership entered into liquidation. The partners' profit and loss ratios and 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 in the amount of P600,000. Cash on hand before the start of liquidation is P800,000. Non-cash assets amounting to P7,400,000 were sold at book value and the remainder of non-cash assets were sold at a loss of P4,200,000. How much cash will be distributed to the partners?
- Elisa Diaz and Ma. Concepcion Manalo formed a partnership, investing P330,000 and P110,000, respectively. Determine the partners' participation in the 2018 profit of P420,000 under each of the following independent assumptions: a. No areement concerning division of profit. B. Divided in the ratio of original capital investment. C. Interest at th rate of 8% allowed on original investments and the remainder divided in the ratio of 2:3 D. Salary allowances of P50,000 and P70,000, respectively, and the balance to be divided equally. E.Allowance of interest at the rate of 8% on original investments, salary allowances of P50,000 and P70,000, respectively, and the remainder to be divided equally.On March 1, 2015, II and JJ formed a partnership with each contributing the following assets: || JJ Cash 300,000 700,000 Machinery & equipment 250,000 750,000 Building 2,250,000 Furniture & fixtures 100,000 The building is subject to mortgage loan of P800,000, which is not to be assumed by the partnership agreement provides that II and JJ share profits and losses 30% and 70% respectively. On March 1, 2015, the balance in JJ's capital account should be: O A. 3,700,000 O B. 3,140,000 O C. 3,050,000 O D. 2,900,000 O Option 5ABC partnership whose owners consist Ateng, Bagio and Cecep share profits with a ratio of 5: 3: 2. On May 31, 2018 The Fellowship was liquidated. Statement of financial position ahead of liquidation as follows: Equipment Accumulated Depreciation Inventory Account Receivable Cash Total ABC Firm Financial Position Statement May 31 2018 (in $) 42,000 Ateng, Capital (11,000) Bagio, Capital 99,000 Cecep, Capital 44,000 Liability 25,000 199,000 Total 50,000 30,000 20,000 99,000 Cash is used for payment of obligations and the remainder distributed to allies on each end of the month except $3,000 just in case. . If there are allies who have a capital deficit assumed t is capable of paying Non-cash realization as follows: a. June: equipment whose acquisition price is $ 22,000 and book value is $ 16,000 is sold with price $ 12,000. Inventory whose acquisition price is $ 50,000 is sold for $ 35,000 c. September: remaining inventory sold for $ 30,000; paid load liquidation $5,000 199,000 b.…
- On June 30, 2009, the balance sheets of the partnership of AAA, BBB and CCC, together with their respective profit and loss ratios, were as follows: Assets, at cost P 180,000 AAA, loan P 9,000 AAA, capital (20%) 42,000 BBB. Capital (20%) 39,000 CCC , capital (60%) 90,000 Total P 180,000 AAA has decided to retire from the partnership. By mutual agreement, the…AAA, BBB, and CCC are partners sharing profits and losses in the ratio of 5:3:2. During the year their investments and withdrawals are as follows: Investment of AMA, BBB and CCC for P200,000, P175,000 and P375,000 respectively. Withdrawals of AAA, BBB and CCC amounting to P125,000, P62,500 and P62,500 respectively. On December 31, 2021, the partners decided to liquidate their business. After exhausting partnership assets, liabilities of P125,000 remain unpaid. AAAs personally insolvent. The gain or loss on realization is: a. -125,000b. -625,000c. 125,000d. 625,00Prior to liquidation, the capitals are reported with the following balances: Partners Capitals P/L Ratio Alaska P160,000 1/3 Bilasa 290,000 2/3 The total liabilities of the partnership amount to P150,000, and all assets available are noncash assets were realized at P540,000. The cash distribution to Alaska and Bilasa respectively would be A. P130,000 P260,000 B. P190,000 P350,000 C. P135,000 P270,000 D. P140,000 P250,000 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…