On January 1, 20x20, ACJ Partnership entered into liquidation. The partners' capital balances on this date were as follows: A (25%) P2.500,000: C (35%) P5,400.00O0; 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. If C received P2.255.000. How much was the loss from the realization of the noncash assets?
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- On January 1, 20x20, 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. 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. ow much cash will be distributed to the partners?On January 1, 20x20. ACJ Partnership entered into liquidation. The partners' capital balances on this date were as follows: A (25%) P2,500,000; C (35%) P5,400,0003; 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. Noncash assets amounting to P7,400,000 were sold at book value and the rest of the noncash assets were sold al a loss of P4.200,000. How much cash will be distributed 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…
- On January 1, 20x20, 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 liquiation is P800,000. If C received P2,255,000. How much was the loss from the realization of the noncash assets?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.
- On September 15, 2021, LCM Partnership entered into liquidation. The partners' profit and loss ratios and capital balances on this date were as follows: L 25% 2,500,000.00 C 35% 5,400,000.00 M 40% 3,700,000.00 Total 11,600,000.00 The partnership has liabilities amounting to P 4,400,000, including a loan from C in the amount of P600,000. Cash on hand before starting the liquidation process is P 800,000. Non-cash assets amounting to P 7,400,000 were sold at book value and the remainder of the non-cash assets were sold at a loss of P 4,200,000. How much cash will be distributed to the partners?On January 1, 2022, GCQ Partnership entered into liquidation. The partner's capital balances on this date were as follows: G (25%) P250,000; C (35%) P540,000; and Q (40%) P370,000. The partnership has liabilities amounting to P440,000, including a loan from C in the amount of P60,000 Cash on hand prior to the liquidation process is P80,000. C received P225,000 in full settlement of her interest How much was the gain (loss) from the realization of the non-cash assets, assuming all partners are personally solvent?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 total payment to partners on the initial installment.
- 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.A balance sheet for the QRS Partnership, which shares profits and losses in the ratio of 5:3:2 shows the following balances just before liquidation: Cash, P30,000; Other assets, P148,750; Liabilities, P50,000; Q, Capital, P55,000; R, Capital, P38,750; and S Capital, P35,000. On the first month of liquidation, certain assets are sold for P80,000. Liquidation expenses of P2,500 is paid, and additional expenses are anticipated. Liabilities are paid amounting to P13,500, and sufficient cash is retained to ensure payment to creditors before making payment to partners. On the payments to partners, Q receives P15,625. Calculate the amount of cash withheld for anticipated liquidation expenses.Capital balances of partners Q,R, S are the following before liquidation: P87,000, P95,500, P106,250 respectively. The partnership has a loan from partner Q in the amount of P8,000; loan to partner R in the amount of P4,500; advances to partner S in the amount of P6,500. The partners’ profit and loss ratio is 25:40:35 respectively. If in the first installment the total cash paid to partners is P57,000, how much did partner S receive?