D, E and F are partners with a profit or loss ratio of 5:4:1, respectively. The...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
D, E and F are partners with a profit or loss ratio of 5:4:1, respectively. The partnership is to be liquidated. Prior to liquidation, the statement of financial position shows the following balances: Cash Other assets P 20,000 180,000 Liabilities D, Capital E, Capital F, Capital After realization, E received P 30,000 as settlement of his interest. Required: Prepare the statement of partnership liquidation b. Prepare entries to record the liquidation of the partnership c. How much was the loss on the sale of assets? P 20,000 80,000 60,000 40,000 d. How much did F receive in final settlement of his interest? e. What amount of total cash was distributed to the partners? D, E and F are partners with a profit or loss ratio of 5:4:1, respectively. The partnership is to be liquidated. Prior to liquidation, the statement of financial position shows the following balances: Cash Other assets P 20,000 180,000 Liabilities D, Capital E, Capital F, Capital After realization, E received P 30,000 as settlement of his interest. Required: Prepare the statement of partnership liquidation b. Prepare entries to record the liquidation of the partnership c. How much was the loss on the sale of assets? P 20,000 80,000 60,000 40,000 d. How much did F receive in final settlement of his interest? e. What amount of total cash was distributed to the partners?
Expert Answer:
Answer rating: 100% (QA)
a Statement of Partnership Liquidation Statement of Partnership Liquidation As at Date of Liquidatio... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
On January 1, 2018, A, B and C formed ABC Partnership with original capital contribution of P300,000, P500,000 and P200,000. A is appointed as managing partner. During 2018, A, B and C made...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
What steps have been taken in the EU to provide lighter accounting regulation for micro-entities?
-
Repeat Exercise 9-2 using a sample size of n = 16 and the same critical region.
-
The following data represent the running times of films produced by two motion-picture companies. Compute a 90% confidence interval for the difference between the average running times of films...
-
Check the name of a corporation that does business in California and determine where its principal place of business is located.
-
Amy and Mitchell are equal partners in the accrual basis AM Partnership. At the beginning of the current tax year, Amy's capital account has a balance of $300,000, and the partnership has recourse...
-
1. Each Contracting Party, recognising the right to life of all peoples and the collective efforts needed to halt pandemics, shall cooperate in the context of global pandemics to ensure that all...
-
As noted in Problem 8-24B, Watonga Swimsuit makes swimsuits. In 2018, Watonga produced its most popular swimsuit, the Sarong, for a standard labor price of $33.60 per hour. The standard amount of...
-
a assume the company mandates that any transfers take place at full manufacturing cost what would be the transfer price if the box division transferred boxes to the candy division b assume that the...
-
Savannah Products, a small integrated wood and lumber products company with substantial timber holdings, has two divisions: Forest and Lumber. Forest Division manages the timber holdings, maintains...
-
A large corporation has a manufacturing division with 40 parts departments and 20 assembly departments. The parts departments manufacture most of the parts for the products, and the assembly...
-
William Company owns and operates a nationwide chain of movie theaters. The 500 properties in the William chain vary from low-volume, small-town, single-screen theaters to high-volume, big-city,...
-
Parkview Hospital, a regional hospital, serves a population of 400,000 people. The next closest hospital is 50 miles away. Parkviews accounting system is adequate for patient billing. The system...
-
You work for a venture capitalist and have been asked to analyze a proposal from a group of investors interested in building a new ski area in Colorado, the Gold Mountain Ski Resort. The demand for...
-
POGI Company sells its products at P20 per unit. Variable costs is P14 per unit, composing of manufacturing cost of P11.00 and selling cost of P3.00. Fixed cost is incurred uniformly throughout the...
-
Evaluate the function at the given value(s) of the independent variable. Simplify the results. (x) = cos 2x (a) (0) (b) (- /4) (c) (/3) (d) ()
-
Indicate whether each of the items listed below would be included (I) in or excluded (E) from gross income for the 2012 tax year. ________a. Welfare payments ________b. Commissions ________c. Hobby...
-
Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying children who are 3 and 5 years old. During 2012, Diane's wages are $17,100 and she receives dividend...
-
Sophie is a single taxpayer. For the first payroll period in October 2012, she is paid wages of $3,250 monthly. Sophie claims three allowances on her Form W-4. a. Use the percentage method to...
-
Applying the accounting cycle On July 1, 2008, Lula Plume created a new self-storage business, Safe Storage Co. The following transactions occurred during the companys first month. July 1. Plume...
-
Stopwatch PLCs main customers are the maior television networks within the UK. The companys creative team present an idea for a television programme to the network and, if successful, the programme...
-
Canadian Products Limited (CPL) is a very large private Canadian company. CPL has been contemplating going public, which, according to business analysts, is just a matter of time. Recently, the...
Study smarter with the SolutionInn App